Kazakhstan’s government is reportedly forming a roadmap that will stimulate the development of the crypto sector and blockchain technology in the country. The authorities want to improve all their regulatory approaches to enhance the country’s position in the global crypto space.
Reports suggest that the state authorities have reviewed proposals seeking to address the crypto sector’s development and reconsider the country’s approach to restricting crypto operations. An official announcement published on May 11 on the website of the Prime Minister of Kazakhstan mentioned that regulators have proposed to run crypto exchanges through a centralized national financial hub. The hub is known as the Astana International Financial Centre.
The government also said that it might establish standards by which the cryptocurrency exchanges can interact with clients and local banks. This new initiative is designed to offer organization and transparency for the local crypto space. The announcement reads:
“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 Republic of Kazakhstan appears to be getting more serious about the cryptocurrency sector and digital assets. In the past week, Kazakhstan’s central bank was seen to issue an official report on a potential central bank digital currency (CBDC).
Notably, the bank said that the digital tenge is not aimed at replacing cash or cashless payments but would rather act as an alternative option that will enable more development of the national payment system and minimize reliance on cash transactions.