Kazakhstan’s Financial Authorities Have Asked For Comment On Cryptocurrency Trading Regulations

Key Points:

• Kazakhstan’s financial authorities have begun a public consultation on a new draft of the country’s digital asset trading framework, and the public is invited to participate.
• The agreed recommendations will be included in the proposed modifications to the AIFC Digital Assets Trading Concept, which is due later this year. Mechanisms to avoid market misuse, restrict settlement risks, and convey information to investors are among them.

Kazakhstan’s financial authorities will launch a public consultation on the amended draft of the country’s digital asset trading framework on February 4, and the public and relevant parties will have until February 25 to provide input.

The agreed recommendations will be incorporated into a revised draft of the Kazakhstan AIFC’s digital asset trading concept, which is anticipated to be issued later this year and contains procedures to prevent market abuse, reduce settlement risk, and provide information to investors. The proposal also intends to replace the current registration system with a licensing system for bitcoin miners and exchanges.

The idea comes after the Nur-Sultan parliament passed a measure aimed at regulating the country’s crypto sector. Along with other legislative acts, the legislation “On Digital Assets in the Republic of Kazakhstan” establishes guidelines for cryptocurrency mining and circulation.

The present system of registering bitcoin miners and exchanges will be replaced with a license system according to the plan, which also asks for its own implementation. Kazakhstan became a mining hotspot as a result of China’s crackdown on the mining sector, and the nation has been striving to oversee both the industry and the sale of created coins.

The government has taken a tough stance against unlicensed cryptocurrency farms, citing the influx of miners as the cause of the country’s growing power shortage. They have also taken down a number of illegitimate cryptocurrency trading sites. This is because the only exchanges that are authorized to provide such services are those that are registered with the AIFC.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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