On 21 June 2023, Binance announced the launch of a regulated digital asset platform in Kazakhstan, marking a key development in the country’s burgeoning crypto sector.
This launch follows Binance obtaining a license from the AIFC Financial Services Authority (AFSA) in October 2022, enabling the company to manage a digital asset platform and provide custodial services at the Astana International Financial Center (AIFC). The license also establishes Binance as a regulated platform in Kazakhstan, a testament to its rigorous compliance and security standards.
The exchange is authorized to offer a variety of services, including cryptocurrency exchange and conversion, deposit and withdrawal of fiat currencies, and crypto-asset custody.
Kazakhstan’s Vice Minister of Digital Development, Innovation and Aerospace Industry, Asset Turysov, highlights the government’s initiative to foster collaboration between the AIFC, crypto exchanges, and second-tier banks. This project involves major financial regulators in the country and has shown promising results.
“Binance has provided assistance to Kazakhstan in the development of a legislative framework and a general policy for the regulation of crypto assets,” Turysov noted.
Zhaslan Madiyev, General Manager of Binance Kazakhstan, commended the five regulatory bodies for their invaluable contribution to the industry. Madiyev also expressed plans to expand the product line of the local exchange, with the aim of having at least 100 digital assets approved by year-end.
For fiat transactions, Kazakhstan’s Freedom Finance Bank has developed a service allowing users to transfer funds directly to their account on the platform. Ablaykhan Ospanov, Managing Director of Bank Freedom Finance Kazakhstan JSC, considers this a significant boost for the industry and believes that other countries could follow Kazakhstan’s example.
Binance Kazakhstan users can “buy and sell cryptocurrencies using a fiat balance, spot trading, and conversion, with the range of services offered expected to expand.” Two channels are available for depositing and withdrawing: bank cards and bank transfers (via Freedom Finance Bank). The global www.binance.com platform will continue to remain accessible to users in Kazakhstan.
Featured Image Credit: Photo / illustration by “Boztay_Akimkhan” via Pixabay
