Bitrabo Editorial
Binance, the world’s largest cryptocurrency exchange, has announced the launch of a regulated digital asset platform in Kazakhstan.
Following its successful application for a permanent license from the AIFC Financial Services Authority (AFSA) last year, Binance can now offer a suite of services to Kazakhstani users, including exchange and conversion services, deposit and withdrawal of fiat, and custody of crypto assets.
The platform plans to expand its range of services and assets available for trading in the future.
Binance Enters Kazakhstan Market
The launch of the platform was celebrated at a press event on June 20, 2023. Government officials, representatives of Kazakhstan’s banking industry, and Binance Kazakhstan leadership were present.
Asset Turysov, Vice Minister of Digital Development, Innovation, and Aerospace Industry of Kazakhstan, highlighted the government’s initiative to facilitate interaction between the AIFC, cryptocurrency exchanges, and second-tier banks.
The collaboration involves 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. It has already shown promising results, according to a press release.
Zhaslan Madiyev, General Manager of Binance Kazakhstan, expressed gratitude to the regulators for their contribution to the development of the cryptocurrency industry in the country.
Binance Kazakhstan users can now buy and sell cryptocurrencies using a fiat balance, spot trading, and conversion. Deposit and withdrawal channels include bank cards and bank transfers via Freedom Finance Bank. The global Binance platform will still be available to users in Kazakhstan.
Kazakhstan Pushes Development Of Crypto Regulations
Binance has been actively working with Kazakhstan’s regulators to support the development of a regulatory framework for digital assets in the country.
Binance has also provided educational initiatives for government and law enforcement agencies and regulators to enhance their understanding of the technology and the cryptocurrency industry.
Binance has engaged with five regulatory bodies in Kazakhstan, collaborating to find solutions to regulatory issues related to the cryptocurrency industry.
The launch of the platform demonstrates Binance’s commitment to advancing the crypto industry in Kazakhstan and contributing to the development of a robust regulatory framework for digital assets.
Featured image from Unsplash, chart from TradingView.com