Kazakhstan is actively discussing the establishment of crypto banks, which will be a significant step in forming a sustainable digital asset ecosystem in the country.
Goals of Establishing Crypto Banks
The proposed institutions will offer services such as digital asset exchange, storage, and transaction support within a regulated framework. Prime Minister Olzhas Bektenov mentioned this to Parliament on April 25, emphasizing the need for a reliable institution for cryptocurrency operations.
The Role of Crypto Banks in Digital Business
According to Bektenov, crypto banks will not only support digital asset transactions but will also enhance transparency and compliance with anti-money laundering and counter-terrorism financing requirements. They are expected to foster the development of digital asset projects and promote innovation in the blockchain and IT sectors.
Expected Impact on Financial Ecosystem
The establishment of crypto banks could enhance Kazakhstan's investment attractiveness and demonstrate the maturity of its financial infrastructure within decentralized finance. This move is also anticipated to create demand for new specialists, particularly in compliance, blockchain analytics, and anti-money laundering roles.
Thus, the initiative to establish crypto banks in Kazakhstan could be a significant step toward strengthening the country's position in the digital asset sector and attracting new investments.
