AIFC crypto exchanges may open accounts in several Kazakh second-tier banks

The AIFC and second tier banks are working on the development of the crypto industry and blockchain technologies in Kazakhstan. This was reported by the Ministry of Digital Development, Innovation and Aerospace Industry of the country. Representatives of financial institutions launched a joint pilot project, which, according to the plan, will work throughout the year. It aims to provide a fitting framework for further development of the country’s potential as a regional crypto hub. If the plan is successfully implemented, then changes will be made both to the national legislation and to the AIFC acts. In addition, due to the pilot project, the trading of digital assets in Kazakhstan will be organized in a regulated field. It provides adequate protection for the rights of retail and professional investors.

"We have to earn money on cryptocurrency exchange. This is the next level of financial technology development. We need to create a full-fledged ecosystem, so that the digital assets extracted from the consumption of Kazakhstan's electricity are traded on local cryptocurrency exchanges as much as possible and the income remained the same in the country. Moreover, we have such a platform as the AIFC," stated Bagdat Mussin, Kazakh Minister of Digital Development, Innovation and Aerospace Industry,” said Bagdat Mussin, Kazakh Minister of Digital Development, Innovation and Aerospace Industry.

Editing by Galiya Khassenkhanova