At a government meeting, the President of Kazakhstan stated the need for the urgent creation of a cryptocurrency infrastructure and the formation of an appropriate legislative framework for the legal circulation of digital assets.
According to the head of state, currently about 95% of investors use the so-called “gray zone” for transactions with cryptocurrencies, and this is damaging the country's economy.
He stressed that today digital assets can only circulate in Kazakhstan through crypto exchanges licensed by the Astana International Financial Center. However, this official channel covers only a small part of market participants, and many of them still use illegal methods of working with digital coins, the president noted.
In order to get out of the current situation, financial regulators must develop a legislative framework that would expand the circulation of digital assets and attract as many users as possible to official platforms, Kassym-Jomart Tokayev said.
The President called on the government and regulators to work through issues related to the formation of the legislative framework as quickly as possible and noted that the national economy needs new incentives to attract investment, including from companies operating in the crypto market.
