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Binance, Bybit Nearing Status as Top Regulated DATFs in Kazakhstan.
Reinout te Brake | 07 Sep 2024 00:12 UTC
crypto exchanges Bybit and binance are making significant strides in their journey to become fully regulated Digital Asset Trading Facilities (DATFs) in Kazakhstan. These two exchanges recently received full authorization from the Astana Financial Services Authority (AFSA), marking a crucial milestone in the country's efforts to establish itself as a regulated DATF.
Kazakhstan's Push for Regulatory Approval
The road to regulatory approval for crypto exchanges in Kazakhstan has been rigorous. Both Bybit and binance underwent comprehensive anti-money laundering (AML) checks and compliance assessments as part of the regulatory process. This approval allows Bybit to expand its range of crypto-related services in Kazakhstan and the Commonwealth of Independent States (CIS) region.
Similarly, binance also obtained regulatory consent from AFSA after meeting stringent requirements, including obtaining ISO certifications and passing external audits to ensure the highest security and operational standards. binance is the first Digital Asset Service Provider (DASP) to receive AFSA consent for a full regulatory license.
Vishal Sacheendran, binance’s Head of Regional Markets, expressed the exchange's commitment to serving users in Kazakhstan and contributing to the local digital asset ecosystem. With these regulatory licenses, both Bybit and binance are poised to offer a wide array of services, including virtual asset trading, crypto investment deals, and digital asset custody.
Kazakhstan's Stance on Compliance
Kazakhstan has adopted a proactive approach to regulate the crypto industry, positioning itself as a growing crypto hub. The country's financial regulator took decisive action last year by shutting down nearly 1,000 non-compliant crypto exchanges to protect investors and combat illicit activities in the digital asset space.
Recent reports also highlight Kazakhstan's anti-money laundering agency officials blocking illegal crypto transactions worth $75.4 million, associated with pyramid schemes and scams. This regulatory crackdown underscores Kazakhstan's commitment to creating a compliant and secure environment for digital asset trading.
The Astana International Financial Center (AIFC) plays a pivotal role in overseeing the licensing process for crypto operations in Kazakhstan. The Financial Monitoring Agency (FMA) has been proactive in blocking illegal platforms operating without proper registration, launching investigations into unregistered exchange operations, and potential money laundering activities.
Kazakhstan's Digital Assets Law, enacted in February 2023, stipulates that digital currencies can only be created and traded under a national license. Bybit and binance obtaining full authorization further solidifies Kazakhstan's position as a regulated crypto-friendly jurisdiction, opening doors for increased digital asset participation and investment opportunities in the region.