kazakhstan Today—Kazpost, Kazakhstan’s national postal network operator, has enabled fiat transactions with digital assets, the Astana Financial Services Authority (AFSA) reported on July 22. This is a major step in the country’s digital financial scene.
Photo credit: kazpost/shutterstock. The collage was created by kazakhstan Today.
The Astana International Financial Center (AIFC) in cooperation with the National Bank of Kazakhstan and the Kazakh Agency for Regulation and Development of the Financial Market specified the Rules of Interaction.
The AIFC supports the development of financial innovation, including digital assets. The amendments allow Kazpost to act as a fiat channel and offer its customers financial services for depositing and withdrawing funds. The move also expands options for digital asset service providers and makes it easier for new entrants to enter the regulated digital asset market.
“Fiat channels are key to the development of the digital asset industry. Kazpost’s inclusion in the interaction rules provides digital asset service providers and AIFC investors with more fiat channel options. We expect this to increase business volume for AIFC digital asset service providers,” said Nurkhat Kushimov, CEO of AFSA. He noted that more providers offering fiat channels would increase competition and benefit the industry as a whole.
According to Asel Zhanasova, Chairman of the Board of Directors of Kazpost, the inclusion of Kazpost in the Rules of Interaction opens up new opportunities for citizens, customers and businesses interested in digital assets.
“Using Kazpost’s financial products and infrastructure, customers can deposit and withdraw fiat funds for digital asset transactions. This year, the first cooperation will allow holders of Kazpost payment cards to deposit fiat funds on crypto exchanges in order to purchase cryptocurrencies. They can also transfer fiat funds from crypto exchanges to their card online without visiting branches,” Zhanasova said.
The changes to the rules of engagement are part of a broader initiative to position Kazakhstan as a leading center for digital finance and innovation. Leveraging Kazpost’s extensive network and capabilities, AIFC and its partners aim to provide more reliable support to the growing digital asset market.
This year, the trading volume of all AIFC-licensed digital asset service providers exceeded USD 543 million. According to the AIFC, this volume indicates growing interest and activity in the digital asset market in Kazakhstan.
