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Kazakhstan launches first official cryptocurrency exchange
On the basis of the Astana International Financial Center (AIFC), a pilot project will be launched to create and develop cryptocurrency exchanges, the Agency of the Republic of Kazakhstan for Financial Market Regulation and Development reports.
Kazakhstani banks and government agencies are preparing for the launch of the pilot; the possibility of opening bank accounts for stock exchanges on the basis of AIFC is being discussed. To implement the initiative, the regulator has developed amendments to the resolution of the National Bank, which provides for the possibility of conducting transactions in favor of participants in the AIFC crypto exchanges.
The following is subject to a preliminary check:
• reputation and nature of activity of the AIFC participant
• sources of origin of funds
• operations involving the AIFC participant’s money
• beneficial owners, as well as informing the financial monitoring authority when suspicious transactions are identified.
With regard to banking transactions with other bitcoin exchanges, the current requirements have been retained in force, including the responsibility of banks for developing an internal procedure for refusal to conduct transactions with unsecured digital assets.