According to the General Manager of Binance Kazakhstan Zhaslan Madiyev, the platform has joint forces with five regulatory bodies in the country.
As always, the popular crypto exchange Binance is expanding its horizon by launching a regulated platform in Kazakhstan. The company announced the new local digital asset platform in the country on June 20th after receiving a go-ahead in October last year. At the Astana International Financial Center (AIFC) in 2022, the AIFC Financial Services Authority (AFSA) gave crypto exchanges the license to manage a digital asset platform and offer custodial services. About eight months after the green light, Binance is launching a local exchange in Kazakhstan.
Binance Launches Regulated Digital Asset Platform in Kazakhstan
The new regulated platform was announced at a press event attended by government officials and representatives in the country’s banking industry. The leadership of Binance Kazakhstan was also present at the occasion. Per the permanent license, Binance now has the status of a regulated platform in Kazakhstan, which testifies to the exchange’s compliance and security controls. Hence, the local exchange will begin operations, offering exchange and conversion services to users. In addition, customers utilize the custodial service, exchange trading, and more.
Furthermore, Binance users in Kazakhstan can now transfer fiat currency to their crypto accounts. Thanks to Freedom Finance Bank, which has developed a service to permit such transactions. The Managing Director at the bank, Ablaykhan Ospanov, referred to the rollout of crypto exchanges in the nation as a “major boost for the entire industry” The bank boss also urged other countries to follow in its step as there are notable potentials in blockchain and crypto industry.
The Vice Minister of Digital Development, Innovation and Aerospace Industry of Kazakhstan, Asset Turysov, spoke on Binance’s entry into the local market. He said the government is working on a unique initiative that integrates AIFC, crypto exchanges, and second-tier banks. The government official highlighted the project participants, including the National Bank of Kazakhstan. In addition to the country’s central bank, others are the Agency for Regulation and Development of the Financial Market and the Financial Monitoring Agency of the Republic of Kazakhstan. Turysov commented:
“Over the past year, regulators in Kazakhstan have taken significant steps towards the development of the cryptocurrency industry. Binance has provided assistance to Kazakhstan in the development of a legislative framework and a general policy for the regulation of crypto assets, as well as in the implementation of various educational initiatives, including for government and law enforcement agencies and regulators.”
Binance Is Working with Kazakhstan’s Regulatory Bodies
According to the General Manager of Binance Kazakhstan Zhaslan Madiyev, the company has joint forces with five regulatory bodies in the country. The regulators are the Financial Monitoring Agency, the AIFC Financial Services Authority, the Financial Market Regulation and Development Agency, the Ministry of Digital Development, Innovation and Aerospace Industry of Kazakhstan, and the National Bank of the Republic of Kazakhstan.
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