Kazakhstan can become a Central Asian crypto hub. A pilot project based at the Astana International Financial Centre between banks and crypto exchanges is being implemented in the country. It will allow organizing the trading of digital assets in a regulated field. Mining profits used to move outside the country. From now on, the crypto industry will work for the benefit of the Kazakhstan’s economy. Digital assets mined by energy in the country will begin to come to domestic crypto exchanges and bring profit.
“Kazakhstan serves as a resource-rich area. Our companies receive fixed income, which makes up the cost of renting equipment. Margin is added to this rental rate, and tax is paid on that margin. In case if the situation is revised and the cryptocurrency remains in Kazakhstan, taxes coming from miners to the state budget will increase. For this purpose, it is only necessary to adopt the rules governing all processes,” said Sergey Putra, Vice President of the National Association of Blockchain and Data Centers Industry in Kazakhstan.
In addition, citizens will have an opportunity to transfer money to the crypto accounts through second-tier banks, which will work only with conventional currency. Second-tier banks carry out digital asset exchanges, wallet replenishment or withdrawal of digital assets. All these operations are made at a specialized exchange.
“Banks carry out transactions between clients and cryptocurrency with conventional money. It was not possible before. Such operations were considered very risky, and banks refused to conduct them. Now the pilot project provides such an opportunity. However, each bank sets its own rules, taking into account its own risks. But the process has begun, and now it's all a matter of time,” Putra added.
According to experts, the project will make a great contribution to the further development of the crypto industry in Kazakhstan and increase its investment attractiveness. The state can become one of the favorable countries for the transactions with virtual currencies.
