Kazakhstan is moving toward the adoption of the crypto Industry more legally to provide a better ecosystem for crypto Investors and crypto companies via local financial authority support.

Kazakhstan is a developing country but still showed a huge inclination toward the crypto industry. In 2021, After the announcement of the national crypto ban by China, Kazakhstan jumped in support of the crypto industry and welcomed the crypto mining companies to operate their business in Kazakhstan under friendly laws and rules. Despite lack of resources, right now Kazakhstan is standing as the second biggest contributor to the Bitcoin mining hash rate. 

Recently The Ministry of Digital Development Innovations and Aerospace Industry of Kazakhstan Republic announced that all the eligible crypto exchanges, which are operating crypto services in Kazakhstan, will be able to have their local bank accounts. 

It will provide better corporation between the Crypto exchanges and Local bank authorities of Kazakhstan, which will bring better fiat deposit and withdrawal services for the Kazakhstanian Citizens on the crypto platforms. 

 According to reports, the decision to approve the pilot project was taken under the special working group, which created the rules that will be put to use while the exchanges interact with the banks under the legal frameworks. 

The working group will play an important role via the representatives of the Ministry of Digital Development, the National Bank, the Financial Monitoring Agency, The Association of Financiers, Astana International Finance Centre, and also the finance and digital asset market stakeholders. It will issue guidelines for better collaboration between crypto firms and Banks. This pilot project will run till the end of this year, after that final decision will be taken. 

All the guidelines for the same will be provided officially on the official website of the Astana International Financial Centre (AIFC) webpage. If everything will happen perfectly then it will allow the citizens of Kazakhstan to deposit and withdraw local fiat currency easily on the crypto exchanges, which will further eliminate the need for P2P payment like tedious methods.

Read also: Discussion on Crypto Payments and associated issues: Elon Musk Twitter meeting



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