Kazakhstan, at the Astana International Financial Center (AUFM) bitcoin and cryptocurrency created a pilot project for the creation and execution of exchanges.
Launched in 2018, AUFM was established to develop Kazakhstan’s non-bank financial sector and to become the financial center of Central Asia. According to the center’s website, there are 1,046 companies registered in the region.
“Laws Preventing Banks from Facilitating Bitcoin and Cryptocurrency Activities Will Be Removed”
According to the pilot project planned by the country, crypto companies in AUFM will work with local banks and government agencies.
According to the statement made by the Kazakhstan administration today, the existing legal frameworks will be amended and the articles that prevent banking services from facilitating cryptocurrency activities will be revised.
With the changes to be made in the law, crypto money activities will receive approval from the authorities as long as they pay attention to criteria such as the source of their funds, the nature of the activities of the AUFM participants, cooperation with the relevant financial authorities and so on.
Recently, Kazakhstan and the Cryptocurrency Sector Has Been Broken
China last year bitcoin Kazakhstan has become increasingly important to the cryptocurrency industry and mining sector after developments that resulted in the ban on cryptocurrency mining. Prior to this date, China was the largest crypto mining center in the world.
However, the relationship between crypto mining companies and Kazakhstan has not always been positive. After the power outages in the country in 2021, the authorities imposed restrictions on the immigration of crypto miners to the country. Last month, as a result of the authorities’ operations, 106 crypto miners had to cease their activities.
*Not investment advice.