Kazakhstan is planning to launch a cryptocurrency test project in the economic zone of Astana International Finance Centre.
The move will provide an exchange protocol to operate legally in the Astana International Finance Centre this year.
The pilot, which is expected to run till the end of 2022, will bring representatives of the Ministry of Digital Development, the National Bank, the Financial Monitoring Agency, The Association of Financiers, AIFC.
The project is a joint venture between exchange platforms and the country’s local banks. The news was announced by the Ministry of Digital Development, innovation, and Aerospace sector of the Kazakhstan Republic.
The country has been moving to regulate cryptocurrency mining, with further progress to strengthen digital asset adoption in the country. The move follows a visit by Binance CEO Changpeng Zhao to the country.
The step will enable collaboration between the exchange platform and the second-tier banks in Kazakhstan banks. The project is managed by a special working group that created the guidelines that the crypto exchanges and banks will follow.