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Kazakh crypto exchange Pax Finance has found that some banks only accept licences issued by the Astana International Financial Centre (AIFC). The company’s co-founder Arman Batayev described the problem at the Congress of Financiers of Kazakhstan. Meanwhile, National Bank Deputy Governor Binur Zhalenov called Pax Finance the first crypto exchange licensed by the regulator (bes.media).
Banks were reluctant to register foreign exchange contracts
According to Batayev, banks were reluctant to register Pax Finance’s foreign exchange contracts with overseas liquidity providers. Clarification from the National Bank helped resolve the initial issues.
Zhalenov confirmed that Pax Finance had received a National Bank licence and that the company already has turnover.
Batayev expects crypto businesses to turn to payment organisations
Batayev is waiting for the first licences to be issued to category one payment organisations. He believes a significant share of the crypto business could move to them if banks continue to offer little support for financial technology projects.
Pax Finance ran tests with Bank CenterCredit and Bybit
Pax Finance has already run its first tests of exchanging cryptocurrency for conventional money. Bank CenterCredit and Bybit took part.
The company next plans to test its products in Kazakhstan. After that, Pax Finance intends to expand into overseas markets.
Related reading on RAEM: EasyCoins and ImpactX (IFX).
