Binance, the renowned global blockchain, and cryptocurrency infrastructure provider, has made a significant move by launching a local digital asset platform in Kazakhstan. This strategic expansion comes after Binance obtained a permanent license from Kazakhstan’s AIFC Financial Services Authority (AFSA) last year, solidifying its status as a regulated platform within the country.
Binance Collaboration with Kazakhstan Regulators
The newly introduced platform will cater specifically to Kazakhstani users, offering a comprehensive suite of services. These services include exchange and conversion facilities, deposit and withdrawal of fiat currencies, custody of crypto assets, and exchange trading.
Binance Kazakhstan has ambitious plans to expand its product line and aims to have at least 100 digital assets approved and available on the platform by the end of the year.
To celebrate the launch, a press event was held on June 20, 2023, with esteemed attendees such as government officials, representatives from Kazakhstan’s banking sector, and Binance Kazakhstan’s leadership.
The government of Kazakhstan has shown great support for developing the cryptocurrency industry, running an initiative that fosters collaboration between the AIFC, cryptocurrency exchanges, and second-tier banks.
Notably, the National Bank of Kazakhstan, the Financial Monitoring Agency of the Republic of Kazakhstan, and the Agency for Regulation and Development of the Financial Market are actively involved in this project, which has already yielded positive outcomes.
Asset Turysov, Vice Minister of Digital Development, Innovation and Aerospace Industry of Kazakhstan, praised the significant steps taken by the country’s regulators in fostering cryptocurrency industry development.
Turysov acknowledged the exchange’s assistance in shaping legislative frameworks, regulatory policies, and educational initiatives for government entities, law enforcement agencies, and regulators.
Zhaslan Madiyev, General Manager of Binance Kazakhstan, expressed gratitude to the five regulatory bodies in Kazakhstan with which Binance actively collaborates.
These regulatory bodies include the AIFC Financial Services Authority (AFSA), the Ministry of Digital Development, Innovation and Aerospace Industry of Kazakhstan, the National Bank of the Republic of Kazakhstan, the Financial Market Regulation and Development Agency, and the Financial Monitoring Agency.
Madiyev affirmed that Binance aims to substantially expand its product line on the local cryptocurrency exchange and provide approval for no less than 100 digital assets by the end of the year.
Moreover, Kazakhstan’s Freedom Finance Bank has devised a fiat transfer service specifically for users of the new exchange. This service enables the seamless transfer of fiat funds to user accounts on the platform, showcasing the commitment of local financial institutions to support the burgeoning blockchain and cryptocurrency industry.
However, with the launch of the local platform, Binance Kazakhstan aims to strengthen the cryptocurrency ecosystem within the country and contribute to developing a robust regulatory framework.
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