In a report by Trend, Astana International Financial Centre (AIFC) reported that Binance, the world’s largest cryptocurrency exchange, had received in-principle approval from the AFSA to establish a digital asset market and custody service.
What Does the Report Say About Binance?
It is the first financial hub in the Commonwealth of Independent States (CIS(AIFC) ) to cooperate with Binance. As Kazakhstan becomes a regional cryptohub, Binance will contribute to the growth of its digital asset market with its expertise, technologies, and prospects.
— CZ 🔶 Binance (@cz_binance) August 15, 2022
Founder and CEO of Binance, Changpeng Zhao (CZ), stated that Kazakhstan is the leader in Central Asia regarding both the acceptance of crypto and regulating it. Binance’s commitment to offering its goods and services in a safe, well-regulated environment demonstrates its dedication to compliance.
What Is AIFC?
AIFC licences require In-Principal Approval, which is one of the licensing processes. Upon successfully completing the Astana International Financial Centre licensing process, Binance will be permitted to operate a custodial service and digital asset trading facility.
To serve as the independent regulator of the Astana International Financial Centre (AIFC) and to oversee financial services and associated activities, the Astana Financial Services Authority (AFSA) was established under the Constitutional Law of the Republic of Kazakhstan.
Financial institutions and market institutions in the AIFC are authorised, registered, recognised, and supervised by the AFSA. Binance, the world’s largest bitcoin infrastructure supplier, offers many financial products, including the world’s largest exchange by volume.