- Kazakhstan plans the introduction of crypters to promote digital finance in the context of regulation by the AIFC.
- Crypt banks are intended to ensure transparency, AML compliance and blockchain innovations.
Kazakhstan drives the plans for the introduction of crypters as part of his wider strategy to build a sustainable digital financial ecosystem. The initiative is intended to strengthen the country’s financial infrastructure and adapt it to the developing global trends in decentralized finance.
Prime Minister Olzhas Bektenov confirmed the proposal on April 25 in an official statement to the Mazilis, the lower house of the Kazakh Parliament. His statements followed an official request from legislators regarding the government’s approach to regulating digital assets and market development.
Crypt banks offer core services for digital assets
According to Bektenov, the crypto banks will form the infrastructure of the digital economy of Kazakhstan. You will offer the exchange of digital assets that offer safe storage and facilitating transactions.
These services are integrated by licensed infrastructure participants: crypto bonds, brokers, dealers and storage. Many of them are already working under the jurisdiction of the AIFC (Astana International Financial Center), the country’s financial innovation center.
Bektenov said that these institutions will work in a regulated and safe environment according to international financial standards. They should ensure compliance with the regulations, transparency and legal supervision for all transactions with digital assets. He added that the crypto banks will also deal with AML and CFT, which are among the top priorities of the government.
In addition to the financial transactions, the new institutions will also advance the development of blockchain technologies and internal IT infrastructure. The presence of cryptics will open new opportunities for technology projects and decentralized applications in Kazakhstan.
Legislative reforms and economic effects
In order to get crypters on the way, the government has prepared changes to the law to liberalize the circulation of digital assets and increase the number of stock market platforms. These changes should win new participants for the digital market in Kazakhstan and keep control and regulation strict.
Bektenov spoke about the general economic advantages of crypto banks and said that they will make Kazakhstan more attractive for investments. He said that the maturity of the financial system that shows crypto banking will make Kazakhstan a good location for digital finance. Bektenov:
“There will be a demand for new specialists, especially in the areas of compliance, blockchain analysis and money laundering control.”
He also mentioned that this will increase the liquidity of both Fiat and digital currencies in AIFC.
Kazakhstan’s step to found crypt cars is a big step to build a stable, regulated and innovation -friendly market for digital assets. Since the country adapts its financial infrastructure to international standards, cryptop banks will play a key role in transformation.
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