Kazakhistan: Parliament calls for reforms for comprehensive crypto trading outside of the special economic zone

Von Krypto News Österreich

Krypto-Handel in Kasachstan: Der Ruf nach einer Reform In einem aktuellen politischen Austausch hat Azat Peruaşev, der Vorsitzende der Minderheit AQ JOL Party und Mitglied der Majilis, dem Unterhaus des kasachischen Parlaments, eindringlich gefordert, den Kryptohandel in Kasachstan aus der Sonderwirtschaftszone zu befreien. Trotz der Tatsache, dass das derzeitige Gesetz Operationen mit digitalen Vermögenswerten lediglich im Astana International Financial Center (AIFC) erlaubt, finden die meisten Krypto-Transaktionen in einer rechtlichen Grauzone statt. Ein Vorschlag für eine Krypto-Bank Peruaşev hat vorgeschlagen, dass die Zentralbank Kasachstans gemeinsam mit den Privatbanken des Landes eine spezielle „Krypto-Bank“ einrichten sollte. Diese Institution könnte eine rechtliche Plattform …
Crypto trade in Kazakhstan: The call for a reform in a current political exchange, Azat Peruaşev, the chairman of the minority AQ Jol Party and member of the Majilis, the lower house of the Kazakh parliament, has urgently demanded to free the crypto handle in Kazakhstan from the special economy zone. Despite the fact that the current law only allows operations with digital assets in the Astana International Financial Center (AIFC), most crypto transactions take place in a legal gray area. A proposal for a crypto bank Peruaşev has proposed that the central bank of Kazakhstan, together with the country's private banks, should set up a special “crypto bank”. This institution could be a legal platform ... (Symbolbild/KNAT)

crypto trade in Kazakhstan: the call for a reform

In a current political exchange, Azat Peruaşev, the chairman of the minority AQ Jol Party and member of the Majilis, the lower house of the Kazakh parliament, urged to free the cryptoandel in Kazakhstan from the special economy zone. Despite the fact that the current law only allows operations with digital assets in the Astana International Financial Center (AIFC), most crypto transactions take place in a legal gray area.

a proposal for a crypto bank

Peruaşev has suggested that the central bank of Kazakhstan should set up a special “crypto bank” together with the country's private banks. This institution could provide a legal platform for the trade in cryptocurrencies and thus regulate the supervision, the exchange and storage of digital assets. He emphasizes that such a bank could take on far -reaching functions and powers than is the case with conventional banks.

Need for a legal reform

Likewise, MP Ekaterina Smyshlyaeva commented and called for a revision of the regulations for digital assets. Despite the adoption of the current law on digital assets in early 2023, she realizes that the market has changed significantly since then. In her view, a transition to the next stage of regulation is necessary.

According to Peruaşev, around 90 % of crypto operations in Kazakhstan are currently being carried out in a legal gray area. This favors fraud, illegal activities and tax evasion. In order to meet these challenges, he suggests that the crypto bank should also intensify the legal monitoring of the stock exchanges.

outdated crypto laws in Kazakhstan

smyshlyaeva also speaks for the decriminalization of operations with digital assets outside the AIFC. It calls for an expansion of the infrastructure for these business activities and an increase in legal controls via the stock exchanges.

So far, digital assets in Kazakhstan can be traded on stock exchanges that belong to the AIFC, such as bony and bybit. Despite the growing interest in digital assets, only a few Kazakhstaners are ready to use the AIFC offers, since they are subject to specific laws that only apply to the special economic zone.

In addition, the President of Kazakhstan, Kassym-Jomart Tokayev, confirmed the urgency during a government meeting in January 2023 to create a new legal framework for crypto dealers. He emphasized that the infrastructure for the broader legal distribution of digital assets should be determined as quickly as possible and that the financial supervisory authorities have to deal with the creation of a suitable legislative framework.

FAZIT

The call for reforms in the area of ​​the crypto handle in Kazakhstan is getting louder. While the legal framework is currently considered outdated, the government is urging modernization that could enable legal and transparent use of digital assets. The creation of a crypto bank and the reform of the existing laws could help to raise the crypto industry in Kazakhstan to a new level and at the same time minimize the associated risks.