After an accumulation of multiple memoranda of understanding (MoU) and an initial “in principle” approval to operate in Kazakhstan, Binance received a permanent license to operate in the country.
As of October 6, the AIFC Financial Services Authority (AFSA) of the Republic of Kazakhstan granted the permanent license to both manage a digital asset platform and provide custody services to the Astana International Financial Center.
This newly acquired permanent license gives Binance official status as a regulated platform in the country. Gleb Kostarev, regional head of Asia at Binance, said this is another step for Binance to be a “fulfillment-focused exchange”.
Kostarev highlighted Kazakhstan’s recent efforts and activities in the crypto space:
“We welcome Kazakhstan’s push to become a leading player in the field of new digital technologies and the cryptocurrency ecosystem.”
Binance began laying the groundwork for operations in Kazakhstan earlier this year when it signed its first MoU on May 25, pledging to help the adoption and regulation of cryptocurrencies in the country . Followed by a second on October 3rd to help fight financial crime.
Related: Kazakhstan’s central bank “will not ignore” the crypto market
This development out of Kazakhstan follows multiple actions by authorities to increase crypto-related opportunities in the country.
On September 28, Kazakhstan President Kassym-Jomart Tokayev told a local news agency that if demand increases, the government is ready to authorize a way to convert crypto into fiat.
In June, the Ministry of Digital Development, Innovations and Aerospace Industry of the Republic of Kazakhstan launched a program that allowed crypto exchanges to open bank accounts and conduct legal operations at the Astana International Financial Center.
Kazakhstan has previously had a reputation as a good place for crypto mining due to local energy prices. Over the past year, the country increased its energy consumption reporting requirements for mining companies, along with new tax guidelines with an expected impact on the industry.
