Kazakhstan to Introduce New Rules for Cryptocurrency Regulation

Kazakhstan is set to roll out new rules governing the circulation and regulation of digital assets, according to Timur Suleimenov, Chair of the National Bank, who spoke at a briefing in Astana, Orda.kz reports.

Responding to a question about the possible liberalization of the cryptocurrency market, Suleimenov noted that a bill regulating crypto exchanges is already under review in the Majilis. The National Bank has submitted its proposed amendments, and it is now up to the Majilis to finalize and approve the legislation.

Suleimenov emphasized that the bill aims to establish “clear and transparent rules of the game” for cryptocurrency exchanges.

The National Bank is also preparing a second legislative initiative, which will address digital assets more broadly— and may include partial liberalization of the crypto market.

We plan to submit this bill before September this year. There will be liberalization in terms of regulating the circulation of digital assets, including cryptocurrencies,he said. 

In recent months, signs of a shift in the government’s stance on digital currencies have emerged. While cryptocurrency turnover remains limited, the National Bank has launched a pilot project for crypto-enabled payment cards.

Meanwhile, Minister of Digital Development Zhaslan Madiyev recently suggested that a "CryptoCity" pilot zone could be established in the new city of Alatau, where crypto payments for goods and services would be legally permitted.

Original Author: Nikita Drobny