Crypto exchange Binance today revealed it has obtained an in-principle approval from the Astana Financial Services Authority (AFSA) to operate a Digital Asset Trading Facility and Provide Custody in the Astana International Financial Centre (AIFC).

The in-principle approval requires Binance to complete the full application process. Once this is completed, the company will be able to provide its services as an operator of a Digital Asset Trading Facility and Provider of Custody in the Astana International Financial Centre.

Changpeng Zhao (CZ), founder and CEO of Binance, commented:

Changpeng Zhao
Source: LinkedIn

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.

Gleb Kostarev, Regional Head of Asia at Binance, said:

This is a landmark achievement for Binance in Kazakhstan. We are grateful to the Astana International Financial Centre for their support and vision in granting Binance Kazakhstan this in-principle license approval.

The independent regulator AFSA regulates activities relating to digital assets in Kazakhstan and the wider region of the CIS. Its regulatory framework supervising FinTech has helped the AIFC to establish as a platform for the development of services involving digital assets in the region.

Nurkhat Kushimov, Chief Executive Officer of AFSA, added:

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 digital assets industry locally and regionally.

The announcement follows the news from July that Binance‘s Spanish subsidiary, Moon Tech Spain, S.L., secured registration as a Virtual Asset Services Provider (VASP) by the Bank of Spain.

AFSA grants Binance in-principle approval to operate in Kazakhstan