Kazakhstan has recently attracted the attention of the cryptocurrency world in recent months as one of the biggest destinations for block reward miners that are being forced out of China amid regulatory crackdown. Now the Kazakhstan government has allowed banks to offer services to crypto companies, including crypto exchanges. In a pilot project, Kazakhstan is seeking to make crypto investment mainstream to attract investment from the global community as well as enhance protection for its local investors.
Kazakhstan sees a rapid surge in digital currency adoption.
The Asian country has also seen a rapid surge in digital currency adoption recently. The authorities are seeking to enhance access to financial services for the industry. The Kazakh Association of Blockchain and Data Center Industry earlier confirmed that exchanges that register with the Astana International Financial Center would be able to work with local banks. This will allow their clients to “officially and openly work with cryptocurrency.” According to the local reports, the government is planning on using the pilot project to assess the risks and benefits of digital assets. It will run for a year, according to Sergey Putra, an executive at the blockchain association.
Kazakh citizens have already become quite involved in crypto trading.
The executive lauded the move, stating that it was about time the government became more involved in the cryptocurrency industry. Kazakh citizens have already become quite involved in digital currency trading, he observed. In addition, Kazakhstan has become an important destination for crypto miners. The new directive comes at a time when the Central Asian country is working on a roadmap geared towards the adoption of digital currencies and blockchain technology. Prime Minister Askar Mamin expressed his plan to attract companies in the sector and compete with other global powers.