In the Astana International Financial Centre (AIFC), limits on purchases of cryptocurrencies by retail investors through exchanges registered within the centre were approved. According to local publication «Capital».
The total limit on purchasing cryptocurrencies without income and asset verification will be $1000 per month. Investors with verified income may buy cryptocurrencies above this amount, but no more than $100 000 per year. However, it must not exceed 10% of annual income or 5% of the value of all assets (excluding the value of the primary residence).
The amendments to the AIFC acts took effect on 26 October.
The introduction of the limits at the centre was justified as protecting investors because ‘transactions with digital assets carry high risks’.
A special legal regime operates within the AIFC. Exchanges and other companies providing cryptocurrency-related services can operate in Kazakhstan under the jurisdiction of the AIFC.
According to the roadmap for the development of the cryptocurrency industry in Kazakhstan, crypto exchanges will begin operating at the end of the year as part of a pilot project, the AIFC said. They will operate in a test mode during 2022. At the end of the pilot, changes to legislation and the AIFC acts are planned if necessary.
ForkLog requested comment from the AIFC, but at the time of writing had not received a response.
Earlier in July, the AIFC proposed restricting the purchase of cryptocurrencies by retail investors who had not verified their income to $2000 per month.
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