Kraken crypto platform receives preliminary AFSA approval to enter Kazakh market

ASTANA. Oct 27 (Interfax) - International crypto platform Kraken has received preliminary approval from the Astana Financial Services Authority (AFSA) and signed a memorandum of cooperation with Kazakhstan's Ministry of Artificial Intelligence and Digital Development, the ministry's press service said.

The memorandum provides for cooperation on regulating digital assets, integrating banking infrastructure with the digital asset market, introducing blockchain technologies and improving public financial literacy.

"The entry of major international players such as Kraken into the Kazakh market is an important step in developing the domestic digital assets industry," Deputy Minister of Artificial Intelligence and Digital Development Gizzat Baitursynov said, according to the press service.

AFSA's preliminary approval is one of the stages in the licensing process and creates the conditions for the company to begin operating in the jurisdiction of the Astana International Financial Center (AIFC) once it meets the applicable requirements.

"Receiving AFSA's preliminary approval is an important step toward Payward, the parent company of Kraken, entering the Kazakh market," said Payward Co-CEO David Ripley.

Kraken is one of the world's largest international crypto platforms, founded in 2011 in the United States. The company offers retail and institutional clients services for buying, selling, holding and trading digital assets.

Kraken is managed by the Payward group of companies and operates in markets in North America, Europe and other regions. The platform supports a wide range of digital assets and fiat currencies and provides professional trading and institutional services.