Binance gets regulatory approval to operate in Kazakhstan…Details here
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Answer Binance gets regulatory approval to operate in Kazakhstan…Details here
Binance, the world’s largest cryptocurrency exchange, has benefited from another regulatory approval, this time from the Astana Financial Services Authority (AFSA).
The country of the former Soviet Union was an important country for the cryptocurrency industry, being a hub for miners for years.
inform Advertising Binance said that the license issued by Kazakhstan’s supervisory authority will allow it to operate cryptocurrency trading and custody services in the Astana International Financial Center (AIFC).
Notably, this is the first regulatory approval for Binance in the country.
Binance has yet to complete a full verification, which Binance expects to do in due course.
Once this is completed, the crypto giant will be able to operate on the territory of Kazakhstan as a cryptocurrency exchange facility and a provider of custody services.
Read:CryptoCom Receives Regulatory Approval to Provide Crypto Services in Italy
After the audit last year that came from several global regulators, Binance responded by hiring new employees who specialize in legal compliance with international regulations.
This led to Binance’s massive expansion into several formerly hostile jurisdictions.
Recently, Binance obtained regulatory licenses to operate in Dubai, the United Arab Emirates and Italy, while CZ, the company’s CEO, said they wanted to expand to Germany as well.
Kazakhstan has been a popular hub for bitcoin miners, with, according to some reports, the country generated $1.5 million in bitcoin mining transactions last year.
Currently, the authorities in Kazakhstan are debating whether to apply new tax rules to the crypto industry.
Read:13 years ago: Selling 5,000 Bitcoins for just $5!
But it hasn’t made it official yet.
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