Kazakhstan has limited the amount of money local retail investors can put in crypto, Kazakhstan global news site kapital.kz reported on Wednesday.
Retail investors can invest 10% of their annual income or 5% of their total assets up to $100,000 per year, excluding their main residence, as long as they can prove their finances to the regulator, capital.kz reported.
Investors can invest up to $1,000 per month if they don’t provide any proof of their financing, according to Kapital.kz, which says it has obtained information directly from the Astana Financial Services Agency (AFSA).
AFSA was not available for comment at the time of publication.
Limits have been introduced to protect retail investors from crypto-related “high risks,” which could include a complete loss of capital, AFSA told kapital.kz.
AFSA has also created a roadmap to develop the crypto market in the country. According to the plan, crypto exchanges will operate as pilots for a year from the end of 2021.
According to the report, the rules set by AFSA went into effect on October 26.
According to capital.kz, the agreed rules are more stringent than those previously proposed by the Astana International Financial Center (AIFC). An AIFC committee suggested a monthly limit of $2,000 for retail investors.
Kazakhstan has seen a massive influx of crypto miners since China began a crackdown on the crypto mining industry in May. The country faces severe power outages, partly due to the influx of miners, and plans to limit the electricity consumption of new mines.
source: www.kapital.kz
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility.
