Home News Kazakhstan to reportedly allow banks to process crypto purchases

Kazakhstan to reportedly allow banks to process crypto purchases


The authorities of the country of Kazakhstan are going to issue permits to several banks to open accounts for transactions with cryptocurrencies. At the moment, banks don’t provide such an opportunity for cryptocurrency companies.

Soon, several banks in Kazakhstan will be allowed to serve companies and organizations. Giving them the opportunity to open accounts for settlements with the BTC cryptocurrency. Not yet known who exactly will receive such permission. The Blockchain Association of Kazakhstan is not aware of this either.

So far, we know only that crypto-exchanges will interact with banking institutions that have signed up for the project in the famous financial center of Astana.

As for the pilot project, it should last a year. The goal is to enable every cryptocurrency company to provide cryptocurrency investment services. As well as to enable investors to sell and buy cryptocurrencies.

Also, while the project is in operation, the country’s authorities want to see what the risks may be, what associated with investments. Moreover, so far cryptocurrency trading has not been properly formalized in Kazakhstan.

Miners move to Kazakhstan

This message appeared against the backdrop of the fact that companies engaged in cryptocurrency mining began to show attention to Kazakhstan.

The PRC is now pursuing a very tough policy towards miners, forcing them to close their companies. A number of companies, such as Canaan, Bitmain, began to enter into partnership agreements with contractors from Kazakhstan.

At the same time, according to the head of the Association, Alan Dordjiev, the cryptocurrency mining sector in the country not sufficiently developed for Chinese companies to move en masse to Kazakhstan. We should note, however, that over the past two years, Kazakhstan has significantly increased the volume of Bitcoin mining. Kazakhstan has increased its share in the global mining of cryptocurrency six times (from 1.4% to 8.2%). And took the third place in terms of mining in the world.

Start of open work with cryptocurrency

However, the fact that the government of Kazakhstan is going to allow banks to open accounts for companies; so that they can conduct transactions with BTC is an encouraging step for the cryptocurrency industry.

If this policy continued; then it is possible that after a while other initiatives related to cryptocurrencies will be introduced. If the authorities finally recognize cryptocurrency trading at the official level, this could cause new players to enter Kazakhstan. Then the country will be able to become a regional center attracting investments from the cryptoeconomy.

At the moment, the issue and circulation of cryptocurrencies in Kazakhstan prohibited “except as provided by law”.

Recall that in May, the government of Kazakhstan considered proposals for a roadmap for the development of the cryptocurrency industry and blockchain technologies. Among them is the possibility of launching crypto-exchanges based on the AIFC; the development of regulations for the interaction of platforms with Kazakh banks and individuals; and a general improvement in the regulation of the operation of such platforms.

We also note that on June 29, the President of Kazakhstan signed a law that introduces additional taxation for enterprises engaged in the extraction of digital assets. According to the document, miners will have to pay an additional 1 tenge ($ 0.0023) for 1 kWh of electricity consumed when mining cryptocurrency. The new tax rules will come into force on January 1, 2022.

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