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Kazakhstan’s Crypto Regulation: A New Era for Cryptocurrency Activities

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Introduction

Astana, Kazakhstan - In a significant move towards embracing cryptocurrency activities, Kazakhstan’s Ministry of Digital Technology has started issuing cryptocurrency licenses, allowing companies to operate legally in the country. This development marks a new era for cryptocurrency enthusiasts and businesses looking to expand their operations in the region.

Cryptocurrency is legal in Kazakhstan, with the Kazakh Agency for Financial Market Regulation and Development declaring it not illegal back in October 2017. The country has been working towards creating a favorable environment for cryptocurrency-related activities, and the issuance of licenses is a significant step forward.

Obtaining a Cryptocurrency License in Kazakhstan

To obtain a cryptocurrency license in Kazakhstan, companies must apply to the Astana International Financial Center (AIFC) and meet all the requirements set by the legislation. The process involves submitting necessary documents, a business plan, and details of cryptocurrency-related business activities.

Requirements for Crypto Exchanges

  • Obtain a license for “Operating a Digital Asset Trading Facility”
  • Obtain a license for “Providing Custody”

Types of Licenses Required for Crypto Exchanges

To register a cryptocurrency exchange in Kazakhstan, companies need to obtain the above-mentioned licenses. This type of license allows companies to provide services for exchanging, storing, buying, or selling digital assets for fiat currencies or other digital assets.

Cost of Cryptocurrency Licenses

The cost of obtaining a cryptocurrency license in Kazakhstan depends on the type of license. For example:

  • State fee for an “Operating a Digital Asset Trading Facility” license: $70,000 (can be reduced to $7,000)
  • Annual renewal fee for an “Operating a Digital Asset Trading Facility” license: $35,000 (can be reduced to $3,500)

Validity Period of Crypto Licenses

Cryptocurrency licenses in Kazakhstan have a limited validity period of two years. After this period expires, companies must pay an annual renewal fee to maintain their license.

Expert Insights

“Our experts can guide you through the process of obtaining a cryptocurrency license in Kazakhstan and help you navigate the regulatory requirements,” said [Name], a leading expert in cryptocurrency regulations.

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