Kazakhstan Eyes Cripto Banks to improve the digital asset ecosystem: Report

Kazakhstan explores the crying of the crypto banks as part of the effort to build a robust ecosystem of digital asset.

Suggested institutions Offering services such as digital assessment, storage and transaction support in regulated framework, toward to the Tastan’s time.

This feeling was expressed by Prime Minister Olzhas Bektenov in response to Parliament 25 April.

These functions are already partially managed by the entities under the International Financial Center of Astan, including Cryptocurrency exchanges, custody, intermediaries and digital property operators.

The government aims to expand these possibilities with upcoming legislative amendments that are designed to liberalize digital assets circulation and open access to a wider range of platforms.

In January, Kazakhstan Announced plans to expand their legal crypto operations. The President of Kassim-Jomart Tokajev called for an emergency improvement of infrastructure to support the digital asset sector. He noted that most CRIPTO users are working in “gray zone”, with only 5% using regulated platforms.

CRIPTO BANKS AND INNOVATION

According to Bektovo, Cripto Banks will not support only digital transactions of assets, but also improve transparency and respect Anti-money for money laundering and requirements for financing against terrorism.

It is expected to play a key role in digital assets projects and promote innovations in Blocko and IT sectors.

Bektenov emphasized that the introduction of crypto banks would increase the Kazakh investment complaint and show the maturity of its financial infrastructure within the decentralized financial space.

The move is expected to create a requirement for new talent, especially in compliance, backinal analytics and roles of AML, with liquidity and for Fiat and digital currencies in AIFC.