Kazakhstan to launch a pilot project to create and develop crypto exchanges

Bank accounts are being considered for cryptocurrency exchanges at the Astana International Financial Center

01.04.2022 - 10:40

518

1 min

What’s new? Kazakhstan will launch a pilot project to create and develop crypto exchanges at the Astana International Financial Center (AIFC). The Agency for Regulation and Development of Financial Market reported that the state bodies and banks are involved in the implementation of the initiative. The issue of opening bank accounts for the exchanges on the basis of AIFC is being considered.

Message from Kazakhstan’s regulator

Project details. Kazakhstan’s regulator has amended the National Bank’s resolution on cryptocurrency exchanges. Now there will be thorough inspections of all participants of the AIFC. Also, the government agencies will start to track the sources of funds and all transactions with digital assets, and information on suspicious transactions will be transferred to the law enforcement agencies.

Earlier, Kazakhstan’s First Vice Minister of Finance, Marat Sultangaziyev, proposed to raise the price of electricity and impose an additional tax for miners. Also, 106 illegal cryptocurrency mining farms were shut down in the country, with daily electricity consumption reduced by 600 MWh.

Author: