Kazakhstan has introduced limits on the purchase of cryptocurrencies “to protect private investors from increased risks” associated with investing in digital assets.
The Astana Financial Services Agency (AFSA) reported that the Republic of Kazakhstan has set limits for retail investors when buying cryptocurrencies through exchanges registered at the Astana International Financial Center (AIFC).
According to the regulator, changes to the AIFC acts on the introduction of limits for cryptocurrencies were approved and came into force on October 26, 2021. The Agency clarified that as of November 3, two types of limits have been set for retail investors. The total limit allows a private investor to purchase a monthly cryptocurrency of no more than $ 1,000 without confirming the source of income and assets.
In the event that an individual invests more than $ 1,000 in cryptocurrency, documents will be required to confirm the source of income and assets in an amount not exceeding the lesser of: 10% of annual income or 5% of the value of all assets of a retail investor (excluding the cost of the main housing ), but not more than $ 100,000. The Financial Services Agency of Astana reported that restrictions on the amount of buying cryptocurrencies were introduced to protect investors from risks.
“The limits are introduced to protect the interests of retail investors, since transactions with digital assets are associated with high risks, up to a complete loss of invested capital.”
The agency noted that the introduction of limits is the implementation of one of the subparagraphs of the Roadmap for the development of the cryptocurrency market. The deadline for the implementation of the roadmap measures is calculated until the end of 2022. AFSA clarified that the map contains a step-by-step plan for the development of the cryptocurrency industry in the state. The start of the pilot project is associated with the launch of cryptocurrency trading platforms later this year. Over the next year, the sites will be tested. Upon completion of all stages of testing, if necessary, changes will be made to the law on cryptocurrencies, as well as to the AIFC acts.
Kazakhstan pays the mining industry no less attention than trading on cryptocurrency exchanges. Recently, the president of the republic ordered to finalize the legislation to eliminate illegal mining of critical currencies. At the same time, the head of state warned that the regulations should not prevent licensed companies from extracting cryptocurrencies, which annually bring up to $ 230 million to the state treasury. Recall that the number of miners in the country has increased since July due to the relocation of mining companies from the PRC. The influx of new capacities increased the share of the hashrate of Kazakhstan to 18.1% of the total hashrate of Bitcoin.

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