Technology

Development of crypto-industry and block-chain technologies considered by RK Government

Photo © Adilbek Tauekelov / Kazpravda.kz
The Government considered the development of the crypto-industry and block-chain technologies, Kazpravda.kz reports with reference to the press service of RK PM.

At the meeting chaired by the First Deputy Prime Minister of the Republic of Kazakhstan Alikhan Smailov, all proposals were systematized, which will become the basis of the Roadmap for development of the above technologies.

Note, according to the Cambridge Center for Alternative Finance, Kazakhstan already ranks fourth in the world in terms of the computing power of equipment for extraction of digital assets.

Today, out of the whole variety of companies working in the field of crypto-industry, innovative financial instruments and related fields, only mining companies are represented on the Kazakhstan market.

For further development of the digital industry in this direction, it is proposed to revise the approaches within the framework of the pilot project. In particular, implementation of crypto-exchanges on the basis of the IFCA, the development and approval of the regulations of the pilot project on mechanism of interaction of the crypto-exchange with Kazakh banks and individuals - residents and non-residents of the Republic of Kazakhstan, consideration of the need to improve legislation on the activities of crypto-exchanges following the pilot.

According to experts, in a regulated environment, the digital asset market will become more organized and transparent, it will be possible to more accurately assess this market and conduct analytics, take a leading position in the cryptocurrency market in the region, providing an international regulatory standard comparable to international requirements.

The meeting took into account the proposals and comments of the National Bank, the Agencies for regulation and development of the financial market, financial monitoring, the International Financial Center and Analysis (IFCA), the National Association of block-chain and data center industry in Kazakhstan and interested government bodies on the points of the Roadmap on development of crypto-industry and block-chain technologies.

Alikhan Smailov instructed to further elaborate and agree on certain aspects of the functioning of the crypto exchange in the IFCA, taking into account operational, legal and fraud risks, as well as, following the results of joint work, submit an agreed version of the Roadmap for approval to the Government of Kazakhstan.
14:56, 11 May 2021
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