![\"Binance](\"https:\/\/www.cryptocabaret.com\/wp-content\/uploads\/2022\/08\/shutterstock_482929021-768x432.jpg\")
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Crypto exchange Binance has been granted preliminary approval to offer trading and custody services for digital assets in Kazakhstan. The exchange is yet to complete the full application process but the development has already been hailed as a landmark achievement for the company in the Central Asian nation which only recently took steps to regulate coin trading.<\/strong><\/p>\n Kazakhstan\u2019s Astana Financial Services Authority (AFSA), the regulatory body that oversees the Astana International Financial Center (AIFC<\/a>), has issued a temporary license approval to the world\u2019s leading cryptocurrency exchange, Binance, the company unveiled in a blog post published on Monday.<\/p>\n The in-principle approval requires Binance to complete the application process to get the full license, which will allow it to run a digital asset trading facility and provide digital asset custody services on the AIFC\u2019s platform, the announcement<\/a> noted.<\/p>\n The move comes after this spring, Kazakhstan\u2019s financial watchdog launched a pilot project to establish and develop cryptocurrency exchanges in the country. Then, in June, the authorities in Nur-Sultan allowed<\/a> AIFC-registered platforms to open accounts with local banks.<\/p>\n \u201cKazakhstan has shown itself to be a pioneer in Central Asian crypto adoption and regulation,\u201d Binance founder and CEO Changpeng Zhao has been quoted as saying. \u201cThis further signifies Binance\u2019s commitment to being a compliance-first exchange and providing products and services in a safe and well-regulated environment across the globe,\u201d the crypto entrepreneur added.<\/p>\n Gleb Kostarev, regional head at Binance, described the development as a \u201clandmark achievement\u201d for Binance in Kazakhstan. \u201cWe are grateful to the Astana International Financial Center for their support and vision in granting Binance Kazakhstan this in-principle license approval,\u201d he emphasized.<\/p>\n Kazakhstan attracted a significant number of crypto mining enterprises after China cracked down on the industry in May 2021. However, critics have insisted that the business brings little benefit to the country\u2019s economy as it doesn\u2019t create many jobs, exacerbates a growing power deficit, pays little tax, and transfers its profits abroad.<\/p>\n As a result, the government has taken steps to shut down<\/a> illegal mining farms, expand<\/a> registration requirements for crypto miners, increase<\/a> a surcharge for the electricity consumed to mint digital currencies, and provide options for mining companies to exchange their cryptocurrencies on domestic platforms.<\/p>\n \u201cLarge investors seeking new markets need clear-cut and well-managed rules, as well as high standards of regulatory practice. When a regulator meets these requirements, it creates collaboration based on trust and an ecosystem where players can work safely and efficiently,\u201d commented Nurkhat Kushimov, the chief executive of AFSA. \u201cWe believe that Binance\u2019s work will further develop this vibrant ecosystem of the digital asset industry locally and regionally,\u201d he elaborated.<\/p>\nBinance Receives Regulatory Approval From Kazakhstan Authorities<\/h2>\n