Licensed crypto-exchanges will be able to open bank accounts in banks of Kazakhstan

Home / Licensed crypto-exchanges will be able to open bank accounts in banks of Kazakhstan

The Ministry of Digital Development, Innovation and Aerospace Industry of the Republic of Kazakhstan announced the launch of a pilot project on cooperation between crypto-exchanges and some local banks.
The project will run in pilot mode throughout 2022. It will involve crypto exchanges with digital asset platform management licenses from the MFCA Financial Services Regulatory Committee (AFSA), in cooperation with second-tier banks.

The working group included representatives of the Ministry of Digital Development, Innovation and Aerospace Industry of Kazakhstan, the National Bank of Kazakhstan, the Agency for Regulation and Development of the Financial Market, the Financial Monitoring Agency of Kazakhstan, the Association of Financiers of Kazakhstan, the International Financial Center “Astana” and a number of participants in the banking market and the market of digital assets.
The Head of AFSA Nurkhat Kushimov stated that the mission of his committee is to create the conditions for the operation of reliable and sustainable companies.
“The crypto industry is not just about mining. It also includes crypto exchanges, digital currency, digital wallets and other blockchain technology. It is an industry like any other that can and should work to benefit our economy. We need to capitalize on crypto-exchange, which is the next level of financial technology development. It is necessary to create a full-fledged ecosystem, so that digital assets extracted from the consumption of electricity in Kazakhstan are traded as much as possible at local crypto-exchanges and the income remains in the country. Moreover, we have such a platform as MFCA”, – said the Minister of Digital Development Bagdat Musin.

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