Kazakhstan will allow crypto exchanges to register bank accounts

At 2022, crypto exchange platforms will be able to lawfully operate in the Astana International Finance Center.


GettyImages

Kazakhstan will establish a pilot project for crypto exchanges in the special economic zone of the Astana International Finance Centre, in addition to its rapid progress toward legalizing crypto mining.


The Kazakhstan Republic's Ministry of Digital Development, Innovations, and Aerospace Industry announced on June 17, a pilot project of collaboration between crypto exchanges and select local banks.


The working group, comprised of representatives from the Ministry of Digital Development, the National Bank, the Financial Monitoring Agency, the Association of Financiers, the Astana International Finance Centre, and finance and crypto market stakeholders, developed the guidelines for that collaboration.


The pilot project will run through the end of 2022 and will include exchanges that have been licensed by the newly founded Astana Financial Service Authority (AFSA).


It will lay the groundwork for Kazakhstan's future development as a regional crypto powerhouse. Close instructions should be available on the AIFC website soon.


Nurhat Kushimov, the chairman of AFSA, stated that his committee's objective is to establish an atmosphere in which dependable and sustainable businesses can thrive.


On May 25, the Kazakh parliament authorized modifications to the national tax code imposing a crypto mining tax connected to the electricity costs spent by mining businesses in first reading.


On the same day, Binance, the largest cryptocurrency exchange, signed a memorandum of understanding with the Ministry of Digital Development, revealing its desire to advise on the development of the republic's legislative framework and regulatory policy for crypto-assets.