Miners, DeFi and Digital Bonds: Kazakhstan Prepares New Crypto Rules

President Kassym-Jomart Tokayev has signed a decree on developing Kazakhstan’s digital assets industry. The country plans to launch crypto-based cross-border payments, expand the work of digital asset market participants and regulate decentralized finance, or DeFi, Orda.kz reports.

Tokayev signed the decree “On Measures to Stimulate and Develop the Digital Assets Industry in the Republic of Kazakhstan.” The document is intended to move the sector from rule-making to the launch of practical infrastructure projects.

The National Bank, the government and other state bodies have been instructed to prepare a development plan for the crypto industry. It must include specific measures, deadlines and responsible agencies.

The authorities plan to:

• introduce mechanisms for using stablecoins in cross-border payments and transfers;
• expand the activities of digital asset service providers;
• launch projects to issue tokenized government bonds;
• define approaches to DeFi regulation;
• develop digital infrastructure in Alatau City;
• expand cooperation with the Astana International Financial Centre.

The decree also mentions crypto miners. The authorities want mining to develop through autonomous power generation so that miners do not place additional pressure on the general power grid.

Original author: Alexander Zhdanov

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