The Astana Financial Services Authority (AFSA) has given Binance, the world’s largest cryptocurrency exchange its In-principle approval to operate a digital asset trading facility and to provide custody in the Astana International Financial Centre (AIFC) Kazakhstan.

Kazakhstan to promote digital assets usage

While cryptocurrencies continue to receive mass adoption globally, some governments have refused to adopt the digital currency system due to risks among other factors. Binance is one of the top exchanges with approval to operate in most countries.

Its most recent feat is receiving the license to operate a Digital Asset Trading Facility and Provide Custody in the Astana International Financial Centre (AIFC) from AFSA. Notably, the AIFC is the first financial centre in the Commonwealth of Independent States (CIS) to work with Binance.

Large investors seeking new markets need clear-cut and well-managed rules as well as high standards of regulatory practice. When a regulator meets these requirements, it creates collaboration based on trust and an ecosystem where players can work safely and efficiently… Said Nurkhat Kushimov, Chief Executive Officer of AFSA …we believe that Binance’s work will further develop this vibrant ecosystem of digital assets industry locally and regionally.

Binance also released a statement confirming the approval and mentioned that the application process is yet to be completed and it’d only begin operation once the process is completed in due course.

Kazakhstan’s Crypto exchange pilot program

A while ago, Kazakhstan announced the launch of a cryptocurrency pilot project in AIFC that seeks to provide exchange platforms license to operate in a legal manner in the Astana International Finance Centre this year.

The project is said to be a form of cooperation between exchange platforms and some local banks of the country. This project was approved by a special working group who have created the rules that shall be put to use while the exchanges interact with the banks.

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