​Binance will open the exchange’s arm in Kazakhstan by July

What’s new? Cryptocurrency exchange Binance plans to open a local arm in Kazakhstan by the end of the first half of 2023. Both individuals and legal entities from any country will be allowed to register on the platform. Binance General Manager for Russia and CIS Vladimir Smerkis informed in an interview with “RIA News.” According to him, Kazakhstan is a pioneer among the world’s regulators to explore the relationship between traditional finance (TradFi) and cryptocurrencies and the study of the decentralized finance sector (DeFi).

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What else is known? According to Smerkis, the Binance arm will offer users exchange and conversion services, fiat currency deposit and withdrawal, cryptocurrency asset custody, and exchange trading. Other products will be added in the future.

Smerkis believes that Kazakhstan is the most attractive country of the former Soviet Union in terms of regulation of cryptocurrencies. The country has a law on digital assets, and the Astana International Financial Center (AIFC) has a regulatory sandbox. In addition, Kazakhstan has made significant progress in the creation of the national digital currency (CBDC), added the exchange’s representative.

He also noted the authorities’ efforts to explore the possibilities of cryptocurrencies to improve the convenience of TradFi users:

“No central bank in the world has done such a study, nor has it been engaged in tests of public blockchains, nor has it tried to bring cryptocurrencies so close to users.”

Binance’s work in Kazakhstan. In October 2022, Binance was licensed to operate a digital asset platform and provide custodial services in the AFSA. In addition, in October, Binance also began cooperating with the authorities of Kazakhstan in the sphere of financial monitoring. For example, in March 2023, the country’s authorities shut down an illegal exchanger with a turnover of $34 million on Binance.

Kazakh miners were required to sell up to 75% of the mined cryptocurrency to exchanges

Platforms must be registered in the special economic zone of Kazakhstan

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As a result of the license, Binance and the National Bank of Kazakhstan worked jointly to integrate digital tenge with the BNB Chain. This initiative is designed to help the Central Bank bridge the gap between traditional banking services and the cryptocurrency ecosystem.

And as part of the partnership between Binance and Air Astana, members of the Nomad Club program can convert points for flights into cryptocurrency.