Is Kazakhstan Reopening Its Doors To Crypto An After Initial Ban?
In order to give a fresh push to cryptocurrency adoption, Kazakhstan’s government has announced the launch of a pilot project for the crypto exchanges. Meanwhile, this major update has come after Binance Changpeng Zhao’s (CZ) recent visit to the country.
Ministry approves pilot project
According to the report, a special working group approved the rules for the project within the regulatory framework. This will be a major collaboration between some crypto exchanges and some registered second-tier local banks.
The working group comprised representatives from the Innovation and Aerospace industry, the National Bank, financial market regulators, and monitoring agencies. It also included members from the Association of Financiers, Astana, and the digital assets market. As per the report, the pilot project will operate until the end of this year. With the partnership with second-tier banks, crypto exchanges will be given a license to handle digital assets.
Earlier, the world’s largest crypto exchange, Binance took the first step in helping Kazakhstan develop digital asset regulations. It was reported the nation is willing to develop its cryptocurrency industry. The key Ministries and Binance will work in order to evolve the Astana Hub with local and international talent. It also mentioned that it will integrate banking infrastructure within the digital asset market.
Kazakhstan wants to move ahead of BTC mining
Kazakhstan’s this move suggests that it wants to move ahead of just regulated Bitcoin (BTC) mining. Bagdat Musin, minister of digital development, said that the Crypto industry is just not mining. It combines digital currency, wallets, and major blockchain technologies. This work in favor of the nation’s economy. He added that they have a suitable platform like AIFC which can help in this initiative.
The partnership between digital asset exchanges registered with AIFC and Kazak’s banks will ensure the required regulatory framework for the development of the nation. However, the project related rules will be published on the government’s website later.
- Senators Reaffirm Commitment to Market Structure Bill After Meeting with Coinbase, Ripple
- How the Crypto Market Could React to the Next Fed Meeting on October 29?
- $1.68 Trillion T. Rowe Price Files for First Active Crypto ETF Holding BTC, ETH, SOL, and XRP
- Standard Chartered Predicts Bitcoin Could Drop Below $100K Amid U.S.–China Trade Tensions
- Rising Demand for Verifiable Crypto Ownership Drives Launch of Trezor Safe 7
- XRP Price Classical Pattern Points to a Rebound as XRPR ETF Hits $100M Milestone
- Chainlink Price Eyes $27 Rebound as Whales Accumulate 54M LINK
- Pi Network Price Wedge Signals a Rebound as Key Upgrades Raise Utility Hopes
- Solana Price Eyes $240 Recovery as Gemini Launches SOL-Reward Credit Card
- XRP Price Prediction Amid Evernorth’s $1B XRP Treasury Plan – Can XRP Hit $5?
- Ethereum Price Targets $8K Amid John Bollinger’s ‘W’ Bottom Signal and VanEck Staked ETF Filing
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
