Kazakhstan Financial News

India on Tuesday once again refused to endorse China's ambitious Belt and Road Initiative (BRI), becoming the only country in the Shanghai Cooperation Organisation (SCO) not to support the project. A declaration issued at the end of an India-hosted virtual summit of the grouping said Russia, Pakistan, Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan reaffirmed their support to the BRI.

SCO Heads of State Council approved the SCO Economic Development Strategy to 2030; made the decisions on completing the procedure for admitting the Islamic Republic of Iran to the Shanghai Cooperation Organisation and granting it the status of an SCO member state; signed the Memorandum of Obligations of the Republic of Belarus in order to obtain the status of an SCO member state; and on announced the city of Almaty, Kazakhstan, as the SCO Cultural and Tourism Capital in 2023–2024. In addition, the SCO Heads of State Council approved the Concept of Cooperation between the SCO Member States to decarbonise transport and promote digital transformation and innovative technologies to achieve greater efficiency and sustainability.

BEIJING — Chinese President Xi Jinping said Tuesday that Beijing opposes «decoupling and breaking links,» according to a CNBC translation of a Chinese-language state media readout.

Shanghai Cooperation Organization (SCO) summit, Prime Minister Narendra Modi said that countries need to respect territorial integrity. «We do not see the SCO as an extended neighbourhood, but rather as an extended family. Security, economic development, connectivity, unity, respect for sovereignty and territorial integrity, and environmental protection are the pillars of our vision for SCO,» PM Modi said.

The next Shanghai Cooperation Organisation (SCO) Summit will be hosted by India virtually on Tuesday. The summit is set to be joined by all SCO member states including China and Pakistan. Major highlight will be the participation of Chinese President Xi Jinping and Pakistan's PM Shehbaz Sharif.  Russian President Vladimir Putin will also be the part of the summit.

Narendra Modi will host Chinese President Xi Jinping, his Russia counterpart Vladimir Putin, Pakistan's Shehbaz Sharif and other leaders of the SCO nations at a virtual summit of the bloc on Tuesday that is expected to focus on regional security situation and ways to boost connectivity and trade. It will be Putin's first participation in a multilateral summit after a mercenary group launched a short-lived armed rebellion last week that rocked Moscow. The summit of the Shanghai Cooperation Organisation (SCO) under India's presidency is also set to welcome Iran as the new permanent member of the grouping. The situation in Afghanistan, the Ukraine conflict and enhancing cooperation among the SCO member countries are expected to figure in the summit, people familiar with the matter said, adding boosting connectivity and trade is also likely to be discussed. The summit is also taking place against the backdrop of the over three-year eastern Ladakh border standoff between Indian and Chinese troops, and two weeks after Prime Minister Modi's high-profile visit to the US. The SCO, comprising India, China, Russia, Pakistan, Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan, is an influential economic and security bloc and has emerged as one of the largest transregional international organisations.

Experts have explained why Russia is reportedly becoming a crypto mining hotspot, as the nation claims its crypto mining hashrate is second only to that of the USA.

Binance has launched a regulated cryptocurrency exchange in Kazakhstan amid growing regulatory troubles in the West.

Global cryptocurrency exchange Binance announced the launch of a regulated digital asset platform in Kazakhstan amid growing regulatory troubles in the West. The launch of the new platform was announced at a press event on June 20, 2023, in the presence of representatives of Kazakhstan’s banking industry, and Binance Kazakhstan's leadership. 

Binance’s US branch, Binance.US, was deeply unprofitable in 2022 and lost as much as $181 million for the year, a new filing made by the Securities and Exchange Commission (SEC) has revealed.

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Police in Kazakhstan say they have shut down a suspected fraudulent crypto trading platform, with its alleged mastermind arrested.

Cryptocurrency exchange Bybit has announced it will be pausing its products and services to residents and nationals of Canada following certain developments in the regulatory space.

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Cryptocurrency exchange Bybit continues the expansion of its operations after receiving “in-principle” approval from regulators in Kazakhstan. 

The government of Kazakhstan collected around $7 million in taxes from cryptocurrency mining entities last year. 

The government of Kazakhstan has received 3.07 billion tenge (approximately $7 million) in tax payments from crypto mining entities in 2022, following the implementation of an amended law regulating the fiscal burden of mining cryptocurrencies, according to the local media reports.

Russia has now reportedly become the second-largest country in the world in terms of Bitcoin (BTC) and cryptocurrency mining, with the United States maintaining its position as the leader. Nevertheless, the lack of clear regulations regarding cryptocurrencies in the United States may lead to a potential market distribution shift.

ABS Change, a platform illegally trading cryptocurrencies in Kazakhstan, has been identified and shut down, according to an update shared by the country’s Financial Monitoring Agency (FMA) on Telegram.

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Failed crypto tycoon Sam Bankman-Fried invested $1 billion into Genesis Digital Assets, a bitcoin miner in Kazakhstan, just months before the collapse of his FTX platform heralded a crypto winter that's looking more like an ice age. Bankman-Fried made the investment, the crypto exchange's biggest, through Alameda Research, the FTX-linked hedge fund that's at the center of his firm's bankruptcy, the Wall Street Journal reported.