Crypto exchanges Bybit and Binance have made significant progress towards becoming fully regulated Digital Asset Trading Facilities (DATFs) in Kazakhstan. Both exchanges recently received full authorization from the Astana Financial Services Authority (AFSA), positioning them to offer a wider range of crypto-related services in Kazakhstan and the wider Commonwealth of Independent States (CIS) region. Bybit’s authorization came after a stringent regulatory process, including anti-money laundering checks and compliance assessments. Similarly, Binance also obtained regulatory approval from AFSA, becoming the first Digital Asset Service Provider (DASP) to receive consent for a full regulatory license.
In Kazakhstan, the push for regulation in the crypto industry is evident, with the country taking proactive steps to protect investors and combat illicit activities within the digital asset space. In the past year, the country’s financial regulator shut down nearly 1,000 non-compliant crypto exchanges as part of its broader strategy. Kazakhstan’s anti-money laundering agency officials have also blocked illegal crypto transactions worth $75.4 million, linked to pyramid schemes and scams. The country’s efforts to regulate the digital asset space are aimed at establishing a compliant and secure environment for digital asset trading, with the Astana International Financial Center playing a central role in overseeing the licensing process for crypto operations.
The regulatory clampdown in Kazakhstan is a reflection of the country’s commitment to creating a compliant and secure environment for digital asset trading. The country’s Financial Monitoring Agency (FMA) has been vigilant in blocking illegal platforms operating without proper registration and investigating unregistered exchange operations and potential money laundering activities. Kazakhstan’s Digital Assets Law, enacted in February 2023, mandates that digital currencies can only be created and traded under a national license. With Bybit and Binance now fully authorized, Kazakhstan is solidifying its stance as a regulated crypto-friendly jurisdiction, opening up greater digital asset participation and investment opportunities in the region.
By obtaining full authorization from AFSA, Bybit and Binance are now in a position to offer a wide array of services in Kazakhstan, including virtual asset trading, crypto investment dealings, and digital asset custody. Binance, in particular, expressed excitement at receiving the full license and is committed to serving its users in Kazakhstan, contributing to the growth of the local digital asset ecosystem. Both exchanges underwent rigorous assessments, with Binance obtaining ISO certifications and passing external audits to ensure adherence to the highest security and operational integrity standards. The full licenses granted to Bybit and Binance represent significant milestones in their journey towards regulatory compliance in Kazakhstan.
Kazakhstan’s recent regulatory developments underscore the country’s progress in becoming a regulated crypto-friendly jurisdiction, creating opportunities for greater digital asset participation and investment in the region. The efforts to crack down on non-compliant exchanges and illicit activities within the digital asset space demonstrate Kazakhstan’s commitment to establishing a secure environment for digital asset trading. With the country’s Financial Monitoring Agency taking proactive measures to block illegal platforms and investigate potential money laundering activities, Kazakhstan is positioning itself as a leader in crypto regulation within the CIS region. Bybit and Binance’s full authorization further solidify Kazakhstan’s stance as a regulated and crypto-friendly jurisdiction.
