Government considers development of cryptoindustry and blockchain technologies

First Deputy Prime Minister Alikhan Smailov chaired a meeting for systematizing all proposals that will become the basis of the Roadmap for the Development of Cryptoindustry and Blockchain Technologies.

According to the Cambridge Center for Alternative Finance, Kazakhstan already ranks fourth in the world in terms of the computing power of equipment for the extraction of digital assets.

Today, out of the whole variety of companies working in the field of cryptoindustry, innovative financial instruments and related fields, only mining companies are represented on the Kazakhstan market.

For the further development of the digital industry in this direction, it is proposed to revise the approaches within the framework of the pilot project. In particular, the implementation of crypto-exchanges on the basis of the AIFC, the development and approval of the regulations of the pilot project on the mechanism of interaction of the crypto-exchange with Kazakh banks and individuals — residents and non-residents of the Republic of Kazakhstan, consideration of the need to improve legislation on the activities of crypto-exchanges following the pilot.

According to experts, in a regulated environment, the digital asset market will become more organized and transparent, it will be possible to more accurately assess this market and conduct analytics, take a leading position in the cryptocurrency market in the region, providing an international regulatory standard comparable to international requirements.

During the meeting, the proposals and comments of the National Bank, the Agencies for the Regulation and Development of the Financial Market, Financial Monitoring, the International Financial Center and Analysis (AIFC), the National Association of Blockchain and Data Center Industry in Kazakhstan and interested government bodies on the items of the Roadmap for Development cryptoindustry and blockchain technologies were considered.

Smailov instructed to additionally work out and agree on certain aspects of the functioning of the crypto exchange in the AIFC, taking into account operational, legal and fraud risks, as well as, following the results of joint work, submit an agreed version of the Roadmap for approval by the Government of the Republic of Kazakhstan.

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