Kazakhstan has set limits on crypto purchases for retail traders
Their goal is to protect investors from “increased risks” associated with digital assets.
06.11.2021 - 07:45
What's new? Kazakhstan has set limits for retail investors when buying cryptocurrencies through exchanges registered at the Astana International Financial Center (AIFC). This is reported by the Kapital with reference to the Astana Financial Services Agency(AFSA).
What are the limits set for investors? The purpose of the innovation is to protect traders from “increased risks” associated with digital assets. As of November 3, there are two types of limits. The total one gives the investor the right to buy a monthly cryptocurrency of no more than $1000 without confirming the source of income and assets.
If an individual invests more than $1000 in cryptocurrency, he has to provide documents. Their goal is to confirm the source of income and assets in an amount not exceeding the lesser of 10% of annual income or 5% of the value of all assets of an investor, but not more than $100 000.
What are the prospects for the regulator's innovations? The AFSA noted that the introduction of limits is the implementation of one of the subparagraphs of the Roadmap for the development of the cryptocurrency market. The deadline for the implementation of the measures is calculated until the end of 2022. After the completion of the project, the necessary changes are to be made to the law on cryptocurrencies.
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