Roadmap for developing crypto market to be created by Kazakhstan’s government

Roadmap for developing crypto market to be created by Kazakhstan’s government

To stimulate the development of the cryptocurrency industry and blockchain technology, Kazakhstan’s government forming a roadmap. 

According to a Tuesday announcement on the website of the Prime Minister of Kazakhstan, State authorities have reviewed proposals to address the crypto industry’s development and reconsider the state’s approach to regulating crypto operation.

Through a major national financial hub, the Astana International Financial Centre, Officials have proposed to run crypto exchanges. Also, standards by which crypto exchanges can interact with local banks and clients are being suggested by the government.

To date, out of the whole variety of companies working in the crypto industry, […] only mining companies are part of the market in Kazakhstan the announcement reads, and the new initiative aims to provide transparency and organization for the local crypto industry

The Republic of Kazakhstan is getting more serious about the crypto industry and digital assets. Last week, Kazakhstan’s central bank issued an official report on a possible central bank digital currency. The bank said that the digital tenge is not intended to replace either cash or cashless payments but would rather be an alternative option that would enable further development of the national payment system and reduce reliance on cash.

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