Making rapid progress towards regulating crypto mining, Kazakhstan will launch a pilot project for crypto exchanges in the Astana International Financial Center (special economic zone).
Kazakhstan Ministry of Digital Development, Innovation and Aviation Industry launched the new pilot project on Thursday involving the cooperation of crypto exchanges and some local banks. announced.
The guidelines for the cooperation were created by the working group, which includes the Ministry of Digital Development, the National Bank of Kazakhstan, the Financial Audit Institution, the Union of Financiers, the Astana International Financial Center and stakeholders from the finance and crypto market.
The project, which runs until the end of 2022, includes exchanges licensed from the newly established Astana Financial Services Authority (AFSA). The project is expected to be a roadmap for Kazakhstan’s development as a regional crypto hub.
AFSA President Nurhat Kushimov explained that the mission of his committee is to create an environment in which reliable and sustainable companies can operate:
“AFSA is the only organization responsible for regulating the activities of fintech companies in Kazakhstan. Before licensing a fintech company, we examine its background in depth and in-depth, and then we conduct ongoing audits.”
The Minister of Digital Development, Bagdat Musin, explained that the main purpose is to generate income from crypto exchanges.
“It is necessary to create a complete ecosystem, so digital assets mined using Kazakhstan’s electrical energy will be traded on local exchanges as much as possible, and the profits will remain mostly within the country.”