Date: 6 months ago   Category: Economy

Kazakhstan: the market of cryptocurrencies has appeared under a sight of regulators


Since 2018 the authorities of Kazakhstan, having seen threat in still arising national cryptoforeign exchange market, immediately made active the pressure upon the state and private financial institutions which are on a joint with cryptocurrencies.

Since 2018 the authorities of Kazakhstan, having seen threat in still arising national cryptoforeign exchange market, immediately made active the pressure upon the state and private financial institutions which are on a joint with cryptocurrencies.

In the Republic of Kazakhstan standard and legal base in the sphere of cryptocurrencies, today, per se is absent though the cryptocurrency de jure and isn't forbidden. Meanwhile, she has no legal status, and she doesn't treat neither to fiatny, nor electronic money. It isn't recognized as an asset and also lawful means of payment. Thus, according to the main regulator - National bank of the Republic of Kazakhstan - commercial banks have no right to carry out activity with cryptocurrencies. Respectively, use of cryptocurrencies as means of payment, currency, or a financial instrument contradicts the national legislation.

has ceased suit Such state of affairs not only ordinary citizens, but also regulators which since March, 2018 have attended to entering of special amendments into this "Brownian motion", quite reasonably believing that to introduce regulation better late than never.

History of such "concern" from the state originates from official statements of National Bank of Kazakhstan which for all 2017 tried to warn the citizens against investment into doubtful ICO, and has at all expressed the fears for safety of national currency tenge later, having forbidden any exchange transactions in the direction cryptocurrency-Fiat-cryptocurrency.

Then, spring of 2018 a number of sign deputies of the senate of Kazakhstan have stated the point of view that a pier "need of ensuring protection of property rights and freedoms of Kazakhstan citizens at transactions with cryptocurrency has ripened and also economic and information security of the country". the performance at the XI Astana economic forum of the president of Kazakhstan Nursultan Nazarbayev became

But a starting point in a question of start of a regulatory campaign. The head of state has expressed the need introductions of the general rules for all countries in the sphere of a turn of cryptocurrencies and their further adaptation in national financial systems. For this purpose the president of Kazakhstan has suggested to use a format of an expert discussion G-Global on the basis of the UN.

has been for the first time sounded opinion that the legislation for cryptocurrencies and also the possibility of creation of national cryptocurrency will allow to lower, first of all, a negative background around them, and secondly, will give the chance to use them as alternative means of payment at the state level.

Nursultan Nazarbayev, at a forum has said that "society and, in particular, economy need creation of a new financial system. Universalna and Udo

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