Binance, the world’s leading blockchain ecosystem and cryptocurrency infrastructure provider, has launched a regulated digital asset platform in Kazakhstan. The platform is backed by a permanent license obtained from the AIFC Financial Services Authority (AFSA) last year, allowing it to offer exchange and conversion services, fiat deposit and withdrawal options, and custody of crypto assets.
Regulatory Collaboration
Binance’s launch event emphasized the collaborative efforts between the company and Kazakhstani regulators. Asset Turysov, Vice Minister of Digital Development, praised the CZ’s company for its contributions to the cryptocurrency industry in Kazakhstan, including legislative support and educational initiatives. They continue to engage with five regulatory bodies in Kazakhstan to expand the platform’s offerings and approve over 100 digital assets for trading.
Kazakhstan’s Freedom Finance Bank has developed a service enabling users to transfer fiat funds to the Binance Kazakhstan platform. This fiat infrastructure allows seamless transactions for users, including options for bank card and bank transfer deposits and withdrawals.
Expanding Opportunities
Binance aims to leverage Kazakhstan’s potential for blockchain and cryptocurrency industry growth through the regulated platform. Users will have access to a range of trading options and digital assets, with plans to expand the platform’s services and offerings in the future. It is worth noting that the global platform remains accessible to users in Kazakhstan.
Read more: Binance Spot Introduces Spot DCA for Hassle-Free Trading
Conclusion
Binance’s launch of a regulated digital asset platform in Kazakhstan signifies a significant step towards establishing a comprehensive regulatory framework for the cryptocurrency industry. With support from Kazakhstani regulators and partnerships with local financial institutions, the crypto exchange aims to foster the development of the cryptocurrency ecosystem in the country. The new platform offers Kazakhstani users exchange services, fiat infrastructure, and custody solutions, with plans for expansion and increased digital asset availability.
