Kazakhstan is looking at allowing cryptocurrency exchange platforms to operate in the Astana International Finance Centre within the year and open their own bank accounts, according to the Ministry of Digital Development, Innovations, and Aerospace Industry.
BTC is down 2.14%, while BNB is down 1.46%.
- Under a pilot project, Kazakhstan seeks to facilitate the collaboration between exchange platforms and second-tier banks, with a special working group established to craft implementing guidelines.
- The guidelines cover transactions undertaken by cryptocurrency exchanges with local banks in partnership with lenders and government regulators in the country.
- The project will be a cooperative effort between exchange platforms and local banks of the country, including representatives from the Ministry of Digital Development, the National Bank, and the Financial Monitoring Agency.
- The pilot is set to operate until the end of the year, providing exchanges with licenses that will allow them to cover handle digital assets or cryptocurrencies granted by the newly-formed Astana Financial Service Authority.
The announcement comes after Binance Chief Executive Officer Changpeng Zhao made a visit to the country.