The largest cryptocurrency exchange has received a regulatory license to operate as a digital asset service provider in France, Bahrain, Spain and Dubai from 2022. The Astana Financial Services Authority, or AFSA, Kazakhstan’s independent financial services regulator, has approved Binance, the largest cryptocurrency exchange, to operate.
This was announced by AFSA on Monday that it granted Binance an in-principle license to operate as a digital asset trading facility and provide custody services in the Astana International Financial Center, a financial hub in the Nur-capital city of Sultan. In a blog post on Monday, Binance said it needed to complete the approval application process, which it anticipated “in due course.”
According to AFSA CEO Nurkhat Kushimov, the decision to grant Binance a license to operate in Kazakhstan could create “a vibrant ecosystem of the digital asset industry locally and regionally.” Changpeng Zhao, or CZ, founder and CEO of Binance, noted that the exchange pursued a “compliance-first” method of providing products and services “in a safe and well-regulated environment” globally.
CZ met with Kazakh President Kassy-Jomart Tokayev in May and signed a letter of approval to support “the growth of the virtual asset market”. Binance would assist Kazakhstan in drafting legislative guidelines and regulatory rules for cryptocurrencies under the proposed framework.
Many governments, including the US, UK, Canada, Japan and Thailand, have tightened Binance operations in 2021, sending warnings to potential investors and in some cases charging fees, the exchange operated without the necessary licenses. However, Binance has received a regulatory license to use in FranceBahrain, Spain and Dubai in 2022.
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