The interaction between the AIFC crypto exchanges and Kazakh Tier 2 banks (STBs) is a pilot project aimed at providing an appropriate regulatory framework for further development of Kazakhstan's potential as a regional crypto hub. The project will operate in pilot mode throughout 2022. It will be attended by crypto exchanges that have licenses to operate a digital asset platform from the AIFC Financial Services Authority (AFSA), in cooperation with STB.
In case of successful implementation of the pilot project, changes will be made both to the national legislation and to the AIFC acts. The positive side of the pilot project is the organization of trading of digital assets in the Republic of Kazakhstan in a regulated field, which ensures proper protection of the rights of retail and professional investors.
The working group included representatives of the ICRIAP, the National Bank, the AIFC, financial agencies, employees of the banking and digital markets.