ASTANA—Kazpost, Kazakhstan’s national postal network operator, has enabled fiat transactions with digital assets, reported the Astana Financial Services Authority (AFSA) on July 22. This marks a crucial step in the country’s digital finance landscape.
Photo credit: kazpost/shutterstock. Collage is created by The Astana Times.
The Astana International Financial Center (AIFC), in collaboration with the Kazakh National Bank and the Kazakh Agency for Regulation and Development of the Financial Market, has clarified the Rules of Interaction.
The AIFC supports the development of financial innovations, including digital assets. The amendments allow Kazpost to act as a fiat channel, offering its customers financial services for depositing and withdrawing funds. This move also expands options for digital asset service providers, facilitating the entry of new participants into the regulated digital asset market.
“Fiat channels are crucial for developing the digital asset industry. Including Kazpost in the Rules of Interaction gives AIFC digital asset service providers and investors more fiat channel options. We expect this to increase trading volumes for AIFC digital asset service providers,” said Nurkhat Kushimov, AFSA CEO. He noted that more providers offering fiat channels would boost competition and benefit the entire industry.
According to Asel Zhanasova, Chairwoman of Kazpost’s board, Kazpost’s inclusion 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 collaboration will enable Kazpost payment cardholders to deposit fiat funds to crypto exchanges to purchase cryptocurrencies. They can also transfer fiat funds from crypto exchanges to their card online without visiting branches,” said Zhanasova.
The changes in 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, the AIFC and its partners aim to provide more reliable support to the growing digital asset market.
This year, the trading volume of all digital asset service providers licensed in the AIFC exceeded $543 million. According to the AIFC, this volume indicates the growing interest and activity in the digital asset market in Kazakhstan.
