Kazakhstan will allow crypto exchanges to open bank accounts

The new rules will affect platforms that have been licensed by the Astana International Financial Center

17.06.2022 - 09:35

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What’s new? Kazakhstan has approved rules for interaction between cryptocurrency exchanges and second-tier banks as part of a project to develop the digital assets industry. Platforms registered with the Astana International Financial Center (AIFC) will be allowed to have bank accounts. This initiative is designed to facilitate collaboration between financial institutions and companies working in the field of digital assets.

Press release of the Government of Kazakhstan

What is known about the new rules? The special working group has been set up to implement the project, which includes representatives of the Ministry of Digital Development, the National Bank, the Financial Monitoring Agency, the Association of Financiers, Astana International Finance Center, as well as participants in the financial and digital assets markets.

The project will operate in pilot mode until the end of 2022. In case of its successful implementation, national legislation and regulations of the AIFC will be amended accordingly.

The head of Astana Financial Services Authority Nurhat Kushimov said that the mission of his unit is to create an environment for sustainable and reliable companies. He added:

“The Astana Financial Service Authority is the only entity responsible for regulating the fintech companies’ activities in Kazakhstan. Before handing out the license to a fintech company, we conduct a deep and thorough background check, and after that maintain its constant supervision.”

Earlier, Kazakhstan introduced differentiated tax rates for miners. When using renewable energy sources, the flat rate will be 1 tenge per 1 kW/h.

At the end of April, Astana International Exchange (AIX) launched bitcoinfutures trading. AIX issued its own exchange-traded notes (ETNs) linked to shares of the US-based fund, ProShares Bitcoin Strategy ETF (BITO). Traders can interact with the assets directly without additional taxes or exchange restrictions.

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