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Kazakhstan approves limits on crypto purchase

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Astana International Financial Centre (AIFC) has approved limits on the purchase of cryptocurrencies by retail investors through exchanges registered on basis of the center. The local news website Kapital.kz reported this.

Thus, the total limit for the purchase of cryptocurrencies without confirmation of income and assets will be $ 1,000 per month. Moreover, investors who have confirmed their income will be able to buy cryptocurrencies over this amount. But not more than $ 100,000 per year. At the same time, it should not exceed 10% of the annual income. Or 5% of the value of all the investor’s assets (excluding the cost of the main housing).

Amendments to the AIFC acts came into force on October 26.

The protection of investors

The introduction of limits in the center was argued by the protection of investors due to the fact that “operations with digital assets are associated with high risks.”

In addition, a special legal regime operates on the territory of the AIFC. Exchanges and other companies providing cryptocurrency-related services can operate in Kazakhstan within the jurisdiction of the AIFC.

According to the roadmap for the development of the cryptocurrency industry in Kazakhstan, crypto exchanges will start working at the end of the year as part of a pilot project, the AIFC said. They will operate in test mode during 2022. At the end of the pilot, if necessary, they plan to amend the legislation and acts of the AIFC.

Allowing banks to process crypto purchases

Recall that previously in July, Kazakhstan allowed banks to process crypto purchases. The authorities of Kazakhstan issued permits to several banks to open accounts for transactions with cryptocurrencies. At that moment, banks didn’t provide such an opportunity for cryptocurrency companies.

Several banks in Kazakhstan were allowed to serve companies and organizations. Giving them the opportunity to open accounts for settlements with cryptocurrency.

In May, the government of Kazakhstan considered proposals for a roadmap for the development of the cryptocurrency industry and blockchain technologies. Among them was the possibility of launching crypto exchanges based on the AIFC.

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