Binance Secures Approval for Kazakhstan Operations
The Astana Financial Services Authority (AFSA) has granted preliminary permission to the largest Cryptocurrency Exchange platform Binance Exchange to operating a Digital Asset trading services and offer custody services Astana International Financial Center (AIFC) in Kazakhstan.
Authorized by Local Regulators
Preliminary permission to a Cryptocurrency Exchange was granted by AFSA. The financial body is an independent regulatory body of the Astana International Financial Center, monitoring a wide gamut of Digital Currency and asset-related activities in Kazakhstan.
AFSA is Chief executive officer, Nurkhat Kushimov, said in the official statement that large number of investors are looking for new markets need clear-cut and well-managed regulatory rules, as well as high standards of regulatory practice. When a regulatory body meets these conditions, it creates partnership based on trust and an ecosystem where both parties can work safely and efficiently. We believe that Binance Exchange is work will further develop this vibrant ecosystem of the digital currency and asset industry locally and regionally. Kazakhstan became a sought-after location for cryptocurrency miners due to its reasonably inexpensive electricity following China is prohibition on the Crypto Industry in 2021.
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“Kazakhstan has shown itself to be a forerunner in Central Asian cryptocurrency adoption and regulation,” said Changpeng Zhao, the founder and CEO of Binance Exchange in the official announcement. Zhao assured, that Binance Exchange is committed to being a compliance-first exchange operating across the globe.
Binance Assisting Countries Crypto Market Growth
In May 2022, Binance Exchange signed a Memorandum of Understanding (MoU) with the Republic of Kazakhstan government to assist the nation to develop and grow the digital assets market.
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With this action, Binance Exchange will offer supervision on creating the legal system and regulatory framework for digital assets in the Republic of Kazakhstan.
The Republic of Kazakhstan is Ministry of Digital Development, Innovations, and Aerospace Industry and Binance Exchange will work together to find ways to integrate banking infrastructure into the cryptocurrency market and to promote the creation and use of distributed ledger technology as part of their partnership agreement.
On the Flipside
Before beginning its operations in the Astana International Financial Centre (AIFC), a financial hub situated in the capital of Kazakhstan, Nur-Sultan, Binance Exchange must still complete a thorough application process.
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Why You Should Care
Binance Exchange is one of the largest Cryptocurrency Exchange platforms with around 28.6M active clients.
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According to the Kazakhstan Data Center Industry and Blockchain Association, Cryptocurrency mining could generate up to $1.5 billion in sales for the country over the course of five years. Kazakhstan is the third-largest Bitcoin mining location in the world with a hash rate share amounting to 13%.
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