After collecting several memoranda of understanding (MoU) and initial approval “in principle” to operate in Kazakhstan, Binance received a permanent license to operate in the country.

As of October 6, the AIFC Financial Services Authority of Kazakhstan has granted a perpetual license to both manage a digital asset platform and provide custody services in the Astana International Financial Center.

This newly acquired perpetual license gives Binance official status as a regulated platform in the country. Gleb Kostarev, regional head of Asia at Binance, said this was another step for Binance as a “compliance-focused exchange.”

Kostarev highlighted Kazakhstan’s recent crypto efforts and activities:

“We welcome Kazakhstan’s efforts to become a leading player in emerging digital technologies and the cryptocurrency ecosystem.”
Binance began laying the groundwork for operations in Kazakhstan earlier this year when it signed its first memorandum of understanding on May 25, pledging to help adopt and regulate cryptocurrencies in the country. He was followed again on October 3 to help fight financial crime.

Related: Kazakhstan’s central bank “will not ignore” the cryptocurrency market

This development from Kazakhstan follows several actions by the authorities to increase opportunities related to cryptocurrencies in the country.

On September 28, Kazakhstan’s president, Kassym-Jomart Tokayev, told a local news agency that in case of an increase in demand, the government is ready to approve a method of converting cryptocurrencies into fiat currency.

In June, Kazakhstan’s Ministry of Digital Development, Innovations and Aviation Industry launched a program to allow cryptocurrency exchanges to open bank accounts and conduct legal operations in the Astana International Financial Center.

Kazakhstan has previously gained a good reputation as a good place to mine cryptocurrency due to the local energy prices. In the past year, the state has strengthened the reporting requirements for energy consumption for mining companies, together with new tax guidelines with an expected impact on the industry.

Source: CoinTelegraph