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Sunday, August 7, 2022

Kazakhstan Has Let Its Crypto Exchanges Open Bank Accounts

Along with making swift advances toward the regulation of crypto mining, Kazakhstan has also decided to launch a pilot project for most of the crypto exchanges in the SEZ of the Astana International Finance Center. The Ministry of Digital Development, Innovations, and Aerospace Industry of the country recently announced that a pilot project of cooperation between the crypto exchanges and a few local banks was in the works.

This working group then formulated the guidelines that would be needed for this cooperation, which consisted of the representatives of the Ministry of Digital Development, the Financial Monitoring Agency, the National Bank, Astana International Finance Center, and the Association of Financiers.

Kazakhstan Has A Plan in Place For Local Crypto Exchanges

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This pilot project is said to be in the works till the end of 2022 and will also include the exchanges that have previously gained a license from the freshly-formed Astana Financial Service Authority. This will also make a blueprint for the development of Kazakhstan as a regional hub for crypto space.

Close guidelines are soon to be published on the AIFC webpage. Nurhat Kushimov, the Head of AFSA, then declared that the mission of his committee was to create an environment that would enable sustainable and reliable companies to operate. 

Bagdat Musin, the Minister of Digital Development, also voiced the aim of Kazakhstan to profit off the crypto exchanges. They mentioned that it was quite necessary to bring out a complete ecosystem, so the digital assets that have already been mined using the electric energy of the country would be traded at local exchanges for the most profit.

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On the 25th of May, the parliament of Kazakhstan went on to pass the very first reading of the amendments to the national tax code that would impose a crypto mining tax that was already tied to the prices of the electricity that most of the mining entities consumed.

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