Offshore Or Crypto Hub? Alatau City Awaits Its Own Financial Rules
Photo: President\'s press-service
President Kassym-Jomart Tokayev spoke at a meeting on the development of Alatau and said the authorities must prepare the tax, financial, and regulatory framework for the future crypto city within the next 12 months, Orda.kz reports.
Tokayev said the city administration plans to adopt all key regulatory acts for Alatau City within a year. According to him, this work cannot be delayed, otherwise the project may lose investors.
International investors will not wait years for us to create the necessary conditions. They make decisions here and now, when promising opportunities appear,the president said.
According to Tokayev, Alatau already has a special legal regime, but this is not enough. The authorities must now set specific rules for businesses, investors, digital assets, and the city’s financial system.
The president also commented on the project’s economic model. According to him, the city will need a stable financial base because development will require major spending, while tax benefits at the initial stage could reduce budget revenues.
The inflow of investment and business development that we are relying on is not a guaranteed source of income, but only a forecast and an expectation,Tokayev said.
The most notable part of his speech concerned digital assets. Tokayev said Alatau should become the first crypto city in this part of the world. To achieve this, the authorities want to define the legal status of crypto assets, recognize them as property, and speed up the launch of new financial instruments. The president also confirmed plans to create special tax conditions.
To successfully compete with well-known international centers, appropriate legal conditions must be created in Alatau, including a zero rate on operations with digital assets and capital gains within the jurisdiction,Tokayev said.
Earlier, Orda.kz reported that Deputy Prime Minister Kanat Bozumbayev said Alatau City would not become an offshore zone. At the time, the authorities emphasized that the project was being created as a platform for technology, investment, and special regulation, not as a classic offshore zone.
Original author: Alexander Zhdanov
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