According to Zhaslan Madiyev, General Manager of Binance Kazakhstan, the platform has combined forces with five regulatory bodies in the country.
As always, the popular crypto exchange binance is expanding its horizons by launching a regulated platform in Kazakhstan. The company announced a new local digital asset platform in the country on June 20. Received Flagged off in October last year. At the Astana International Financial Center (AIFC) in 2022, the AIFC Financial Services Authority (AFSA) granted licenses to crypto exchanges to manage digital asset platforms and provide custodial services. Nearly eight months after the green signal, 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 of the country’s banking industry. The leadership of Binance Kazakhstan was also present on the occasion. Per the perpetual license, Binance now has the status of a regulated platform in Kazakhstan, testifying to the exchange’s compliance and security controls. Therefore, the local exchange will start operations, providing exchange and conversion services to users. In addition, clients make use of custodial services, 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 allow such transactions. The bank’s managing director, Ablekhan Ospanov, described the rollout of crypto exchanges in the country as “a huge boost for the entire industry.” The bank boss also urged other countries to follow his step as there is remarkable potential in the blockchain and crypto industry.
Aset Turisov, Deputy Minister of Digital Development, Innovation and Aerospace Industry of Kazakhstan, spoke on Binance’s entry into the local market. He added that the government is working on a unique initiative that integrates AIFCs, crypto exchanges and second tier banks. The government official highlighted the project participants including the National Bank of Kazakhstan. Besides the country’s central bank, the 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 assisted Kazakhstan in the development of a legislative framework and a general policy for the regulation of crypto assets, as well as the implementation of various educational initiatives involving the government and law enforcement agencies and regulators.
Binance Is Working With Kazakhstan’s Regulatory Bodies
According to Zhaslan Madiyev, the general manager of Binance Kazakhstan, the company has combined forces with five regulatory bodies in the country. The regulators are the Financial Monitoring Agency, the AIFC Financial Services Authority, the Financial Markets 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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