Kazakhstan is preparing to legalize cryptocurrency transactions

by in Cryptocurrency News

Kazakhstan

The authorities of Kazakhstan allowed cryptocurrency exchanges to open bank accounts within the framework of the special economic zone. Thus, the government has taken another step toward legalizing the digital asset market.

It became known yesterday that Kazakhstan is preparing to allow the conversion of cryptocurrencies into fiat money. The first such transaction was implemented with the participation of the Eurasian Bank and the Intebix crypto exchange.

Speaking at the Digital Bridge 2022 conference, Kazakhstan's President Kassym-Zhomart Tokayev emphasized that given the enormous demand, the government is prepared to move quickly to legalize cryptocurrency transactions. The establishment of a legal framework would help to foster the faster digitization of the payment infrastructure. The republic aspires to be a pioneer in the area of financial innovations.

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Tokayev emphasized: "We are ready to move on. If this financial instrument shows its relevance and safety, then it will certainly receive full legal recognition."

Other large banks in Kazakhstan have also expressed their readiness to interact with exchanges amid the growing demand of their clients for digital assets. Moreover, individuals and legal entities will be able to purchase cryptocurrency for the national currency tenge.