A deputy of the lower house of the Parliament of the Republic of Kazakhstan (Mazhilis) Azat Peruashev, proposed to create a national cryptobank in order to withdraw transactions with cryptocurrencies from the “gray zone”.

In his appeal to the Prime Minister of Kazakhstan, Olzhasu Bektenov, Peruashev called on the government to take urgent measures to liberalize the sphere of digital assets. The deputy emphasized that cryptocurrencies have become an important part of the global financial system, so interest in the inhabitants of Kazakhstan is growing in them. However, the country does not have a regulatory framework for the use of digital assets, said Peruashev.

“Instead of legal regulation, we have a ban on the circulation of cryptocurrencies, and this fuels a shadow economy and illegal schemes. According to some estimates, 90% of cryptotrazacities in Kazakhstan are performed outside the legal field, ”said Peruashev.

The deputy explained that the vast majority of operations with digital assets are not carried out on the platforms registered in the International Financial Center “Astana” (IFTCA). This helps to increase the number of illegal exchangers, tax evasion and even financing of illegal activities. Residents of Kazakhstan incur high losses due to crypto-mesh and fake platforms, and billions of tenge go abroad without proper regulatory supervision.

The creation of a cryptobank could provide such a legal mechanism for the supervision of the exchange and storage of digital assets. The cryptobank should strengthen the positions of Kazakhstan as a regional center for the development of digital financial technologies, reduce the activity of the shadow market and increase tax revenues to the state treasury, Peruashev explained.

At the beginning of the year, the President of Kazakhstan Kasym-Zhomart Tokaev called on the authorities to take urgent measures to form a legislative framework for the development of cryptor, since 95% of Kazakhstani investors perform cryptocurrency operations in the “gray zone”.