President Tokayev wants better conditions for cryptocurrencies in Kazakhstan

The country has to abandon its role as a provider of raw materials, he said

President Kassym-Jomart Tokayev has ordered the government and AIFC to take necessary measures to facilitate the development of the cryptocurrency industry and digital assets. This statement was made at the meeting of the Management Council of the Astana International Financial Center Council, according to the press service of the president.

Kazakhstan must harness its potential in full, Tokayev noted.

“We are ranked #2 in terms of digital mining, but we have to do everything needed to abandon this solely raw-exports role. The government along with the financial agencies and AIFC should create better regulatory conditions for the comprehensive development of the digital ecosystem in Kazakhstan,” the president said.

In 2019, the AIFC developed a set of financial innovations. Actually, this is a network of 29 financial regulators and organizations aimed at cooperation and sharing experience in the field of financial innovations. Now, the network can turn into the foundation for further development of cryptocurrency legislation in the country.

According to a report of the International Monetary Fund, as of September 1, 2021, the capitalization of the global cryptocurrency market was estimated at $2.6 trillion (an eleven-fold increase compared to January 2020). At the same time, Chainanalysis, an IT developer from Singapore, estimates the global volume of transactions with cryptocurrency at $16 trillion.

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