Binance Obtains Permanent License to Operate Digital Asset Services in Kazakhstan

JAKARTA - After establishing several memorandums of understanding (MoUs) and initial “principle” agreements to operate in Kazakhstan, Binance has now received a permanent license to operate in the country.

On October 6, Kazakhstan's AIFC Financial Services Authority granted a permanent license to manage a digital asset platform and provide storage services at the Astana International Financial Center.

This newly acquired permanent license gives Binance official status as a regulated platform in the country. “This is another step for Binance to become a “compliance-focused exchange,” said Gleb Kostarev, regional head of Asia at Binance, according to Cointelegraph.

Kostarev also 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," he said.

Binance started laying the groundwork for operations in Kazakhstan earlier this year when it signed its first MoU on May 25, in which it pledged to help further crypto adoption and regulation in the country. It was followed by a second one on October 3 to help fight financial crime.

This development from Kazakhstan follows several actions by the authorities to increase crypto-related opportunities in the country.

On September 28, the president of Kazakhstan, Kassym-Jomart Tokayev, told local news agencies that if demand increases, the government is ready to authorize a way to convert crypto to fiat.

In June, Kazakhstan's Ministry of Digital Development, Innovation, and Aerospace Industry launched a program to allow crypto exchanges to open bank accounts and carry out legal operations at the Astana International Finance Center.

Kazakhstan previously had a reputation as a good place for crypto mining due to friendly local energy prices. Over the past year, the country has increased power consumption reporting requirements for mining companies, along with new tax guidelines with a projected impact on the industry.

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