AFSA (Astana Financial Services Authority), a Kazakhstani regulator, set crypto purchase limits for retail investors. The news was announced by the local media site Kapital.kz.
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According to the AFSA, the goal of limitations is to protect the interests of retail investors as crypto transactions are related to high risks and even can result in a complete loss of invested capital.
The release, published on November 3, says that currently there are two types of limits. According to one of them, the monthly amount of investments, without confirmation of income and assets should not exceed $1.000.
The other point says people can buy crypto surpassing $1000 per month if they provide confirmation of income. In this case, the amount should be less than 10% of the investor's yearly income and 5% of the value of all assets that belong to them (this doesn't include the cost of the main housing).
Also, the amount should be less than $100.000. In addition, the AFSA informed having approved the Roadmap for the development of the crypto market. Currently,
Kazakhstan is one of the countries leading the industry of crypto mining. Data Center Industry & Blockchain Association of Kazakhstan (NABDC) stated that crypto mining may bring the country $1.5 bln in revenue over the next five years.
As for now, corporate digital currency mining operations bring $230 million annually.
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The implementation period is calculated until the end of 2022. “The map describes in stages a plan for the development of the crypto industry in the country.