Binance receives approval in principle to operate in Kazakhstan

AFSA became the first regulator in the CIS to grant permission to the crypto exchange

15.08.2022 - 09:45

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What’s new? Cryptocurrency exchange Binance has received approval in principle to operate a digital asset platform and provide custodial services in the Astana International Financial Center (AIFC). The permit was issued by the Astana Financial Services Authority (AFSA) of the Astana International Financial Center (AIFC). It became the first regulatory body in Kazakhstan and the CIS to grant in-principle approval to Binance.

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What else is known about the approval? According to the statement, Binance is expected to complete the full application process to obtain a license. It is expected to be completed soon, no exact dates are specified.

Binance CEO Changpeng Zhao noted that the exchange aims to focus on regulatory compliance around the world to provide services in a safe environment. He called Kazakhstan “a pioneer in Central Asia crypto adoption and regulation.”

Earlier, Kazakhstan approved the rules of interaction between crypto exchanges and second-tier banks as part of a project to develop the digital asset industry. Platforms registered with the AIFC are allowed to have bank accounts. The project will operate in pilot mode until the end of 2022.

In July, President of Kazakhstan Kassym-Jomart Tokayev signed a bill on amendments to the Tax Code, which provides for the introduction of higher rates for miners. The amount of tax will depend on the amount and average price of electricity used in the mining of cryptocurrencies.

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