- Kazakhstan’s President says the country is ready to officially legalize crypto.
- The country approved Binance to establish a headquarters.
- Binance thinks Kazakhstan is a pioneer in Central Asia crypto adoption.
If the test run of the project to convert cryptocurrencies at the country’s financial center Astana International Financial Centre (AIFC) is successful, President Kassym-Jomart Tokayev has said that he is prepared to go on with the development of the project to convert cryptocurrencies. It was in the summer that Astana began testing out a partnership between Kazakh banks and AIFC-approved cryptocurrency exchanges.
According to the statements made by the President, monetary exchanges are now being conducted under the auspices of a unique pilot program at the location of the Astana International Financial Center.
In response to this, relatively ground-breaking adjustments were made to the legal framework at the national level as well as the regulatory environment. At the international technology summit Digital Bridge 2022, Tokayev said that the country is ready to move further with its technological advancements.
Tokayev underlined that in order for the project for the conversion of cryptocurrencies to get complete legal recognition, it will need to demonstrate both its continued relevance and its security.
In a related development, Tokayev also said that the most prominent cryptocurrency trading platform in the world, Binance, would establish a regional headquarters in Kazakhstan. This came about after Binance was granted permission to operate in Kazakhstan by the Astana Financial Services Authority (AFSA).
Changpeng Zhao, Binance CEO, said that Kazakhstan has shown itself to be a pioneer in Central Asia crypto adoption and regulation. Moreover, it stated that this further signifies Binance’s commitment to being a compliance-first exchange and providing products and services in a safe and well-regulated environment across the globe.