Crypto businesses, including cryptocurrency exchanges, will now be permitted to create bank accounts and use all Kazakhstan’s financial services.
Kazakhstan has lately gotten a lot of attention in the cryptocurrency industry as one of the most popular destinations for block reward miners fleeing China due to governmental crackdowns. Kazakhstan’s government has now authorized banks to provide services to cryptocurrency businesses, including cryptocurrency exchanges. In addition, Kazakhstan is attempting to mainstream crypto investing as part of a pilot initiative to attract international investment and improve protection for local investors.
Kazakhstan sees an immediate increase in the use of digital currencies.
In recent months, the Asian country has experienced a tremendous increase in digital currency usage. As a result, the authorities are working to improve the industry’s access to financial services. According to the Kazakh Association of Blockchain and Data Center Industry, exchanges that register with the Astana International Financial Center will be allowed to cooperate with local banks. This would enable its clients to work with cryptocurrencies officially and transparently. According to local media, the government intends to use the pilot study to examine the dangers and advantages of digital assets. According to Sergey Putra, a blockchain association official, it will last a year.
Citizens of Kazakhstan have already been heavily active in cryptocurrency trading.
The CEO praised the decision, saying it was long past time for the government to get more involved in the Bitcoin business. He noted that Kazakh nationals had already gotten heavily active in digital currency trading. Kazakhstan has also become a popular site for cryptocurrency miners. The new regulation comes when the Central Asian government is developing a plan for digital currency and blockchain technology adoption. Askar Mamin, the Prime Minister, stated his intention to recruit firms to the industry and compete with other global powers.