Kazakhstan is preparing to establish a cryptocurrency pilot project in the Astana International Finance Centre’s economic zone. This will allow exchange platforms to operate in the Astana International Finance Centre in a legal manner this year.
On Thursday, the Kazakhstan Republic’s Ministry of Digital Development, Innovations, and Aerospace Industry unveiled a trial initiative involving crypto exchanges and a few local banks.
The nation has also made headway in regulating crypto mining but has now moved a step further to encourage the usage of digital assets in the country. This big move came after Binance CEO Changpeng Zhao paid a visit to the country.
A separate working committee that drafted the guidelines that would be used when the exchanges engage with the banks made the decision to allow the pilot project.
The exchanges granted a license by the newly constituted Astana Financial Service Authority will be part of the pilot project, which will run through the end of 2022. (AFSA). Kazakhstan’s future growth as a regional crypto powerhouse will serve as a template. On the AIFC website, detailed instructions should be available soon.
How is Binance helping?
Binance, the world’s largest cryptocurrency exchange, had aided Kazakhstan in taking the first steps in developing and formulating digital asset rules. It agreed to advise on the development of the legal framework and regulatory policies for crypto-assets in the republic after signing a memorandum of understanding with the Ministry of Digital Development.
According to reports, the nation was considering developing the cryptocurrency business. The Astana Center will grow into an international digital asset hub with the cooperation of Binance and the Key Ministries.
The Kazakh parliament approved modifications to the national tax code in the first reading in May, including a crypto mining tax that would be related to the price of power by mining organizations.
