Sat, September 07, 2024 at 18:45

• 

  Kang-hoon

  • Hello, Annie.

  • Today, I have some significant news regarding Binance Kazakhstan.

  • They have received formal consent from the Astana Financial Services Authority (AFSA) for a full regulatory license.

  • 
• Annie

  • Wow, that's interesting!😊 What does this regulatory license mean for Binance Kazakhstan?

  
• 

  Kang-hoon

  • This license is a crucial step towards achieving a fully regulated Digital Asset Trading Facility (DATF) status, which is the first of its kind in Kazakhstan.

  • It allows Binance Kazakhstan to manage a virtual asset trading platform, engage in principal transactions, and custody virtual assets.

• Annie

  • That's impressive!

  • How did they manage to get this license?

  
• ADward

  • Hold on! Behold, an advertisement awaits. Legend has it that clicking on this ad will make the AI server even smarter... 😅

  
• 

  Kang-hoon

  • The process was quite rigorous.

  • It involved financial audits, ISO certifications, and both internal and external assessments.

  • The AFSA, which regulates financial and non-financial services within the AIFC, carefully assessed Binance Kazakhstan to ensure compliance with best regulatory practices.

• Annie

  • Sounds like they went through a lot!😮 What did the company say about this achievement?

  
• 

  Kang-hoon

  • Vishal Sacheendran, the Head of Regional Markets at Binance, commented on the pre-approval.

  • He emphasized the importance of compliance, security, and operational efficiency.

  • He also mentioned that this permission is a significant achievement for the company in their journey towards excellence and contributing to the development of digital assets in Kazakhstan.

• Annie

  • It seems like a big deal for them.

  • What kind of procedures did they complete before obtaining the license?

  
• 

  Kang-hoon

  • Before obtaining the license, Binance Kazakhstan completed all necessary procedures, including an external audit of financial statements and obtaining ISO certificates for their information systems.

  • Additionally, they underwent internal audits and regulatory inspections to confirm that they meet all legal standards.

• Annie

  • That's quite thorough.

  • What services will they be able to provide with this new license?

  
• 

  Kang-hoon

  • With this new license, Binance Kazakhstan will be able to offer services associated with a virtual assets trading facility, investment, and custody.

  • This indicates that the regulators trust Binance Kazakhstan's systems, controls, and cybersecurity measures, which have been evaluated rigorously.

• Annie

  • So, do you think this news is good or bad for the market?🤔

  
• 

  Kang-hoon

  • I believe this is very positive news.

  • 

  • It not only strengthens Binance Kazakhstan's position in the market but also boosts investor confidence in the region's regulatory framework.

  • This could lead to increased investment and growth in the local digital asset market.

• Annie

  • That's great to hear!

  • Thank you for the detailed explanation, Kang-hoon.👏

  
• 

  Kang-hoon

  • You're welcome, Annie.

  • Always happy to help clarify the news.

  • Upon comprehensive consideration, this news is perceived as a 😍Bullish.