Eurasian Bank, which is based in Almaty, and Intebix, a Kazakhstan-based cryptocurrency exchange, reported that they had conducted what they described as the country’s first crypto-related transaction. This involved a platform for digital asset trading, a bank institution and a customer. The announcement of the deal, which involved cryptocurrency being acquired using local fiat, took place at the Digital Bridge2022 forum.
“This precedent allows Kazakhstanis to legally buy cryptocurrencies for tenge while Eurasian Bank’s proprietary solution made possible to set one the lowest fees worldwide for such a transaction,” the bank stated in a press release. Talgat Dosanov, Director of Intebix Exchange, claimed:
This transaction is the first in the whole of the Eurasian continent’s cryptocurrency exchange-bank client.
The pilot regulations that allowed crypto transactions in Kazakhstan were approved by regulators in May. However, there are some conditions. Crypto exchanges must obtain a license in order to take part in the project. Banks need to follow the rules. According to the government, the framework is compliant with international standards for transaction oversight and security.
Tokayev was shown how to buy crypto using Kazakhstani tenge. President Kassym Jomart Tokayev indicated that his administration is ready to support the development of the project to facilitate cryptocurrency asset exchange at the Astana International Finance Center ( AIFC), Central Asia’s financial hub.
Tokayev stressed that Kazakhstan plans to be a leader in the fields of digital technologies, cryptocurrency ecosystems and regulated mining. Tokayev was quoted as saying that if the financial instrument has more demand and security it will be granted full legal recognition.
This summer, the pilot project at AIFC was launched when registered crypto exchanges were allowed to open accounts with domestic banks. The tests include two trading platforms, Intebix, which operates under the Biteu brand in Australia and the EU, and Ataix Eurasia. Other participants include Halyk Bank and Altyn Bank and Eurasian Bank. The pilot will continue until 2022.
Eurasian Bank announced plans to issue a cryptocurrency card this year. It will be linked with an Intebix wallet, and holders will have the ability to pay in tenge and spend their digital coins. The details are being worked out with the National Bank of Kazakhstan. Eurasian Bank is the seventh-ranked bank in Kazakhstan in terms of assets. It also leads in retail banking.