A Kazakh financial institution and a coin trading platform have teamed up to carry out what they say is the country’s first joint deal for the acquisition of cryptocurrencies. Meanwhile, Kazakhstan’s leadership has declared its willingness to further develop a cryptocurrency exchange in the country’s financial hub.
First banking with crypto assets opens door for legal coin buying in Kazakhstan
Almaty-based Eurasian Bank and Kazakhstan-based cryptocurrency exchange Intevix have reportedly conducted what they described as the country’s first crypto-related transaction involving digital asset trading platforms, banking institutions and customers. . The deal, in which the cryptocurrency was acquired in local fiat currency, was announced at the Digital Bridge 2022 Forum.
“This precedent allows Kazakhs to legally purchase cryptocurrencies for the Tenge, and Eurasian Bank’s unique solution allows us to set the lowest fees in the world for such transactions. ,” the bank said in a press release. Intebix Exchange Director Talgat Dosanov further claims:
This is the first cryptocurrency exchange-bank-client transaction across Eurasia.
In May of this year, the regulator approved a pilot regulation allowing cryptocurrency trading in Kazakhstan under certain conditions. To participate in the project, cryptocurrency exchanges must be licensed and banks must adhere to the adopted rules. The government claims the framework meets international standards in terms of transaction monitoring and security.
The process of buying crypto in Kazakhstan’s Tenge was demonstrated to the country’s head of state. President Kassym-Jomart Tokayev said that if the trial is successful, he is ready to support further development of the project to facilitate cryptocurrency exchanges in the central Asian country’s financial hub, the Astana International Financial Center (AIFC). expressed.
Kazakhstan intends to become a major player in the field of new digital technologies, cryptocurrency ecosystem and regulated digital mining, Tokayev stressed. “If this financial instrument shows further demand and security, it will certainly receive full legal approval,” he was quoted as saying.
The pilot project at AIFC started last summer when registered cryptocurrency exchanges were allowed to open accounts in domestic banks. His two trading platforms, Intebix (in the EU and Australia he operates under the Biteeu brand) and Ataix Eurasia, Halyk Bank, Altyn Bank and Eurasian Bank, are participating in the test. The pilot will run until the end of 2022.
Eurasia Bank has also announced plans to issue crypto cards this year. This will be linked to the Intebix wallet, allowing holders to pay in Tenge while using digital coins. The banking institution is currently discussing details with the National Bank of Kazakhstan. Eurasian Bank ranks 7th among Kazakhstan banks in terms of assets and is a leader in the retail banking market.
Do you foresee a rapid rise in cryptocurrency banking in Kazakhstan? Let us know in the comments section below.
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Buy bitcoin in Kazakhstan, a country where banks develop cryptocurrency exchanges
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