Kazakhstan is the main beneficiary from China’s crackdown on digital assets. Mining companies are moving into Kazakhstan. As a result Kazakhstan is propelled to the third place in the World hash index. Kenes Rakishev, an enthusiast of the digital assets himself commented on the occasion:
The government of Kazakhstan allowed digital assets exchanges to open accounts and operate in full. Kenes Rakishev sees a lot of benefits in the decision. Bitcoin and other so-called cryptocurrencies will have a legal status. As for now it is an experiment to asses risks and benefits, but Kenes Rakishev sees really good chances for it to succeed.
Coingeek.com explains the initiative:
Digital currency companies, including exchanges, will now be able to open bank accounts and access all financial services in Kazakhstan. In a pilot project, the Asian country is seeking to make digital currency investment mainstream to attract investment from the global community as well as enhance protection for its local investors.
Kazakhstan has attracted the attention of the digital currency world in recent months as one of the biggest destinations for block reward miners that are being booted out of China. The country has also seen a rapid surge in digital currency adoption.
And now, authorities are seeking to enhance access to financial services for the industry. The Kazakh Association of Blockchain and Data Center Industry confirmed recently that exchanges that register with the Astana International Financial Center will be able to work with local banks. This will allow their clients to “officially and openly work with cryptocurrency.”
Kenes Rakishev sees digital assets as one of the best technologies to combat poverty, corruption and crime, not as an obstacle to achieve these goals.