Kazakhstanis will be able to buy and sell digital assets with the help of payment cards from KazPost. The company has been added to the list of entities allowed to offer these services alongside commercial banks, according to a press release from the Astana International Financial Center (AIFC).
«Using financial products and infrastructural solutions of KazPost, customers will be able to deposit fiat currency [money] into an account and withdraw it to work with digital assets. This year, we’re going to launch the first cooperation program that will let holders of KazPost cards use fiat money for acquiring cryptocurrency on the exchange and vice versa, to receive fiat money from the cryptocurrency exchange online without needing to visit our offices in person,» CEO of KazPost Assel Zhanassova said.
This has become possible due to new rules adopted by the AIFC, the National Bank and the Agency for Regulation and Development of the Financial Market. Now, KazPost will work as a fiat channel, offering its clients services for depositing and withdrawing money during transactions with digital assets.
«With KazPost as our new partner, suppliers of services associated with digital assets on the AIFC and investors will obtain new opportunities when choosing a fiat channel. We are expecting an increase in trading volume from AIFC digital asset services providers,» said Nurkhat Kushimov, Director General of the AIFC.
In the first half of 2024, the overall trading volume for all suppliers of services in the sphere of digital assets registered with the AIFC exceeded $543 million. The growing trading volume indicates rising interest and activities in the digital asset market in Kazakhstan,” the AIFC said.
Cryptocurrency is one of many digital assets. Kazakhstani legislation describes digital assets as property created in electronic and digital form with a special code using cryptography and computing and registered based on distributed data platform technology. Under the law, deals with digital assets are legal in Kazakhstan only within the AIFC jurisdiction. All cryptocurrency exchanges in the country must be registered there.
