A new bill would allow domestic companies to legally provide new crypto investment services. Kazakhstan could incessantly allow local banks to offer services around Bitcoin (BTC) and cryptocurrencies.
A bank account for cryptos in Kazakhstan
According to local news channel Khabar 24, the government of Kazakhstan intends to officially allow local banking institutions to open bank accounts for cryptocurrency transactions.
Several banks in Kazakhstan will soon be officially licensed to offer services to businesses offering exposure to cryptocurrencies, such as bitcoin. For the intrepid among you, the information is available in Cyrillic on Khabar 24.
Citing leaders of the Data Center Industry and the Blockchain Association of Kazakhstan, the report notes that it is not yet clear which financial institutions or banks would participate in the pilot project. Cryptocurrency exchanges will be able to cooperate with banks, signing up for the project at the International Financial Center in Astana, Kazakhstan’s major financial center.
The pilot project will last for one year and will allow local crypto companies to legally provide crypto investment services in a secure manner. As part of the project, the government of Kazakhstan also intends to assess the potential risks associated with investing in digital currencies.
For now, no comment on this news, despite Coin Telegraph’s request.
BTC mining on the rise in Kazakhstan
The news comes as the Republic of Kazakhstan is increasingly attracting the attention of global cryptocurrency miners, due to the crackdown in China. Now, while cryptocurrencies are still theoretically banned in the country, many mining services and traders are active there without heavy regulation. Indeed, the mining of BTC is a very lucrative activity. As a reminder, Kazakhstan already wanted to get its hands on BTC mining with 700 million dollars invested.
In addition, some of China’s largest crypto mining companies, Bitmain and Canaan, have recently started working with entities in Kazakhstan to run mining facilities and services in the country.
Despite the growing crypto mining industry in Kazakhstan, it is still too early to suggest a serious relocation of the entire Chinese crypto mining assets to the country. So will Kazakhstan be among the big winners in the relocation of BTC miners, like Canada?
