Kazakhstan Government Creates Roadmap for Developing Crypto Market

The Kazakh government is developing a roadmap to stimulate the development of the cryptocurrency industry and blockchain technology in the country.

The Kazakh Prime Minister’s website announced on Tuesday that the state government has reviewed proposals to address the development of the cryptocurrency industry and reconsidered the state’s approach to regulating cryptocurrency operations.

Officials have proposed running cryptocurrency exchanges through a major national financial center, the Astana International Financial Center. The government has also proposed establishing standards through which cryptocurrency exchanges can interact with local banks and customers.

The new initiative aims to provide transparency and organization to the local crypto industry. “To date, of all the companies working in the crypto industry, only mining companies are part of the Kazakhstan market,” the statement reads.

The Republic of Kazakhstan is increasingly taking the crypto industry and digital assets seriously. Last week, the Central Bank of Kazakhstan published an official report on a possible central bank digital currency. The bank said that the digital tenge is neither intended to replace cash payments nor cashless payments, but is an alternative that will allow the national payment system to be further developed and reduce dependence on cash.