Kazakhstan is investigating the creation of Crypto Banks as part of its efforts to build a robust digital asset ecosystem.
According to the Astana Times, the proposed institution will provide services such as digital asset exchange, storage, and trading support in a regulated framework.
This sentiment was expressed by Prime Minister Ortzhas Bektenov in his response to Parliament on April 25th.
These functions have already been partially handled by entities under the Astana International Financial Centre, such as cryptocurrency exchanges, custodians, brokers, and digital asset platform operators.
The government aims to expand these capabilities through future legislative amendments designed to liberalize the distribution of digital assets and open access to a wider range of platforms.
In January, Kazakhstan announced plans to expand its legal crypto operations. President Kassym-Jomart Tokayev called for urgent infrastructure improvements to support the digital asset sector. He pointed out that most crypto users operate in the “gray zone” and only operate 5% using a regulated platform.
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Crypto Banking and Innovation
According to Bektenov, Crypto Banks not only supports digital asset trading, but also enhances transparency and compliance with money laundering and counter-terrorism financing requirements.
They are expected to play a key role in digital asset projects and drive innovation in the blockchain and IT sector.
Bektenov emphasized that the introduction of crypto banks will increase investment appeals in Kazakhstan, demonstrating the maturity of financial infrastructure within the decentralized financial sector.
The move is also expected to create demand for new talent, particularly in the roles of compliance, blockchain analytics and AML, and to improve the liquidity of both AIFC's Fiat and digital currencies.
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