Binance receives in-principle license approval from Kazakhstan authorities.
The exchange is yet to complete the full application process but the development has already been hailed as a landmark achievement for the company in the Central Asian nation which only recently took steps to regulate coin trading.
The in-principle approval requires Binance to complete the application process to get the full license, which will allow it to run a digital asset trading facility and provide digital asset custody services on the AIFC’s platform, theThe move comes after this spring, Kazakhstan’s financial watchdog launched a pilot project to establish and develop cryptocurrency exchanges in the country.
Gleb Kostarev, regional head at Binance, described the development as a “landmark achievement” for Binance in Kazakhstan. “We are grateful to the Astana International Financial Center for their support and vision in granting Binance Kazakhstan this in-principle license approval,” he emphasized. Kazakhstan attracted a significant number of crypto mining enterprises after China cracked down on the industry in May 2021. However, critics have insisted that the business brings little benefit to the country’s economy as it doesn’t create many jobs, exacerbates a growing power deficit, pays little tax, and transfers its profits abroad.
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