• Kazakhstan permits banks to provide services to cryptocurrency exchanges

  • Kazakhstan has recently gotten a lot of attention in the cryptocurrency world as one of the most popular destinations for block reward miners fleeing China due to regulatory crackdowns. Kazakhstan’s government has now permitted banks to provide services to cryptocurrency businesses, including cryptocurrency exchanges. Kazakhstan is attempting to mainstream crypto investment as part of a pilot initiative in order to attract international investment and improve protection for local investors.

    Kazakhstan is seeing a rapid increase in the use of digital currencies.

    In recent months, the Asian country has experienced a dramatic increase in digital currency use. The authorities are working to improve the industry’s access to financial services. Exchanges that register with the Astana International Financial Center will be able to interact with local banks, according to the Kazakh Association of Blockchain and Data Center Industry. Clients will be able to “officially and openly work with cryptocurrency” as a result of this. The government intends to use the pilot study to analyze the dangers and benefits of digital assets, according to local sources. According to Sergey Putra, a blockchain association leader, it will last a year.

    Citizens of Kazakhstan have already become heavily active in cryptocurrency trading.

    The CEO praised the decision, saying it was long past time for the government to get more involved in the Bitcoin market. He noted that Kazakh citizens have already been heavily active in digital currency trading. Kazakhstan has also become a popular site for cryptocurrency miners. The new directive comes at a time when the Central Asian country is developing a strategy for digital currency and blockchain technology adoption. Askar Mamin, the Prime Minister, stated his intention to lure corporations to the sector and compete with other global powers.

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