Companies providing trading services for digital assets will be able to open accounts with banks in Kazakhstan, local media reported, quoting the country’s crypto industry association. The service should allow Kazakhs to legally invest in cryptocurrencies and cash out their profits.
Crypto Exchanges in Kazakhstan to Be Offered Banking Services
Kazakh banks will be permitted to open accounts for cryptocurrency exchanges registered at the Astana International Financial Center (AIFC), Kazakhstan’s National Association of Blockchain and Data Center Industry announced, quoted by local news portal Habar 24. The move is part of а pilot project with second-tier banks that’s expected to continue for one year.
Astana International Financial Center.
Potential crypto investors will be required to have an account with a participating banking institution to trade on any of the exchanges. This would allow them to transfer fiat money, buy digital coins and carry out various other operations on Kazakhstan’s crypto trading market. Income from profitable investments can then be deposited back to personal accounts.
The government in Nur-Sultan is planning to use the project to conduct an assessment of the risks and benefits of digital assets. The circulation of cryptocurrencies in the Central Asian republic is still prohibited but industry observers hope the restrictions can be loosened or even lifted following the successful completion of the project.