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Kazakhstanis Can Legally Buy and Sell Cryptocurrency

Astana, September 28, 2022

 

At the initiative of the President Kassym-Zhomart Tokayev, the development of projects in the crypto industry was launched. Today, he visited the joint stand of Intebix Kazakhstan Exchange and Eurasian Bank at the Digital Bridge 2022 Forum on digital technologies and business and listened carefully to the report on the first cryptocurrency transaction.

 

This precedent makes it possible for Kazakhstanis to legally purchase cryptocurrencies for tenge, while Eurasian Bank’s proprietary solution made it possible to set one of the lowest fees in the world for such a transaction.

 

“This is the first cryptocurrency exchange-bank-client transaction in the entire Eurasian continent,” Talgat Dosanov, Intebix Exchange Director, told the President.

 

On May 23, 2022, the NBRK, the ARDFM, the AIFC, and the MDDIAI approved pilot rules according to which cryptocurrency transactions are allowed on the territory of Kazakhstan, subject to certain conditions. To participate in the pilot project, exchanges are required to obtain a license, and banks need to declare their adhesion. The regulatory framework has been developed in accordance with the highest international standards, ensuring proper control over transactions and the security of client funds.

 

In addition to demonstrating the process of buying cryptocurrencies for tenge, Eurasian Bank announced plans to issue a crypto card in Kazakhstan by the end of the year. When this happens, Kazakhstanis will be able to pay with a crypto card in stores. The operation itself will be performed in tenge from the account associated with the client’s account on the Intebix Crypto Exchange. Now, Eurasian Bank has developed a procedure for issuing the card and is in a constructive dialogue with the National Bank on working out all emerging risks.

 

Eurasian Bank has made the first legal and transparent transaction with cryptocurrency. This is a joint result of the work of the regulator and business. In just four months, the Bank managed to develop a process for depositing and withdrawing tenge to the exchange, where customers will be able to buy cryptocurrency.

 

Most crypto exchanges in the world work with payment agents, which is closed to regulators and expensive for customers: since all work is performed inside the Bank informational systems, the Bank managed to provide not only full transparency, but also the most beneficial terms for customers.

 

Intebix is a virtual currency exchange based in Kazakhstan that has a license to operate in the Republic of Kazakhstan and meets all legal requirements. Under the Biteeu brand, it has licenses in the European Union and Australia.

 

Eurasian Bank is a socially significant financial institution, the seventh in terms of assets among Kazakhstani banks. It occupies a leading position in the retail banking market, provides a wide range of services to corporate clients and SME. The Bank’s rating on the Moody’s scale — B2 — and it was confirmed on April 12, 2022 with a “stable” outlook. The Bank belongs to the ecosystem of the ERG Group (one of the largest companies in the world in the field of mining and processing of mineral resources).

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