Kazakhstan will now allow cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. exchanges to have their bank accounts, as part of a pilot project in the Astana economic zone.
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- Kazakhstan will allow crypto exchanges to have accounts in banks
- Asian-European country to launch crypto pilot project in Astana
- Government officials approved regulations
Kazakhstan, a nation with a large part of its territory in Asia and a small part in Eastern Europe, had been in the news in March of this year because it had forced 106 cryptocurrency mines to shut down after it had become a power in this area. This does not imply that this activity has been completely closed, on the contrary: he wants it regulated, because the closed mines were illegal and did not give money to the nation.
Now, very different news is coming from that nation, which has to do with regulations, not of mining precisely, but of exchanges.
Kazakhstan government officials approved regulations that will govern interactions between authorized cryptocurrency trading platforms and traditional financial institutions. The new rules will allow the exchanges of registered cryptocurrencies have bank accounts in the country. .
Pilot project in Astana
As a first step, a working group was set up comprising representatives of the Ministry of Digital digital technologies are these electronic tools that have the ability to generate, store or even process data. Development the central bank, the financial regulators, who set regulations that allow the financial institutions, the central bank, the financial regulators, who set regulations that allow the financial institutions to exchanges crypto registered in the Astana International Financial Centre (AIFC) are serviced by banks.
The initiative is part of a project aimed at introducing a regulatory framework that will facilitate the development of Kazakhstan’s potential as a regional crypto hub. According to reports, it will be implemented as a pilot throughout 2022 with the participation of cryptocurrency trading platforms licensed by the Financial Services Authority (AFSA).
Kazakhstan attracted cryptocurrency miners contributors to a blockchain taking part in the process of mining. They can be professional miners or organizations with large-scale operations, or hobbyists who set up mining rigs at home or in the office. when China cracked down on the industry in May 2021, but, as we recounted also the country made decisions on these operations. For the minister of Digital Development, Bagdat Musin, la industria de las criptomonedas no es solo minería, sino que también incluye intercambios de criptomonedas, billeteras digitales y otras plataformas de cadena de bloques. El funcionario explicó:
“It’s like other industries, which can and should work for the benefit of our economy. We must make money from the exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. of cryptocurrencies: this is the next level of development of financial technologies”.
Complete Ecosystem: From Mining a process where blocks are added to a blockchain, verifying transactions. It is also the process through which new bitcoin or some altcoins are created. to Sales
Musin insisted that the Central Asian nation needs to create a complete ecosystem so that digital assets mined with Kazakhstan’s electricity are traded on local exchanges and the respective revenues stay in the country.
The Digital Ministry emphasized that the pilot project in Astana (the capital) will allow regulated regulation is when something is controlled by a specific set of rules. trading of digital currencies This will ensure adequate protection for both retail and professional investors. If its implementation is successful, the authorities plan to introduce amendments to the country’s legislation and the laws governing the AIFC.
El Financial Services Regulatory Committee of AIFC is now the only body supervising the activities of fintech companies in Kazakhstan. said the director of AFSA, Nurkhat Kushimov. All entities applying for a license are thoroughly checked and supervised, he stressed. “Our goal is to create an environment in which only reliable and stable companies that enjoy the trust a trust is a fiduciary relationship in which one party, known as a trustor, gives another party, the trustee, the right to hold title to property or assets for the benefit of a third party, the beneficiary. of customers operate.” said the official.
The positive development for the local crypto-industry comes after a recent statement from the National Bank of Kazakhstan which announced that it is closely monitoring the market an area or arena, online or offline, in which commercial dealings are conducted. and noted that it is too early to talk about the legalization of cryptocurrencies. At the same time, the monetary authority said that it intends to capitalize on the potential for innovation offered by crypto technologies.
It is worth noting, as the Bitcoinist that this massive move comes on the heels of the CEO of Binance Changpeng Zhao, will visit the country.
Sources: Bitcoinist , Bitcoin.com , archivo
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