Bitcoin

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   <h4 class="relative p-1 rounded-sm flex items-center justify-center bg-token-main-surface-primary text-token-text-primary h-8 w-8"><strong>Both exchanges have received AFSA consent to become Kazakhstan’s first fully licensed DATFs.</strong></h4> 
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    However, they have not yet been issued the actual licenses. Let’s explore more about this important news for Binance and Bybit.
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<h5><strong>Binance and Bybit Near Full Licensing in Kazakhstan</strong></h5> 
<p>The AFSA, the regulatory body for Kazakhstan’s Astana International Financial Centre (AIFC), oversees the country’s special economic zone and is crucial in regulating digital asset trading. The <a href="https://cointelegraph.com/news/bybit-crypto-exchange-in-principal-approval-in-kazakhstan" target="_blank" rel="noopener">full DATF license</a> will allow Binance and Bybit to provide comprehensive services, including investment opportunities, advanced trading, and custody solutions for digital assets.</p> 
<p>Binance <a href="https://afsa.aifc.kz/en/news/binance-obtains-in-principal-approval-from-afsa-to-operate-a-digital-asset-trading-facility-and-provide-custody-in-the-astana-international-financial-centre" target="_blank" rel="noopener">entered</a> the Kazakhstan market in August 2022 with “in-principle” authorization from the AFSA. It later received a permanent license in October 2022. However, following a restructuring of the DATF framework in January 2023 and the passage of the Digital Assets Law in February 2023, the AFSA intensified its enforcement actions against unlicensed crypto exchanges. This crackdown led to the blockage of 980 exchanges, including major platforms like Coinbase.</p> 
<p><img decoding="async" class="wp-image-150344 aligncenter" src="https://www.altcoinbuzz.io/wp-content/uploads/2024/09/vcxvbcnvbnbmmnbghf-300x288.png" alt="" width="568" height="545" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2024/09/vcxvbcnvbnbmmnbghf-300x288.png 300w, https://www.altcoinbuzz.io/wp-content/uploads/2024/09/vcxvbcnvbnbmmnbghf.png 390w" sizes="(max-width: 568px) 100vw, 568px"></p> 
<h6 style="text-align: center;"><strong>Source: <a href="https://x.com/_RichardTeng/status/1832008837341274167" target="_blank" rel="noopener">X</a></strong></h6> 
<p>Bybit, which received in-principle approval from the AFSA in May 2023, has also been undergoing <a href="https://www.gov.kz/memleket/entities/afm/press/news/details/666994?lang=ru" target="_blank" rel="noopener">rigorous compliance audits</a> to qualify for the full DATF license. The regulatory progress of both exchanges reflects Kazakhstan’s commitment to developing a robust and regulated digital asset market.</p> 
<p>Kazakhstan has emerged as a <a href="https://cointelegraph.com/news/kazakhstan-among-top-3-bitcoin-mining-destinations-after-us-and-china" target="_blank" rel="noopener">key player</a> in the global crypto landscape, particularly as a destination for crypto miners. The country saw a surge in mining activities following China’s crackdown on cryptocurrency mining in 2021. While miners have become a significant source of tax revenue for the Kazakh government, they face challenges related to power consumption.</p> 
<p><img decoding="async" class="wp-image-150346 aligncenter" src="https://www.altcoinbuzz.io/wp-content/uploads/2024/09/bvcvbnnbmmjhk-285x300.jpg" alt="" width="549" height="578" srcset="https://www.altcoinbuzz.io/wp-content/uploads/2024/09/bvcvbnnbmmjhk-285x300.jpg 285w, https://www.altcoinbuzz.io/wp-content/uploads/2024/09/bvcvbnnbmmjhk.jpg 390w" sizes="(max-width: 549px) 100vw, 549px"></p> 
<h6 style="text-align: center;"><strong>Source: <a href="https://x.com/SolanaFloor/status/1832018417760469463" target="_blank" rel="noopener">X</a></strong></h6> 
<p>In October, major mining operations in Kazakhstan sent an <a href="https://digitalbusiness.kz/2023-09-28/kompanii-mayneri-pozhalovalis-tokaevu-na-neposilnuyu-platu-za-tsifrovoy-mayning/" target="_blank" rel="noopener">open letter</a> to President Kassym-Jomart Tokayev, highlighting concerns over high electricity rates. Despite paying less than half the average rate in the United States, the miners have struggled with prohibitively expensive energy costs.</p> 
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<h6><strong>Disclaimer</strong></h6> 
<p>The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.</p> 
<p>The post <a href="https://www.altcoinbuzz.io/cryptocurrency-news/kazakhstan-to-license-binance-and-bybit/">Kazakhstan to License Binance and Bybit</a> appeared first on <a href="https://www.altcoinbuzz.io">Altcoin Buzz</a>.</p>

Kazakhstan to License Binance and Bybit

Altcoin Buzz

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