Crypto exchanges registered in the Astana International Financial Center (AIFC) will be able to open accounts with banks in Kazakhstan, according to the new rules.
The document was approved by a special working group including representatives of the National Bank of Kazakhstan, the Ministry of Digital Development and other financial regulators.
The Minister of Digital Development Bağdat Musin has said:
“We have to make money on crypto-banking – this is the next level of financial technology development. It is necessary to create a full-fledged ecosystem, so that digital assets mined from the consumption of electricity of Kazakhstan as much as possible traded on local crypto-exchanges and the income remained in the country.”
The interaction between cryptocurrency exchanges and banks is a pilot project that will run until the end of 2022. It involves crypto exchanges licensed by the Financial Services Regulatory Committee of the IFC (AFSA) and second-tier banks.