In the Astana International Financial Centre (AIFC) in Kazakhstan, a proposal was made to set limits on retail investors’ cryptocurrency purchases. The report comes from the local publication «Kapital».
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The Agency for Regulation and Development of the Financial Market described the initiative as aimed at protecting buyers from potential risks. These include a lack of full regulation, as well as the possibility of using digital assets for money laundering and financing terrorism.
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The AIFC proposes limiting purchases of cryptocurrencies by retail investors who have not disclosed their income to $2,000 per month.
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Investors with disclosed income would be able to buy cryptocurrencies up to $100,000 per year. The amount must not exceed 10% of annual income or 5% of the total value of all the retail investor’s assets (excluding the value of primary residence).
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The initiative covers the purchase of cryptocurrencies through exchanges registered in the Astana International Financial Centre, where a special legal regime applies.
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“Exchanges can operate only on the territory of the AIFC. They are registered here as in the jurisdiction,” ForkLog explained in the Kazakhstan-based “Association of Blockchain and Data Center Industry.”
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According to the association’s head Alan Dorzhiev, the initiative is in the final stage of discussion.
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ForkLog reached out to the AIFC for comment, but had not received a response at the time of writing.
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Earlier it was reported that cryptocurrency companies registered in the AIFC will be able to open accounts in Kazakh banks as part of a pilot project.
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Earlier in June, President Kassym-Jomart Tokayev signed a law that provides for the introduction of an additional mining fee.
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Read ForkLog’s exclusive on how this decision will affect the migration of Chinese miners to Kazakhstan.
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