Crypto giant Binance Kazakhstan’s arm has made a massive step forward by becoming the first fully regulated Digital Asset Trading Facility (DATF) in the country.
As announced on Sept. 6, Binance Kazakhstan has received formal consent from the Astana Financial Services Authority (AFSA). This landmark step means the cryptocurrency exchange can now operate within Kazakhstan’s legal framework to offer virtual asset services.
This pre-approval path was not straightforward. To be specific, Binance Kazakhstan’s credentialing consisted of different stages. It includes External Financial Audits and receiving ISO certifications for its IT systems. The AFSA, which is notorious for its strictest standards, made Binance undergo a number of internal and external audits.
Binance’s Head of Regional Markets, Vishal Sacheendran, couldn’t hide his excitement:
we look forward to setting a new standard for digital-asset trading facilities in the region. With the full license in place, Binance Kazakhstan is poised to significantly contribute to the growth and development of the local digital-asset ecosystem, further fostering innovation and trust in this dynamic market.
Binance Kazakhstan’s upcoming full license
Once the full license is in hand, Binance Kazakhstan will get the authority to operate a virtual asset trading facility. Additionally, it will engage in principal investment dealings and provide custody services for virtual assets. This step will bring an instant rise to the local digital assets ecosystem.
The AFSA, which is in charge of both financial and non-financial services within the Astana International Financial Centre (AIFC), is known for its proper work in ensuring that the financial sphere is secure and people operate under regulation. This acceptance of Binance Kazakhstan by the authorities in the region sends a clear message that cryptocurrencies are becoming increasingly accepted in the area.
The approval hints at a phenomenon when the regulation of crypto exchanges is enhanced worldwide. Binance’s efforts to get permission from local authorities in Kazakhstan may be the first of many for other crypto companies that want to operate in developing countries.
Meanwhile, Kazakhstan has really been making its name in the cryptocurrency world these days. Currently, the nation has been turning into a haven for Bitcoin (BTC) miners after the authorities in China ordered the miners to migrate. Thus, through this regulatory approval, Binance could help to further strengthen Kazakhstan’s status as a crypto-friendly jurisdiction.
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