Binance Kazakhstan has received a full Digital Asset Trading Facility (DATF) license from Astana Financial Services Authority (AFSA). This approval will enable the platform to work as a trading facility for digital assets, a broker-dealer, and provide digital assets custody services in Kazakhstan.
Binance Secures Full Digital Asset Trading License
According to a blog post by the crypto exchange, this marks a key regulatory milestone, as Binance Kazakhstan becomes the first digital-asset platform in the region to secure such a license.The DATF license the company received from AFSA allows the exchange to set up a digital asset trading platform in the country and in line with the AIFC regulations.
Binance’s Kazakhstan-based subsidiary, having successfully completed the multi-stage assessment of AFSA requirements, passed the external financial audit and obtained ISO certification. The review also looked at compliance with codes such as AIFC Digital Asset Activities, Conduct of Business Rules, and anti-money laundering regulations.
This is to guarantee the integrity of the systems used by the company’s Kazakhstan subsidiary to offer trading and custody services to investors. Concurrently, the crypto exchange has unveiled plans of introducing EigenLayer (EIGEN), the Ethereum restaking protocol token, further expanding its service offerings in the digital-asset space.
Kazakhstan Role in Crypto Innovation
Crypto and blockchain have become very popular in Kazakhstan, making it one of the most important players in the region of Central Asia. Due to the advancing regulatory environment Binance and similar companies can freely operate in the country and abide by all the requirements.
Consequently, the license in Kazakhstan is a clear sign of the country’s vision towards embracing new technologies of finance and crypto assets.
Vishal Sacheendran, the Head of Regional Markets at Binance pointed out that this development is significant; Kazakhstan is an ‘ideal location’ for the growth of digital assets trading owing to the strong legal framework of the country. This move is consistent with the company’s efforts towards compliance and security across all the markets it serves.
Rigorous Compliance for Full DATF License
In order to get the full DATF license, the crypto exchange had to undergo a number of procedures. This involved comprehensive internal and external assessments to ensure a full compliance with several sets of norms and rules. Furthermore, all the security measures, mechanisms, and controls of Binance Kazakhstan were checked to confirm that the digital assets trading and custody services can be provided securely.
Hence, the successful completion of this review process further cements the exchange’s status as a premier digital asset platform, proving its compliance with stringent regulatory frameworks. The platform is now ready to provide services for traders and investors, which will help increase the popularity of digital assets in Kazakhstan.
This moves comes after the founder of the crypto exchange, Changpeng Zhao “CZ” was released from custody in California. Zhao, who recently got out of prison, has pledged to continue the development of blockchain, artificial intelligence, and biotechnology. However, despite all the legal issues, Zhao has not lost sight of his mission to bring innovation and social change through his ventures like Giggle Academy.
Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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