Crypto exchange Binance has received in-principle approval from the Astana Financial Services Authority (AFSA) to operate in Kazakhstan.
The approval is a step closer to gaining the license to operate as a digital asset trading facility and custody provider in the Astana International Financial Centre (AIFC).
Before Binance can commence its operations it still needs to complete the full application process. The company made the announcement today via blog post.
Binance founder and CEO Changpeng Zhao said: “Kazakhstan has shown itself to be a pioneer in Central Asia crypto adoption and regulation.
“This further signifies Binance’s commitment to being a compliance-first exchange and providing products and services in a safe and well-regulated environment across the globe.”
While the AFSA acts as an independent financial technology regulator (the first company in Kazakhstan to give in-principle approval to any Binance entity), the AIFC helps start-ups by giving them the opportunity to conduct regulated activities.
As the country hopes to expand its crypto industry, Binance has been working with Kazakhstan to help develop a regulatory regime for digital assets. In May, Binance said it would help the country to establish the appropriate digital asset management it needs
Binance has been strengthening its position as a viable crypto exchange and had steadily been gaining provisional approvals to operate in several countries.
After gaining approval to also regulate in Uzbekistan, the country blocked Binance alongside several other digital exchanges last week.
Undeterred by Uzbekistan's decision, Zhao said that the company’s move into Kazakhstan “further signifies Binance’s commitment to being a compliance-first exchange and providing products and services in a safe and well-regulated environment across the globe.”