Exchange platforms will have the opportunity to operate legally in the international financial center of Astana in 2022.
In addition to rapid advances towards regulating cryptocurrency mining , Kazakhstan will launch a pilot project for cryptocurrency exchanges in the special economic zone of the Astana International Financial Center.
The Ministry of Digital Development, Innovation and Aerospace Industry of the Republic of Kazakhstan on Thursday announced a pilot project of cooperation between cryptocurrency exchanges and several local banks.
The working group developed guidance for that cooperation, including representatives of the Ministry of Digital Development, the National Bank, the Financial Supervisory Authority, the Association of Financiers, the Astana International Financial Center and parties involved in finance and the cryptocurrency market.
The pilot project will be operational until the end of 2022 and includes exchanges that have received licenses from the newly formed Astana Financial Services Authority (AFSA).It will create a blueprint for Kazakhstan's next development as a cryptocurrency hub in the region.The closed guide will soon be published on the AIFC website.
Afsa head Nurhat Kushimov stated that his committee's mission is to create an environment for reliable and sustainable companies to operate:
"The Astana Financial Services Authority is the only body responsible for regulating the operations of fintech companies in Kazakhstan.Before awarding a license to a fintech company, we conduct deep and thorough background checks, and then maintain the ongoing supervision of that company."
Bagdat Musin, the minister of digital development, has spoken out about Kazakhstan's goal of profiting from cryptocurrency exchanges:
"It is necessary to create a complete ecosystem, so digital assets, harnessed by Kazakhstan's electric power, will be traded at local exchanges to the maximum and profits will be in the country."
On May 25, kazakhstan's parliament passed in its first reading amendments to the national tax code to impose a cryptocurrency mining tax tied to the electricity prices consumed by mining institutions.
On the same day, binance's largest cryptocurrency exchange signed a memorandum with the Ministry of Digital Development and revealed its intention to advise on the development of a legislative framework and regulatory policy for crypto assets in the republic.
