Kazakhstan allows cryptocurrency exchanges to open bank accounts

Except for the quick Regulating Crypto MiningKazakhstan will launch a pilot project for a cryptocurrency exchange in the Special Economic Zone of the International Financial Center of Astana.

Ministry of Digital Development, Innovation and Aerospace Industry of the Republic of Kazakhstan Announce On Thursday, a pilot project of cooperation between the crypto exchange and some local banks.

The working group, which developed the guidelines for the cooperation, is made up of representatives of the Ministry of Digital Development, the National Bank, the Financial Supervisory Authority, the Association of Financiers, Astana International Financial Centre, and financial and crypto market stakeholders.

The pilot project, which will run until the end of 2022, includes exchanges already licensed from the newly formed Astana Financial Services Authority (AFSA). It will create a blueprint for the subsequent development of Kazakhstan as a regional crypto hub. Shutdown guidance should be posted on the AIFC webpage soon.

AFSA head Nurhat Kushimov announced that the mission of his committee is to create an environment for reliable and sustainable company operations:

“The Astana Financial Services Authority is the only entity responsible for regulating the activities of fintech companies in Kazakhstan. Before issuing licenses to fintech companies, we conduct in-depth and thorough background checks, followed by ongoing monitoring of them.”

Digital Development Minister Bagdat Musin expressed Kazakhstan’s goal of profiting from cryptocurrency exchanges:

“It is necessary to create a complete ecosystem, so that the digital assets mined with Kazakh electricity can be traded on local exchanges to the maximum extent, and the profits will remain in the country.”

May 25, Passed by the Parliament of Kazakhstan In the first reading, amendments to the national tax code will impose a crypto mining tax linked to the price of electricity consumed by mining entities.

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On the same day, the largest cryptocurrency exchange Binance sign A memorandum of understanding signed with the Ministry of Digital Development and revealed the intention to advise on the development of the legislative framework and regulatory policy for crypto assets in the Republic.