Banks in Kazakhstan to Open Accounts for Registered Crypto Exchanges

[troubled soul]

https://news.bitcoin.com/banks-in-kazakhstan-to-open-accounts-for-registered-crypto-exchanges/

Banks in Kazakhstan to Open Accounts for Registered Crypto Exchanges​

 

[khinkali]

This is interesting. It ties in with recent announcements about banks holding crypto wallets. While other countries are struggling to reign in and regulate crypto from a position of legal opacity, KZ seems to be moving from a starting position where crypto circulation is illegal, to a clean-sheet regulated landscape. Crypto purists will presumably hate this, but big finance might find it appealing. "This is what you can do" is easier to follow than "some things you're doing might not be allowed".

There has been a lot of talk about where all the Chinese mining equipment will go. People say USA and EU due to immersion cooling, large private sector willingness to invest and some states like Wyoming becoming more crypto friendly. But they miss a key point; a lot of mining equipment in China is not legal in US and EU. Lack of certification, aluminum transformers, etc. This doesn't matter so much if you want a couple of miners in your dorm room, but it's a deal breaker for a hedge fund looking to put $50m into mining.

Kazakhstan has maybe 6% to 8% of Bitcoin mining, but is well placed to grow if they can sort out the legalities. Can it also be a hub for exchange trading?

 

[JackAlabama]

There is also an option to get licensing in Kazakhstan for about 30k $ to custody thrid party funds and providing exchange services etc.
Reputation for clients is a different story but you could get all needed papers at least for an ok upfront investment.