Binance Kazakhstan, a subsidiary of the global blockchain leader Binance, has secured formal pre-approval from the Astana Financial Services Authority (AFSA), bringing the company closer to obtaining a full regulatory license. This move positions Binance Kazakhstan to become the country's first fully regulated Digital Asset Trading Facility (DATF).
Significant Regulatory Step
According to a report on Friday, this pre-approval marks a significant step for Binance, underscoring the company's dedication to complying with local regulations. As Kazakhstan's interest in blockchain and digital assets grows, Binance is working to establish a strong regional presence.
Thorough Review Process
Before receiving the pre-approval, Binance Kazakhstan underwent an extensive review. The process involved an External Financial Audit, ISO certifications following an audit of its information systems, and internal audits. Regulatory inspections were also completed to ensure full compliance with local laws.
Leadership Welcomes Approval
Vishal Sacheendran, Head of Regional Markets at Binance, expressed his excitement about the pre-approval. He said, “We are very much delighted to receive this formal way of pre-approval from AFSA before we get our full regulatory license.”
The pre-approval from AFSA is an important step for Binance Kazakhstan on the path to full regulation, opening up new opportunities for blockchain technology and digital asset trading in Kazakhstan.
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