Regulation
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At the Digital Bridge 2022 forum taking place in the Republic of Kazakhstan in Astana, President Kassym-Jomart Tokayev spoke. He spoke about the development of legal digital mining and the use of cryptocurrencies in Kazakhstan. The head of state noted that the Republic of Kazakhstan is going to become a leading player in the field of new digital technologies, crypto-ecosystems and digital mining.
Also, Kazakhstan has set itself a strategic goal – to become one of the largest digital hubs in the Eurasian space. Relevant instructions have already been given to departments, President Tokayev stressed.
Additionally, the head of state instructed the Ministry of Digital Development and Aerospace Industry to connect Kazakhstani villages to the Internet of low-orbit satellite systems SpaceX and OneWeb.
How are they going to legalize cryptocurrencies in the Republic of Kazakhstan
According to President Tokayev, cryptocurrencies are being converted at the site of the Astana International Financial Center as part of a special pilot project. Innovative changes have been made to national legislation and the regulatory environment. The government is ready to go further in this direction. If If this financial instrument shows demand and security, it will receive full legal recognition.
At the moment, as part of a pilot project, they are testing solutions for converting cryptocurrencies in accordance with new legal regulations. The exact deadlines for the end of testing the conversion of cryptocurrencies are not specified.
In addition, during the forum, the Eurasian Bank announced that it was going to issue a cryptocurrency card by the end of 2022. Several transactions with cryptocurrencies have already been made. Perhaps it is the Eurasian Bank that will be responsible for issuing and regulating the cryptocurrency card.
What is the strategy of the government of the Republic of Kazakhstan in relation to cryptocurrencies
In Kazakhstan, the authorities began to pay more attention to the cryptocurrency market last year. Then the head of the Ministry of Digital Development, Bagdat Musin, announced that it was planned to legalize their own crypto exchanges. The President of Kazakhstan also agreed on the development of the Institute of Cryptocurrency Exchanges on the basis of the Astana Financial Center.
If the pilot project is recognized as successful by the authorities of Kazakhstan, then it is possible that cryptocurrencies will be legalized in the country in 2023. Most likely they will be under the strict control of the regulator and other regulatory authorities.
Author: Vadim Gruzdev, analyst Freedman Сlub Crypto News
#Kazakhstan #legalization #cryptocurrencies
