By Shelly Melancon (Switzerland)
There are various reports that Kazakhstan authorities would soon legalize crypto transactions for its local banks. Local news station, Khabar 24, revealed that the authorities plan to legalize financial institutions and businesses to conduct their transactions in cryptocurrencies where relevant. The news station clarified that it was unsure of the steps in the first stages.
However, it did reveal that interested banks in the pilot project can sign up at the Astana international financial center. The plan is to run this pilot project for 12 months to allow businesses to acquaint themselves with performing crypto transactions, including buying and selling cryptocurrencies.
Also, the pilot project will assess possible risks in trading and investing in crypto assets since it hasn’t yet approved virtual asset trading or investment in the country.
Good News For Crypto Miners
The continued ban on China crypto miners has forced these miners to seek safer mining regions, and one of the regions seriously considered is Kazakhstan. Bitmain, Canaan, and a few other notable Chinese crypto mining firms have moved their base to Kazakhstan from China.
However, Alan Dordjieve, president of crypto miners in Kazakhstan, isn’t optimistic yet. He said it is too early to assume that there would be a large influx of crypto miners from China to Kazakhstan, even though he acknowledged that there is growing popularity in the country’s crypto mining industry.
Huobi and Okcoin Close Beijing Branch Offices
As Chinese authorities continue to take aggressive measures towards crypto miners in the country, two leading exchanges (OKCoin and Huobi) have announced the closure of their Beijing branches. Beijing Huobi reached a dissolution resolution last Thursday and has since filed to cancel the firm’s registration. Creditors have a maximum of 45 days to declare their claims to the company from the day the announcement was made.
After the announcement earlier today, shares of the Huobi group fell by almost 21% on the hong-kong exchange where it is listed. However, Huobi will continue to provide services to its Chinese customer base and put measures to comply with Chinese crypto regulations.
One such measure is that traders will need to wait for at least 24 hours before making any withdrawal from any over-the-counter transactions. You’d recall that OkCoin’s Beijing subsidiary, Beijing Lekuda Network, announced late last month that it is in the process of shutting down its China office.
Chinese authorities launched an investigation into the founder of OKCoin (Star Xu Mingming) last year, alleging him of breaching the country’s financial rules in running his crypto-related business.
More Crypto-Related Businesses In China Shut Down
This month, the Chinese crypto investment platform, Bishijie, announced the shutdown of its operations in China. Similarly, a former leader in crypto exchange services in China. BTCChina, also announced late last month that it would no longer provide crypto-related services.
It also revealed that it no longer holds any stake in crypto exchange firm, ZG.com, as it has sold its holdings to a Dubai-based non-governmental organization (NGO). Bitcoin and cryptocurrency prices have been bouncing within a short range after a sharp decline from their May 2021 all-time highs.
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