Kazakhstan to regulate the operations of cryptocurrency exchanges

The government of Kazakhstan has considered proposals that will form the basis of a roadmap for the development of the cryptocurrency industry and blockchain technologies. This was reported on the prime minister’s website of the country.

In a press release, citing data from the Cambridge Centre for Alternative Finance, it was noted that Kazakhstan ranks fourth in the world for the computational power of mining equipment.

“At present, among the full range of companies operating in Kazakhstan’s crypto industry, innovative financial instruments and related fields, only mining companies are represented,” the statement said.

For the development of the market in Kazakhstan within a pilot project, the possibility of launching cryptocurrency exchanges based at the Astana International Financial Centre (AIFC), developing a framework for platform interactions with Kazakh banks and individuals, and overall improvement of the regulation of crypto exchanges is being considered.

The final version of the roadmap, after all approvals, will be approved by the government.

Earlier in March, news of the creation of a working group for the development of the crypto industry and blockchain emerged.

For more on how cryptocurrencies are regulated in the country, read ForkLog’s overview.

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