The world’s largest cryptocurrency exchange, Binance, received a permanent license from Kazakhstan’s AIFC Financial Services Authority (AFSA) to operate a digital asset platform and provide custodial services in the country.
The business and the Kazakhstani monetary regulators inked a Memorandum of Understanding (MoU) earlier this month to establish a secure environment for domestic cryptocurrency investors and reduce crime in the industry.
Binance received preliminary authorization to market its goods and services in Kazakhstan two months ago. Even with the go-ahead, the business was still required to conduct a thorough verification in order to operate in the Asian country.
According to a recent declaration, it strengthened its presence by obtaining a permanent permit from the authorities.
As a result, Binance can now supply domestic clients with custodial services and operate digital asset platform websites.
The trading venue also acquired the required approval to provide services for conversion and exchange, storage of cryptocurrency assets, exchange trading, and deposit and withdrawal of fiat currencies.
Kazakhstan’s choice to welcome the company was underlined by Gleb Kostarev, Director of Binance Asia. Additionally, he commended the regional administration for adopting specific legislative amendments to support the cryptocurrency sector.
It is important to note that Binance has recently concentrated a lot of its efforts on the Central Asian nation. It teamed up with the Financial Monitoring Agency of the Republic of Kazakhstan earlier this week.
Both parties committed to starting a collaborative mission to stop the use of cryptocurrency in illegal activities and build a secure local economy.