Alikhan Smailov, First Deputy Prime Minister of the Republic of Kazakhstan, instructed the government to formulate a plan for the development of the digital asset industry and requirements for cryptocurrency exchanges.
The government of Kazakhstan intends to work out all the problems of the development of the cryptocurrency industry and revise the approach to regulating transactions with digital currencies. The comments of the Central Bank of Kazakhstan, financial market regulatory agencies and other government agencies, as well as the National Association for the Development of the Blockchain and Data Center Industry were taken into account. It has been proposed that operations on cryptocurrency exchanges operating in Kazakhstan be controlled by the Astana International Financial Center (AIFC).
The Deputy Prime Minister said about the need to establish standards according to which trading platforms will be able to interact with local banks, as well as with individuals of Kazakhstan and foreign citizens. Such standards should “overlap” with international regulatory requirements, taking into account operational and legal risks. This will require appropriate amendments to the country’s legislation to protect the interests of users.
According to Smailov, the new initiative is aimed at ensuring the transparency of the digital asset market. A more accurate analysis of this industry will allow Kazakhstan to take a leading position in the cryptocurrency field, since today the country pays special attention only to cryptocurrency mining. Smailov also presented data from the Cambridge Center for Alternative Finance, according to which Kazakhstan is in fourth place in terms of the computing power of equipment for mining cryptocurrencies.
Recently, Kazakhstan has begun to direct its efforts not only to the development of mining. Last week, the Central Bank of Kazakhstan published a report on the possibilities of launching its own digital currency. The central bank said that the digital tenge will accelerate the development of the state payment system.
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