Great news and jubilations as Binance Exchange goes live in Kazakhstan, with Regulators help. This would now be referred to as Binance #Kazakhstan , just like we have Binance U.S and it's fully into compliance with the regulators in the region.
For those who don't know, Kazakhstan is a Country in Central Asia and with loads of potentials in digital growth and technological advancements.
In a recent tweet, #Binance shared insights to their latest development and progress towards #crypto2023 $ adoption. This event occurred on June 20th, 2023 and the statement read;
Binance Launches a Regulated Digital Asset Platform in Kazakhstan๐
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More details reveal that, the regulators are very hopeful about the future of this new technology. In a series of statements, shared by Binance blog, it read;
the permanent license was secured from the AIFC Financial Services Authority (AFSA), to manage a digital asset platform and provide custodial services at the Astana International Financial Center (AIFC) in October last year...
According to Asset Turysov, Vice Minister of Digital Development, Innovation and Aerospace Industry of Kazakhstan, the government is running a special initiative to facilitate the interaction between the AIFC, cryptocurrency exchanges, and second-tier banks. The National Bank of Kazakhstan, the Financial Monitoring Agency of the Republic of Kazakhstan, as well as the Agency for Regulation and Development of the Financial Market all take part in this project, which has already shown excellent results.....
Turysov said: โOver the past year, regulators in Kazakhstan have taken significant steps towards the development of the cryptocurrency industry. Binance has provided assistance to Kazakhstan in the development of a legislative framework and a general policy for the regulation of crypto assets, as well as in the implementation of various educational initiatives, including for government and law enforcement agencies and regulators.โ
Zhaslan Madiyev, General Manager of Binance Kazakhstan, noted that Binance is productively working with five regulatory bodies in the country: the AIFC Financial Services Authority (AFSA), the Ministry of Digital Development, Innovation and Aerospace Industry of Kazakhstan, the National Bank of the Republic of Kazakhstan, the Financial Market Regulation and Development Agency, and the Financial Monitoring Agency.ย
Madiyev added: โI want to express my deep gratitude to all regulators for their huge contribution to the development of the entire cryptocurrency industry. Thanks to constantly being in touch with Kazakhstan regulators, by the end of the year we plan to significantly expand the product line for users of the local cryptocurrency exchange, as well as to have no less than 100 digital assets approved and available on the platform.โ
Ablaykhan Ospanov, Managing Director of Bank Freedom Finance Kazakhstan JSC, called the launch of a pilot project for the operation of cryptocurrency exchanges in Kazakhstan a โmajor boost for the entire industry,โ adding: โMany countries can follow Kazakhstanโs example. We see a great potential for the development of the blockchain and cryptocurrency industry, and we are also making great efforts to grow it.โ
Binance Kazakhstan users can buy and sell cryptocurrencies using a fiat balance, spot trading, and conversion, with the range of services offered expected to expand. There are two channels available to deposit and withdrawal: bank cards and bank transfer via Freedom Finance Bank. The global Binance dot com platform will continue to be available to users in Kazakhstan.
With news like these, investors are more likely to focus on the industry while try to Capitalize on early access and price pumps. #bitcoin is already seeing all time highs of $30k after months of bearishness. ๐ฅ
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