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.
- VanEck Registers Lido Staked Ethereum Trust in Delaware, LDO Up 7%
- Fed’s Lorie Logan Urges Caution on Further Rate Cuts Citing Inflation Risks
- Nasdaq-Listed Fitell Adds Pump.fun’s PUMP To Supplement Solana Treasury
- FG Nexus to Tokenize Stock on Ethereum as SEC Weighs 24/7 Onchain Stock Trading
- Bitcoin Still Undervalued, JPMorgan Forecasts Rally to $165,000
- Pi Network Price at Risk of Another Crash as Mysterious Whale Stops Buying
- Solana Price Eyes $360 After Bullish Retest As VisionSys AI Deploys $2B Treasury Strategy
- Cardano Price Forecast As Hashdex Listing Fuels Optimism For $1.27 Breakout
- BONK Price Rally Ahead? Open Interest Jumps as TD Buy Signal Flashes
- Shiba Inu Price to Surge as Whales Buy and Team Commits to Shibarium Growth
- XRP Price Prediction After Ripple CTO David Schwartz Resigns
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.
