The AIFC_KZ is set to implement a pilot project that will see the creation and operation of crypto exchanges in the central asian financial hub. By JamieCrawleyCD
Kazakhstan is set to test a pilot project for the creation and operation of cryptocurrency exchanges in the Astana International Financial Centre .
The AIFC, which was launched in 2018, was designed to develop Kazakhstan's non-banking financial sector and become a financial hub for Central Asia. According to its website, there are 1,046 companies registered there. The pilot will see crypto exchanges operate in the AIFC in cooperation with the local banks and government agencies.to existing legislation which would prevent banking services being used to facilitate cryptocurrency activities.
The amendments will allow such activity to take place subject to the necessary due diligence on the origin of funds, the nature of the AIFC participants' activities, cooperation with the relevant financial authorities and so on.many miners relocated operations there following the crackdown in ChinaHowever, the relationship between mining firms and their new home became frosty later in 2021 as severe electricity shortages saw the government clamp down on the new arrivals.
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