Kazakhstan Prepares to Launch National Crypto Exchange

Kazakhstan plans to launch a nationwide crypto exchange and develop the digital financial assets (DFA) segment.

The National Bank of Kazakhstan has announced the creation of a single center for the exchange of digital assets, which will operate throughout the country. This will allow legalizing cryptocurrency transactions and removing them from the shadow market, said the chairman of the regulator, Timur Suleimenov. His words are quoted by local media.

National crypto exchange in Kazakhstan

Currently, many residents of Kazakhstan use foreign crypto platforms that are not controlled by the state. Against this background, the authorities decided to create a licensed national crypto exchanger in the country that will operate according to clear rules, protect users from fraudsters and help track suspicious transactions.

The new crypto exchange will replace all unregulated foreign cryptocurrency trading platforms. It will be integrated with the Astana International Financial Center (AIFC).

“This model will provide access to a wide range of related services, including storage, exchange, trading and operations with digital assets in a legal and secure environment,” Suleimenov noted.

However, the official emphasized that the provider’s capabilities will be much broader than those of the platforms operating within the AIFC.

In the first stage, citizens will be allowed to buy cryptocurrency only within the established limits in order to protect inexperienced investors. However, the ban on using digital assets as a means of payment remains.

All the changes announced by Suleimenov are planned by the Kazakh authorities to be introduced into the new Law on Banks. Its adoption will take place in August of this year.

In addition, Kazakhstan is also planning to develop the digital financial assets and tokenization. The authorities consider this as a safe alternative to cryptocurrencies.

“Such advanced tools make it possible to simplify the issuance and circulation of financial instruments through blockchain and smart contract technologies, reduce costs, provide issuers with direct access to investors, expand sources of financing and make the capital market more accessible to new participants, including small and medium businesses,” Suleimenov explained.

However, first, according to the Chairman of the National Bank, it is necessary to form a full-fledged infrastructure.

Earlier, the Parliament of Kazakhstan proposed to create a national cryptobank. It is assumed that such a body will regulate and control the circulation of cryptocurrency in the country.

Источник: cryptocurrency.tech