Binance has received its In-Principle Approval from the Astana Financial Services Authority (AFSA) to operate a Digital Asset Trading Facility and Provider of Custody in the Astana International Financial Centre (AIFC), Qazmonitor reports citing the press service of AFSA. This makes Kazakhstan's biggest financial hub to be the first in the CIS region to collaborate with Binance.
AFSA is an independent regulator of the AIFC. Their regulatory framework has helped the latter to establish itself as the regional leader in the field of digital assets services.
Large investors seeking new markets need clear-cut and well-managed rules as well as high standards of regulatory practice. When a regulator meets these requirements, it creates collaboration based on trust and an ecosystem where players can work safely and efficiently. We believe that Binance’s work will further develop this vibrant ecosystem of the digital assets industry locally and regionally.
The establishment of Binance with all of its experience and technologies in Kazakhstan's digital assets market will create opportunities to further secure the country's place as the region's crypto hub. Changpeng Zhao, founder and CEO of Binance, noted Kazakhstan's positive role in the field.
Kazakhstan has shown 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.
Earlier this year, QazMonitor reported that Binance and Ministry of Digital Development, Innovations and Aerospace Industry signed a memorandum of understanding.