🦑 Kazakhstan🇰🇿: crypto exchange Kraken enters the local market

🦑 Kazakhstan🇰🇿: crypto exchange Kraken enters the local market

Following Tether and Binance, Kraken has become the third platform to sign a cooperation agreement with the country’s authorities.

🔻 The exchange signed a memorandum of cooperation with Kazakhstan’s Ministry of Artificial Intelligence and Digital Development. It also received preliminary approval from the Astana Financial Services Authority (AFSA), the regulator of the Astana International Financial Centre (AIFC). This means Kraken has cleared the first stage of the licensing process under Kazakh law. The exchange must now meet several additional requirements to obtain final approval.

🔻 The agreement with Kraken marks another step in Kazakhstan’s efforts to establish itself as a regional fintech hub. In September, the country’s authorities signed three strategic memorandums with Binance, followed by an agreement with Tether in early October to develop an asset tokenization system. At the same time, regulators are stepping up market oversight: just a week ago, the AIFC Court issued a ban against 7 unlicensed crypto platforms.

🔻 Kraken, in turn, is looking to expand and consolidate its presence across Asia. In mid-October, the exchange received full approval from Dubai’s VARA regulator. Payward, Kraken’s parent company, holds more than 100 licenses worldwide and provides infrastructure for several other products beyond the Kraken exchange itself. Kraken currently ranks 14th on CoinMarketCap, with a daily trading volume of approximately USD 1.3 billion.

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