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Kazakhstan Develops New Program to Team Up Crypto Exchanges with Banks

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As countries across the world intensify efforts to attract crypto industry players, the authorities of Kazakhstan have launched a pilot program to encourage selected local banks to partner with licensed crypto exchanges.In a statement, the country’s government said that the exchanges that are registered with the Astana International Financial Centre (AIFC), a financial hub based in Kazakhstan’s capital Nur-Sultan, are eligible to open accounts with a number of local banks.Per the Astana Financial Services Authority (AFSA) public register, there is a number of listed companies with "active" licenses, which are operating "an exchange," "a clearing house," "a digital asset trading facility," and/or "providing/arranging custody." These include Bitfinex Securities Ltd., Upbit Eurasia Ltd., Biteeu Eurasia Ltd., ATAIX Eurasia Ltd., Xignal&MT Ltd., and Eurasia Blockchain Fintech Group Limited.

The licenses of several more such companies have been "suspended by participant."As part of its plan to lure crypto-oriented businesses, a special working group has been set up to develop the rules of cooperation between crypto exchanges and Kazakh banks.

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