Kazakhstan to prepare new plan for developing digital assets market
Kazakhstan’s President Kassym-Jomart Tokayev has instructed the government, the National Bank and other state bodies to prepare measures for deeper integration of digital assets into the country’s traditional financial system. To this end, he signed a decree “On Measures to Stimulate and Develop the Digital Assets Industry in the Republic of Kazakhstan.”
According to the central bank’s website, authorities are now developing a medium-term plan for the crypto industry. It will set out specific steps, implementation timelines and the state bodies responsible for carrying them out.
The National Bank explained that the decree defines priority and systemically important measures for the comprehensive modernization of the industry. According to the authorities, these measures should create more favorable legal and economic conditions for capital localization, the development of the national financial system, the attraction of long-term investment, and the strengthening of digital and accounting infrastructure. The regulator believes this will help Kazakhstan secure its status as a leading regional crypto hub.
At the same time, the National Bank clarified that the basic regulatory framework for the industry has already been formed and came into force on May 1. The main focus will now be on launching infrastructure projects in the digital assets sector.
What the plan will focus on
The planned measures include introducing mechanisms for using stablecoins in cross-border payments and money transfers, defining approaches to regulating decentralized finance, and developing tokenized financial instruments and national trading infrastructure.
Authorities also plan to launch projects for issuing tokenized government bonds, expand the activities of digital asset service providers, strengthen cooperation with the jurisdiction of the Astana International Financial Centre, and develop the digital infrastructure of Alatau City.
A separate area concerns mining. The decree provides for the use of electricity from autonomous generation, including with the use of associated petroleum gas and natural gas at fields, for digital mining.
In addition, the Ministry of Digital Development said the authorities want to bring digital asset transactions into the regulated legal field. To do this, they plan to create conditions for the voluntary disclosure of digital assets that were previously held on foreign unregulated platforms. In the future, these assets are expected to be transferred to platforms operated by Kazakhstani providers.
An attempt to regain lost ground
The point on digital mining is especially important. Kazakhstan has already gone through a period of rapid growth in this industry and, after China banned mining, became one of the world’s largest cryptocurrency mining centers. Miners, equipment and investment flowed into the country, and Kazakhstan temporarily became one of the global leaders by share of Bitcoin hashrate.
However, the rapid growth of mining also exposed weak points: pressure on the power grid, electricity shortages, a gray market and the need for clearer regulation. That is why the idea of using autonomous generation for mining, including associated petroleum gas and natural gas at fields, looks like an attempt to restart the sector on more controlled terms. For Kazakhstan, this could become a way to regain some of its lost positions without putting the same pressure on the national energy system.
As a reminder, Kazakhstan blocked more than 1,100 illegal cryptocurrency platforms.
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