The Kazakhstan National Bank has established legislative amendments to regulate the rolling of digital assets in the region.
According to the sub-government of the National Bank of Kazakhstan, quoted by Kazinform news agencyThe initiative is in accordance with the president’s directive, the financial institution and government agencies jointly developing a series of legislative amendments specifically to create a legal framework for the turnover of digital assets.
The push of Kazakhstan for regulatory control in cryptographic industry
The modifications should be composed of two blocks, including one intended for the deployment of digital financial assets with the determination of legal status and the second focused on the launch of the regulation of the circulation of cryptocurrencies not guaranteed by the granting of licenses of cryptographic exchange services. In addition, the Kazakhstan National Bank plans to introduce the regulatory sand tank for digital assets, aimed at allowing market players to test various services and technologies.
Before this announcement, Kazakhstan had worked on the supervision of cryptocurrency exchanges, focused on the attenuation of illegal activities while facilitating a secure commercial landscape. The country also imposes a complete framework which puts the granting of licenses, AML compliance and secure storage at the forefront. The strategy is managed by Astana Financial Services Authority (AFSA), which applies customer verification and secure storage protocols.
In addition to taking regulatory measures, the government has also deployed educational initiatives to increase public awareness concerning the opportunities and risks associated with cryptocurrencies. With these campaigns, regulators intended to facilitate an enlightened and committed population which could effectively participate in the digital economy.
In 2024The Kazakh government has explained the tax implications for gains from cryptographic investments, ensuring that they are systematically treated with other financial instruments. Thanks to this, the clarity of tax regulations could offer certainty to investors while improving the attraction of the country as a friendly jurisdiction of crypto.
At a global level, the approach of Kazakhstan to the regulation of cryptography is in accordance with global standards and best practices. The region is an active participant in international forums and is associated with other regulatory organizations to create a unified approach to the regulation of digital currencies.
