Regulation
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The President of the Republic of Kazakhstan announced his readiness to change national legislation and the regulatory environment in the interests of developing the digital asset industry.
Kassym-Zhomart Tokayev stated at the international forum Digital Bridge 2022 that Kazakhstan intends to become an international leader in the field of digital technologies, the cryptocurrency ecosystem and regulated mining. The government of the country has developed amendments to the national legislation for the pilot launch of the cryptocurrency conversion mechanism at the Astana International Financial Center (AIFC). The project will run in test mode until the end of 2022.
“Cryptocurrency conversion is already being carried out at the site of the Astana International Financial Center under a special pilot project. If this financial instrument shows its further demand and security, then it will certainly receive full legal recognition,” Kassym-Jomart Tokayev promised.
In summer, a pilot project of interaction between commercial banks and crypto exchanges licensed in the AIFC was launched in Astana. The goal of the project is to run-in the opening of accounts of crypto-platforms and their clients in Kazakhstani banks. The project involves ATAIX Eurasia and Biteeu Eurasia crypto exchanges, as well as Halyk Bank, Altyn Bank and Eurasian Bank.
In August, the Astana Financial Services Authority (AFSA) issued a temporary license to the Binance cryptocurrency exchange to work with digital assets in the Republic of Kazakhstan. The exchange will be able to provide its services as a digital asset trading platform operator and custody service provider in the AIFC.
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