According to media reports, the government of Kazakhstan is planning to authorize local banking institutions to open bank accounts for cryptocurrency transactions.

The cryptocurrency exchange registered on the basis of Astana International Financial Center (AIFC) will soon start working with local banks on a pilot project to allow public trading of cryptocurrencies.

Several banks in Kazakhstan will soon receive official approval to provide services to companies and businesses that offer exposure to cryptocurrencies such as Bitcoin (BTC). It is unclear which financial institutions or banks will participate in this pilot project, executives from Kazakhstan's Data Center Industry and Blockchain Association were quoted as saying. Cryptocurrency exchanges will begin working with banks to sign up for the Astana International Financial Centre project, Kazakhstan's main financial center.

The pilot program will run for one year and legally enable local crypto businesses to offer crypto investment services. Investors can open legal accounts with AIFC-registered banks for buying and trading cryptocurrencies. In addition, they will have the opportunity to transfer their earnings back to their accounts in regular currency.

Some of China's largest crypto mining companies, including Bitmain and Canaan, have started working with Kazakh companies to operate mining facilities and services in the country.