The government of Kazakhstan has approved guidelines for a pilot program that will enable cooperation between banking institutions and crypto exchanges registered at the Astana International Financial Center (AIFC).
The official announcement states that crypto trading platforms licensed by the country’s Financial Services Regulatory Commission (AFSA) can now open bank accounts in second-tier Kazakhstani banks.
The guidelines were developed by a working group of representatives from the country’s central bank, the Ministry of Digital Development, Innovation and Aerospace Industry, the Agency for Financial Monitoring, Astana International Financial Center (AIFC), and the Association of Financiers of Kazakhstan, among others.
The program will be implemented for the rest of 2022. Success of this program will enable the country’s government to develop regulations and framework for its domestic crypto industry.
Bagdat Musin, Minister of Digital Development believes that this program will allow the country to explore other parts of the crypto industry apart from crypto mining.
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He said, “The cryptocurrency industry is not only mining but also includes cryptocurrency, digital currency, digital wallets, and other blockchain technologies.”
“We must make money on crypto exchange — this is the next level of development of financial technologies.”
