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President of Kazakhstan Kassym-Jomart Tokayev told how the republic plans to legalize the circulation of cryptocurrencies
The circulation of cryptocurrencies in Kazakhstan may soon be legalized, provided that the conversion scheme proves itself as part of a pilot project. This was stated by the President of Kazakhstan Kassym-Jomart Tokayev at the Digital Bridge 2022 forum on digital technologies and business.
Now, as part of a pilot project, solutions for converting cryptocurrencies are being tested in accordance with the changed legislation.
“If this financial instrument shows its further demand and security, then it will certainly receive full legal recognition,” Tokayev said.
It is not clear how long the testing of cryptocurrency conversion will last. In addition, within the framework of the forum, the Eurasian Bank announced plans to issue a crypto-card in Kazakhstan before the end of the year. The bank has already made the first transaction with cryptocurrency. However, it remains unclear whether the Eurasian Bank will be responsible for issuing and regulating the cryptocurrency card.
Recall that Kazakhstan became interested in the cryptocurrency market in February 2021. Then the head of the Ministry of Digital Development, Innovation and Aerospace Industry of the Republic of Kazakhstan (RK), Bagdat Musin, said that the region would legalize its own crypto exchanges in order to process 1% of the global turnover of cryptocurrencies.
Such a zeal for the market is confirmed by the fact that the President of Kazakhstan agreed on the development of the institution of cryptocurrency exchanges on the basis of the Astana International Financial Center. At the same time, the cryptocurrency market in Kazakhstan will still remain unrecognized. According to Musin, the republic will not recognize the cryptocurrency, however, it will participate in the global crypto industry.
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