Binance continues its regulatory expansion by obtaining approval to operate in Kazakhstan.
The world’s largest crypto exchange has benefited from another regulatory nod, this time from the Astana Financial Services Authority (AFSA).
The country of the former Soviet Union was an important country for the cryptocurrency industry, being a hub for miners for years.
The company’s announcement informs that the license issued by the supervisory authority in Kazakhstan will allow it to operate a “digital asset trading facility and custody provider in the Astana International Financial Center (AIFC).”
This is the first regulatory approval from Binance in the country. However, Binance has yet to complete a full verification, which the exchange expects to do “in due course.”
Once this is completed, the crypto giant will be able to operate on the territory of Kazakhstan as a digital asset trading facility and custodian provider.
After scrutiny last year that came from several global regulators, Binance responded by appointing new compliance officers. This led to an aggressive expansion into several previously hostile jurisdictions.
The exchange recently obtained a few licenses to operate in Dubai, the United Arab Emirates and Italy, while the CEO of the company – Czechoslovakia – said that they want to expand to Germany as well.
Kazakhstan has been a popular hub for miners, and the country reportedly made $1.5 million in bitcoin mining transactions last year.
The authorities are debating whether to apply new tax rules to the industry, but they have not yet made them official.