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Kazakhstan grants Binance a perpetual license to provide digital asset services

After accumulating multiple Memorandums of Understanding (MoUs) and receiving the first “in principle” approval to do business in Kazakhstan, Binance has obtained a permanent license to do business in the country.

As of October 6, the AIFC Financial Services Authority (AFSA) of the Republic of Kazakhstan has granted a permanent license to manage a digital asset platform and provide custody services in the Astana International Financial Center.

This newly acquired perpetual license officially recognizes Binance as a domestically regulated platform. Binance’s regional head of Asia, Gleb Kostarev, said this is another step for his Binance to be a “compliance-focused exchange.”

Kostarev highlighted Kazakhstan’s recent efforts and activities in the crypto space.

“We welcome Kazakhstan to become a major player in the field of new digital technologies and cryptocurrency ecosystems.”

Binance began laying the groundwork for its operations in Kazakhstan earlier this year, signing its first MoU on May 25. October 3rd followed with his second event to help fight financial crime.

Related: Kazakhstan’s Central Bank Is ‘Not Going To Ignore’ The Crypto Market

This development out of Kazakhstan follows multiple actions by the authorities to increase crypto-related opportunities in the country.

On September 28, Kazakhstan’s President Qasim Jomart Tokayev told a local news agency that the government was ready to approve ways to convert cryptocurrencies into fiat if demand increases.

In June, the Ministry of Digital Development, Innovation and Aerospace Industry of the Republic of Kazakhstan launched a program to allow cryptocurrency exchanges to open bank accounts and carry out legal operations in the Astana International Financial Center.

Kazakhstan used to have a reputation as a good place for cryptocurrency mining due to local energy prices. Last year, the country tightened power consumption reporting requirements for mining companies and developed new tax guidelines that are expected to affect the industry.