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“Mining world power” Kazakhstan grants permanent operating license to Binance

 


After several letters of intent and a provisional operating permit in Kazakhstan, the market-leading crypto exchange has finally received a permanent license in the Eastern European country.


The Kazakh financial regulator AIFC accordingly granted the influential crypto company a double license on October 6, giving Binance the green light for both its own crypto trading platform and the crypto custody service in the Astana International Financial Center.


Having received the permanent license, the major crypto exchange is now officially a registered and regulated platform in Kazakhstan. Gleb Kostarev, head of the Asia region at Binance, emphasizes in this context that another important step has been taken to underpin one's own legitimacy and compliance with the law.


Kostarev also praised Kazakhstan's recent efforts in relation to the crypto industry:


"We welcome Kazakhstan's will to position itself as one of the leading players in the field of digital technologies and cryptocurrencies."

Binance has been working to gain a foothold in Kazakhstan since the beginning of the year, with an initial MoU signed on May 25 to help the country adopt cryptocurrencies. This was followed by another letter of intent on Oct. 3, with the aim of the crypto exchange assisting the Kazakh authorities in the fight against financial crime .


Kazakhstan is also benefiting from the new license for the leading crypto exchange, which means that the government’s recent crypto-related efforts are beginning to bear fruit.


On Sept. 28, Kazakh President Kassym-Jomart Tokayev confirmed to a news outlet that direct cryptocurrency-to-fiat exchanges could soon be allowed if there is demand.


In June, the Ministry of Digital Development, Innovation and Aviation launched a program that allows crypto exchanges to cooperate with banks and establish themselves in the Astana International Finance Center.


Kazakhstan is already a real power in crypto mining, which can be explained primarily by the country's cheap electricity. In order to do justice to this, the government has, among other things, drawn up a new draft law for fair taxation of crypto mining.

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