Binance Kazakhstan has received a full license from the Astana Financial Services Authority to operate as a Digital Asset Trading Facility, becoming the first in the region to do so.
The Astana Financial Services Authority (AFSA) has granted Binance Kazakhstan a complete license to operate as a Digital Asset Trading Facility (DATF). With this license, the platform will be able to function as a trading facility for digital assets, a broker-dealer, and a provider of digital asset custody services in Kazakhstan.
Binance Secures Full Digital Asset Trading License
According to a blog post by the cryptocurrency exchange, Binance Kazakhstan is the first digital asset platform in the region to obtain such a license. This marks a significant regulatory milestone with regard to the cryptocurrency exchange.
With the DATF license that the company obtained from AFSA, the exchange is now able to establish a digital asset trading platform within the country that is in accordance with the AIFC authorities’ regulations.
Following successful completion of the multi-stage examination of AFSA standards, Binance’s Kazakhstan-based subsidiary was able to pass the external financial audit and achieve ISO certification. The examination also examined compliance with standards such as AIFC Digital Asset Activities, Conduct of Business Rules, and anti-money laundering rules.
The company is ensuring the systems used by its Kazakhstan subsidiary to provide trading and custody services to investors are of the highest possible quality. During this time, the cryptocurrency exchange has revealed that it intends to launch EigenLayer (EIGEN), which is the Ethereum restaking protocol token.
This will allow the exchange to further expand its service offerings inside the digital asset industry. Because of Kazakhstan has emerged as one of the most significant players in the Central Asian region as a result of the widespread adoption of blockchain technology and cryptocurrency.
Since the regulatory environment has been improving, companies like Binance and others like it are now able to freely operate within the country while still adhering to all of the laws.
As a result, the license in Kazakhstan is a clear indication of the country’s goal of adopting new financial and crypto asset technologies. Binance’s Head of Regional Markets, Vishal Sacheendran, emphasized the significance of this new achievement. He stated that Kazakhstan is an “ideal location” for the expansion of digital asset trading because of the robust legal framework that exists in the nation.
The company is making efforts to ensure compliance and security across all of the markets that it services, and this move is in line with those efforts.In order to obtain the complete DATF license, the cryptocurrency exchange had to go through a series of administrative processes.
In order to guarantee complete conformity with a number of different sets of standards and guidelines, this required conducting exhaustive internal and external evaluations.
Furthermore, we examined all of Binance Kazakhstan’s security procedures, mechanisms, and controls to ensure the delivery of digital asset trading and custody services in a secure manner. Therefore, the successful completion of this assessment procedure further cements the exchange’s status as a leading digital asset platform and demonstrates its compliance with stringent regulatory requirements.
Right now, the platform is ready to offer services to traders and investors, which will contribute to the rise in popularity of digital assets in Kazakhstan. Changpeng Zhao, also known as “CZ,” the creator of the cryptocurrency exchange, has taken this action following his release from detention in the state of California.
Zhao, recently released from prison, has pledged to continue developing blockchain technology, artificial intelligence, and biotechnology. Nevertheless, Zhao has not lost sight of his goal of bringing about innovation and social change through initiatives like Giggle Academy, despite the fact that he is facing a significant number of legal troubles.
