As they get closer to full license status for Digital Asset Trading Facilities (DATF), Binance and Bybit are getting closer to a big moment in Kazakhstan’s cryptocurrency scene. The Astana Financial Services Authority (AFSA) has given initial approval to both markets, which means they are ready to get full regulatory licenses.
The Astana International Financial Center (AIFC), which is run by Kazakhstan’s regulatory group AFSA, is where these markets do most of their business. In August 2022, Binance started doing business in Kazakhstan with only a temporary license. By October of that year, it had secured a permanent license. But the process for getting a full license was slowed down when the DATF system was reorganized in January 2023.
On the other hand, Bybit entered the Kazakhstan market in May 2023 and got preliminary approval right away. Both exchanges are now finishing up the last steps of legal compliance. This includes thorough audits and certifications to make sure they meet Kazakhstan’s requirements for dealing digital assets.
Binance and Bybit had to go through a lot of tests to get full DATF licenses. Binance talked about its attempts to be compliant, which included an external audit of its finances, ISO certifications for its IT systems, and a number of internal and external exams. AFSA has also carefully checked both markets to make sure they meet the necessary standards.
After Kazakhstan’s Digital Assets Law was passed in February 2023, the country took strong action against cryptocurrency companies that did not have licenses. Because of this, 980 sites were shut down as part of a move to get a better handle on digital assets. This included big names like Coinbase.
Kazakhstan has become a center for cryptocurrency mining because it has cheap energy. The country is also improving its regulatory system, which shows that it will play a bigger part in the global digital asset market. Being close to full approval will help Kazakhstan become an even bigger player in the cryptocurrency world, as Binance and Bybit progress toward that goal.
