The government of Kazakhstan will launch a pilot project under which it will allow local financial institutions to open bank accounts for operations with cryptocurrencies.
According to the publication of the publication “Khabar 24”, several banks in Kazakhstan will soon receive official approval from local regulators to service companies and enterprises that provide access to cryptocurrencies.
The publication refers to information received from the leaders of the “Association of the blockchain and the industry of data centers.” It is not yet clear which financial institutions will be involved in the pilot project. Cryptocurrency exchanges registered in the Astana International Financial Center will be able to cooperate with banks.
The pilot project is designed for one year. Local cryptocurrency companies participating in the project will legally be able to provide cryptocurrency investment services and allow investors to safely buy and sell cryptocurrencies. As part of the project, the government of Kazakhstan also intends to assess the potential risks associated with investing in crypto assets, since the country does not yet have a legal framework regulating cryptocurrency trading.
Kazakhstan has attracted increased attention from cryptocurrency miners in recent months due to continued pressure on the industry in China. Some of the largest Chinese mining companies, such as Bitmain and Canaan, have begun deploying hardware in Kazakhstan.
Recall that at the beginning of the month, the President of Kazakhstan signed a law providing for the introduction of an additional tax on electricity for miners working in the country. The law will come into force in January 2022.
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