Kazakhstani authorities plan to improve their regulatory approach in order to strengthen the country’s position in the global crypto market.
Kazakhstan’s government forming a roadmap to stimulate the development of the cryptocurrency industry and blockchain technology in the country.
State authorities have reviewed proposals to address the crypto industry’s development and reconsider the state’s approach to regulating crypto operations, according to a Tuesday announcement on the website of the Prime Minister of Kazakhstan.
Officials have proposed to run crypto exchanges via a major national financial hub, the Astana International Financial Centre. The government also suggested establishing standards by which crypto exchanges can interact with local banks and clients.
The new initiative aims to provide transparency and organization for the local crypto industry. “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.
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.