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While other countries are trying to prevent or limit the crypto products and services that Binance can offer in their jurisdictions, Kazakhstan appears to be bucking the trend and has even granted a permanent license to the company. This allows the crypto exchange to offer products and services as a regulated platform in the country.
On October 6, 2022, Kazakhstan’s AIFC Financial Services Authority granted a permanent license to the crypto exchange Binance allowing the company to both manage a digital asset platform and provide crypto custody services at the Astana International Financial Center, according to Cointelegraph.
Acquiring the permanent license is another step for Binance’s thrust of being a “compliance-focused exchange.” The license grants the company the official status of being a regulated platform in Kazakhstan.
“We welcome Kazakhstan’s drive to become a leading player in the field of new digital technologies and the cryptocurrency ecosystem,” Gleb Kostarev, Asia regional head at Binance, said.
Binance signed its first Memorandum of Understanding (MoU) on May 25 and pledged its support to help improve crypto usage and regulation in the country, which set the stage for its operations in Kazakhstan. On October 3, the company signed a second one where it promised to help in the battle against financial crime.
Binance began laying the groundwork for operations in Kazakhstan earlier this year when it signed its first MoU on May 25, through which it pledged to help further crypto adoption and regulation in the country. It was followed by a second on Oct. 3 to help fight financial crime.
Binance’s entry into the country comes after a number of government initiatives to broaden the country's crypto-related potential. On September 28, Kazakhstan's president, Kassym-Jomart Tokayev, informed a local news outlet that if demand rises, the government is prepared to approve a method of converting cryptocurrency to cash.
A program to enable cryptocurrency exchanges to create bank accounts and conduct legal business in the Astana International Finance Center was introduced in June by Kazakhstan's Ministry of Digital Development, Innovations, and Aerospace Industry.
Due to affordable energy, Kazakhstan has historically had a favorable reputation as a location for crypto mining. The nation has increased its power usage reporting requirements for mining enterprises during the past year, along with new tax regulations with anticipated effects on the sector.
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