By Mark Ackman
Multiple cryptocurrency exchanges in Kazakhstan have continued to provide cryptocurrency services to Russian locals despite the EU sanctions.
The latest sanctions imposed by the EU even obligate cryptocurrency exchanges to comply with the new legislation.
However, the crypto exchanges based in Kazakhstan seem to be following their own path. According to the reports, the Kazakh-based exchanges have decided to let Russian users utilize their platforms.
Certain Restrictions are in Place
Although the exchanges have announced that Russian users would have access to their services certain conditions would apply.
One particular condition suggests that the Russian locals moving to Kazakhstan would need a country-based bank card to access the crypto exchanges.
Fiat-to-Crypto is permitted in Kazakhstan
It was towards the end of September when the first fiat-to-crypto transaction was processed in a regulated manner. This involved direct transactions between a crypto exchange and a bank.
The bank involved in the process was the Eurasian Bank, which is a local commercial bank in Kazakhstan.
Intebix was reportedly involved in the transaction with the bank. It is one of the major local crypto exchanges currently operating in the country.
Through the exchange, the retailers can proceed with the purchase of cryptocurrencies. They can do it using the local currency, which is the Kazakhstani tenge (KZT).
Services to be Offered to Card Holders
The particular crypto exchange has revealed that it intends to offer crypto services to the Russians moving to Kazakhstan. However, there is a particular criterion that the Russians would have to meet.
Talgat Dossanov, the CEO and co-founder of Intebix announced that the Russians moving to Kazakhstan would need one thing before they can use their services.
The Russian migrants have to acquire a bank card from one of the local banks in Kazakhstan. Only when the Russian migrants have met the criteria, they will be granted to use their crypto platform.
Verified Users Only
Intebix is a highly regulated cryptocurrency exchange operating in Kazakhstan. The exchange is known for providing services to clients who are fully verified.
If the Russians want access to Intebix, they would need to go through the client check at a bank for sanction screening. If the client is eligible, they are issued a bank card and the rest is simple.
The exchange officials have confirmed that any Russian with no sanction placed against them would be allowed to join the exchange.
With the Russian forces invading Ukraine, many adults in Russia are being asked to join the army. The Russian army is doing forced recruitment and many are fleeing to avoid going to the army.
This has resulted in almost 200,000 Russian adults running away from the country and moving to Kazakhstan.