As revealed recently, the Kazakhstan government is planning to officially allow local banking institutions to open bank accounts for crypto transactions. In accordance with the new project, the Kazakhstan government aims to allow local crypto businesses to provide the customers with crypto investment services legally.

Kazakhstan Government to Approve Crypto Services by Local Businesses

Khabar 24, a local news channel, reports that several banks in Kazakhstan will now be officially approved to serve firms and businesses that are involved with cryptocurrencies such as Bitcoin.

However, the report released by the Data Center Industry and Blockchain Association of Kazakhstan reveals uncertainty regarding which financial institutions or banks will participate in the pilot project.

Crypto exchanges will begin collaborating with the banks by signing up for the project at Astana International Financial Centre.

This news has come amid the increased attention drawn by the Republic of Kazakhstan from the global crypto miners due to an ongoing crypto mining crackdown in China.

Alan Dordjiev, the President of the association, noted that despite the crypto mining business is acquiring momentum in Kazakhstan, it would still be too early to suggest resettlement of Chinese crypto mining powers to the country.

Cryptocurrency Bank Accounts to be Made Available in Kazakhstan

As the share of China in the crypto mining business is declining, experts believe that this has increased the recognition of cryptocurrency in the country.

In addition to this, it should also be known that around 6% to 8% of the total mining volume in the world is now concentrated in Kazakhstan.

Sergey Putra, the Government Relations Coordinator of the Kazakh Association of Blockchain and Data Center Industry, said:

“The global premise is that crypto turnover is a fairly large volume of finance. It is billions of dollars of daily turnover around the world. And even if Kazakhstan takes a fraction of a percent, even one percent of this turnover, this is serious money that will come to Kazakhstan in the form of investments and that will remain here in the form of taxes, jobs, and salaries. This is a very large industry, which Kazakhstan is still bypassing.”