Monday, December 5, 2022
HomeLaw & PoliticsKazakhstan a step closer to legalising digital currencies: Report

Kazakhstan a step closer to legalising digital currencies: Report

Kazakhstan is getting closer to legalising digital currencies, according to President Kassym-Jomart Tokayev’s renewed commitment to making the country a pioneer in digital technologies.

According to local news outlet Informburo, the government is increasing its interest in developing a platform that will facilitate the conversion of cash to  cryptocurrency in the Astana International Financial Centre (AIFC). This anticipated capability is expected to strengthen the country’s position in the crypto world, as well as to increase its efforts in the crypto mining environment.

Tokayev stressed in his speech at the international conference Digital Bridge 2022 that Kazakhstan wants to lead the world in digital technology, the cryptocurrency ecosystem, and controlled mining. He mentioned that Kazakhstan’s national law has been amended by the government in order to test a mechanism for converting cryptocurrency at the Astana International Financial Centre.

Kazakhstan a step closer to legalising digital currencies: Report
Kazakhstan a step closer to legalising digital currencies: Report

President Kassym-Jomart Tokayev stated:

“For this, quite innovative changes were made to national legislation and the regulatory environment.”

Kazakhstan is not the only nation attempting to increase the acceptance of cryptocurrencies that has become a favourite departure point for Russians. Georgia, a neighbouring state, has also been taking steps to enact new cryptocurrency legislation in an effort to establish itself as a worldwide crypto hub.

Kazakhstan stated it would expand its presence in the cryptocurrency industry and predicted it would draw up to $1 billion in investments, as disclosed in 2020. Compared to some of its close neighbours, Kazakhstan has demonstrated over the past few years that it is more receptive to crypto service providers.

When President Tokayev and Changpeng Zhao, the CEO of the trading platform, first met in May of this year, they agreed to a Memorandum of Understanding (MoU) with Binance exchange. The MoU has numerous commitments. However, a key objective was to promote Kazakhstan’s digital economy.

Kazakhstan is heavily committed to its Central Bank Digital Currency (CBDC) project in addition to its direct involvement with privately issued cryptocurrencies and their larger ecosystem. In May, the country opened up public comment on the proposed e-currency.

With important sector players like Binance receiving licences and approvals to operate, Kazakhstan is edging closer in the next few years to emerging as a significant hub for the cryptocurrency business.

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