Binance receives in-principal approval to operate in Kazakhstan
Nur-Sultan, the capital city of Kazakhstan. Image: Envato Elements
The world’s largest cryptocurrency exchange, Binance, has received in-principal approval to operate a digital asset trading facility and provide custody services in Kazakhstan from the Astana Financial Services Authority (AFSA), the company announced on Monday.
See related article: Crypto mining’s Great Migration continues — out of Kazakhstan
Binance is still required to complete a full application before it can begin operating in the Astana International Financial Centre (AIFC), a financial center based in the Kazakh capital of Nur-Sultan.
“Kazakhstan has shown itself to be a pioneer in Central Asian crypto adoption and regulation,” founder and CEO of Binance Changpeng Zhao said in a statement, adding Binance is committed to being a compliance-first exchange operating across the globe.
The Central Asian country became a popular destination for crypto miners due to its relatively cheap electricity following China’s crackdown on the practice in 2021.
Bitcoin mining in Kazakhstan comprised 13.22% of the total global hashrate in January 2022, according to the Cambridge Bitcoin Electricity Consumption Index.
Binance signed a memorandum of understanding with the Kazakhstan government in May to assist the country to develop digital assets regulation to grow its crypto mining industry beyond Bitcoin.
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Lachlan is a journalist and producer at Forkast working from Melbourne, Australia. His work can be found in numerous magazines in Australia on topics ranging from culture to science. Lachlan holds a Bachelor’s degree in Journalism from Macleay College in Australia.
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