Bank of Kazakhstan opens accounts for registered cryptocurrency exchanges – Regulate Bitcoin News

Local media quoted the country’s encryption industry association as saying that companies that provide trading services for digital assets will be able to open accounts in banks in Kazakhstan. The service should allow Kazakhs to legally invest in cryptocurrencies and cash out their profits.

Kazakhstan’s cryptocurrency exchange will provide banking services

The Bank of Kazakhstan will be allowed to open accounts for cryptocurrency exchanges registered in the Astana International Financial Center (international Finance Center), the National Blockchain and Data Center Industry Association of Kazakhstan announced that the local news portal Habar 24 quoted the news as saying. This move is part of a pilot project in cooperation with secondary banks, which is expected to last for one year.

Bank of Kazakhstan opens account for registered crypto exchange
Astana International Financial Center.

Potential crypto investors will need to have an account with participating banking institutions in order to trade on any exchange. This will enable them to transfer fiat currencies, buy digital coins and perform various other operations on Kazakhstan’s encrypted trading market. You can then deposit profitable investment income back into your personal account.

The government is Nur Sultan It is planning to use this project to evaluate the risks and benefits of digital assets. The circulation of cryptocurrencies in the Central Asian Republic is still banned, but industry observers hope that the restrictions can be relaxed or even lifted after the project is successfully completed.

Kazakhstan’s banks will benefit from crypto transactions

Experts pointed out several reasons for modifying the official policy of decentralized digital currency. Sergey Putra, who coordinates relations with the government at the Kazakhstan Blockchain Association, pointed out that the global crypto economy represents a considerable financial volume with a daily turnover of billions of dollars. He further commented:

Even if Kazakhstan only accounts for one percent or even one percent of turnover, this is a considerable amount of capital. They will enter Kazakhstan in the form of investment and will remain in Kazakhstan in the form of taxes, jobs and wages. Stan. This is a very large industry and Kazakhstan is still bypassing it.

In the past few years, Kazakhstan has become a magnet for attracting crypto miners, especially in the continuous Suppress in China. With its low-cost energy and a generally positive attitude towards the industry, the country’s importance as a minting destination is increasing, currently accounting for 6-8% of the world Mining amountThe local banking system will benefit from processing financial transactions for the evolving industry.

Last but not least, the authorities hope that the project can help prevent fraud in the cryptocurrency sector by providing local residents with secure cryptocurrency transactions. The report pointed out that there are more and more cases of Kazakhs being lured into false investment schemes and losing cryptocurrency or legal funds.

What are your expectations for projects that allow Kazakhstan banks to cooperate with cryptocurrency exchanges? Let us know in the comments section below.

Tags in this story

account, Bank Account, Bank, encryption, Encryption company, Crypto exchange, Crypto transaction, Cryptocurrency, Cryptocurrency, comminicate, investor, Kazakh, Kazakh, Kazakhstan, miner, mining, Pilot project, project, Trader, trading

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