JSC QazPost, the National postal operator of Kazakhstan, can now carry out fiat[1] transactions with digital assets. The company was officially included on the list of organisations that can provide such services along with commercial banks (second-tier banks - STBs) in Kazakhstan. The relevant changes are reflected in the Rules of Cooperation of Digital Assets Services Providers and commercial banks of Kazakhstan.[2]
The Astana International Financial Centre together with the National Bank of the Republic of Kazakhstan and the Agency of the Republic of Kazakhstan on Regulation and Development of Financial Market made amendments of a clarifying nature to the Rules of Cooperation, expanding the list of fiat channels by including the National postal operator.
AIFC actively supports the development of financial innovations, including those involving digital assets, which is one of the most dynamically developing areas. The amendments allow the National postal operator to act as a fiat channel, that is to provide its customers with financial services for deposits and withdrawals. The addition of a new fiat channel also expands the choice for digital asset service providers, thus facilitating the arrival of new entrants into the regulated digital assets market.
The amendments to the Rules of Cooperation are part of a broader initiative to position Kazakhstan as a leading centre for digital finance and innovation. By leveraging the extensive network and capabilities of the National postal operator, AIFC and its partners aim to better support the growing digital assets market.
AFSA CEO Nurkhat Kushimov: “Fiat channels play a key role for the development of the digital asset industry. With the inclusion of QazPost in the Rules of Cooperation, AIFC digital asset service providers and investors in digital assets will have more options in choosing a fiat channel. We also expect an increase in trading volumes of AIFC digital asset service providers. Besides, an increase in the number of players providing fiat channels will also foster competition, which will have a positive impact on the industry. AIFC intends to continue to support the development of innovations in digital assets with the aim of creating a global crypto hub in AIFC.”
QazPost Chairperson of the Management Board Assel Zhanassova: “QazPost's inclusion in the Rules opens new horizons for our citizens, customers and businesses that are interested in the sphere of digital assets. Using QazPost's financial products and infrastructure solutions, customers will be able to deposit and withdraw fiat funds to work with digital assets. This year the first collaboration is planned, which will allow QazPost payment card holders to enter fiat funds into a crypto exchange to purchase cryptocurrencies, and also to conduct a reverse operation of crediting fiat funds from a crypto exchange to the card online, without visiting our branches.”
In the first half of 2024, the trading volume of all digital asset service providers licenced in AIFC was over USD 543 million. This significant trading volume is indicative of the growing interest and activity in the digital asset market in Kazakhstan.
Reference:
QazPost JSC is the national postal operator of the Republic of Kazakhstan, providing postal, financial, logistics, brokerage, agency and e-commerce services. QazPost JSC is the largest branch network in the country, covering almost the entire territory of Kazakhstan, especially at the district and rural levels.
The Astana Financial Services Authority (AFSA) is the independent regulator of the Astana International Financial Centre (AIFC), which is established in accordance with the Constitutional Law of the Republic of Kazakhstan “On the Astana International Financial Centre” for the purposes of regulating financial services and related activities in the AIFC. AFSA administers the AIFC Regulations and Rules and is responsible for the authorisation, registration, recognition and supervision of financial firms and market institutions in the AIFC.
Around 2,900 firms from 81 countries are registered in the AIFC. These firms provide banking, insurance, investment, professional and other services. The range of financial services offered at the AIFC is comparable to the list of services available in long-established financial centers of the world, such as London, Hong Kong, Singapore, Dubai and others. www.afsa.kz
The Astana International Financial Centre (AIFC) is an independent jurisdiction with a favourable legal and regulatory environment and a developed infrastructure for starting and doing business, attracting investment, creating jobs and developing Kazakhstan's economy. https://aifc.kz/
Contact information:
Public Relations and Communications Division of AFSA: +7 (717) 264 73 43; +7 7172 61-37-45 email: [email protected]
[1] Fiat Currency is currency which is issued by or on behalf of the government in its country (or countries) of issuance, and which is designated as legal tender in that or those countries through government decree, regulation or law.
[2] Rules and mechanisms of cooperation of Unbacked Digital Asset Exchanges and/or Centre Participants authorised to carry out digital assets-related activities with second-tier bank of the Republic of Kazakhstan (Rules of cooperation).
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