Five crypto exchanges and eight second-tier Kazakh banks took part in the Astana International Financial Centre’s (AIFC) pilot project. The Centre’s Astana Financial Services Authority (AFSA) is already reviewing the results of their test mode interaction. According to AFSA leadership, crypto exchanges could legally conduct cryptocurrency transactions via banks, including opening accounts, managing fiat money, and exchanging them for digital assets throughout the year. It is noteworthy that the project was managed not only by the AIFC, but also by the National Bank of Kazakhstan, the relevant agency, and the agencies for financial monitoring and financial market regulation and development. The goal of the project is to create a regulatory regime in Kazakhstan that will not only take into account the interests of the parties but also develop the country’s potential as a regional crypto hub.
“Now banks have got acquainted with the technology and understand how to work with cryptography service providers. Thus, they can open bank accounts for them, which was the original goal of this project. Cryptography service providers also now understand how to work properly with banks and in the regulatory environment, as well as how to develop their business in Kazakhstan. Therefore, this gave positive results, including industry and business growth, an increase in banking products offered to bank participants and clients, as well as the development of legislation,” said Yagub Zamanov, Director of Fintech Division at the Astana Financial Services Authority.
According to experts, the AFSA has developed a centralized set of rules for crypto exchanges to ensure the future strengthening of the cryptocurrency market in Kazakhstan. The document contains all the basic approaches and principles for the provision of services by the AIFC.
“In January, as the AIFC committee, we published a constitutional document. In the next few days, we will publish the new regime, which we have developed for public consultation. All participants will be able to comment, that is, to participate in public consultations and make their proposals. When adopting the act, these proposals will be taken into account by the committee,” Zamanov added.
The project will provide crypto exchanges with access to the market of Kazakhstan, and crypto miners to trade on the platforms of the AIFC exchanges. In addition, it will create favorable conditions for investments through fiat channels. As a result, amendments to the national legislation of Kazakhstan and the AIFC Acts are also expected.
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