Crypto exchanges to operate at Kazakhstan’s Astana International Financial Centre under pilot

At the Astana International Financial Centre (AIFC), a pilot project to create and develop cryptocurrency exchanges will be launched. This was reported by the local Agency for Regulation and Development of the Financial Market.

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Kazakh banks and government bodies are taking part in preparations for the pilot’s launch, and the issue of opening bank accounts for exchanges based at the AIFC is being worked out.

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To implement the initiative, the regulator drafted amendments to the National Bank’s resolution, providing for the possibility of carrying out operations in favor of participants of the AIFC’s crypto exchanges.

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A preliminary screening is planned:

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• the reputation and nature of the participant’s activities at the AIFC;
• sources of funds;
• transactions involving the participant’s funds at the AIFC;
• the beneficial owners, and the forwarding of information to the financial monitoring body when suspicious operations are detected.

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As for banking transactions with other Bitcoin exchanges, existing requirements remain in force, including banks’ responsibility to develop an internal procedure for refusal to carry out operations with unsecured digital assets.

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Earlier, ForkLog reported in May last year that crypto exchanges would be launched at the AIFC as part of the pilot.

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Later it emerged that Kazakh banks may allow opening accounts for cryptocurrency companies.

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