Fun

Kazakhstan Launches Consultation on Proposals to Improve Crypto Trading

News Feed - 2023-02-04 07:02:29

Kazakhstan Launches Consultation on Proposals to Improve Crypto Trading


Financial authorities in Kazakhstan are starting a public consultation on draft changes to the country’s framework for digital-asset trading. The proposals include measures to reduce risks in the crypto market and improvements to the structure of exchange platforms. Kazakhstan’s Financial Hub Seeks to Amend Its Concept for Trading Digital Assets


The Astana Financial Services Authority, the body that oversees the Astana International Financial Center (AIFC), has published a consultation paper detailing proposals aimed at upgrading Kazakhstan’s regulated ecosystem for cryptocurrency operations.


The document suggests measures to reduce market risks in the government-controlled trading environment. The regulatory body has also prepared solutions to improve the current structure of the crypto platforms working out of the Central Asian nation’s financial hub.


Residents of the AIFC, as well as other interested parties, have been invited to participate in the consultation, the crypto news outlet Forklog reported, quoting the announcement. The managing authority will accept public feedback until Feb. 25.


The approved proposals will be added to the draft amendments to the AIFC Digital Assets Trading Concept expected to be released later this year. Among them are mechanisms to prevent market abuse, limit settlement risks and disclose information to investors.


The initiative comes after the parliament in Nur-Sultan adopted a bill devoted to regulating the country’s crypto space. Along with other legal acts, the law “On Digital Assets in the Republic of Kazakhstan” introduces rules for the mining and circulation of cryptocurrencies.


The legislation also envisages the establishment of a licensing regime for crypto miners and exchanges to replace the existing registration system. Kazakhstan became a mining hotspot following China’s crackdown on the industry and has been looking to regulate the sector and the sale of minted coins.


The influx of miners was blamed for the country’s growing power deficit and authorities have been cracking down on unauthorized crypto farms. They have also taken down a number of illegal crypto trading platforms as only exchanges registered at the AIFC are allowed to provide such services. Tags in this story amendments, consultation, Crypto, crypto assets, crypto miners, crypto mining, Cryptocurrencies, Cryptocurrency, Digital Assets, Exchange, Exchanges, Kazakhstan, Law, Laws, licensing, Miners, mining, paper, Proposals, registration, Regulation, Regulations, trading


Do you think Kazakhstan takes steps to expand its legal framework for digital assets in order to become a regional crypto hub? Tell us in the comments section below. Lubomir Tassev


Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration. Experts Predict Future Regulation of Crypto Exchanges by 2025, With Split Opinion on Similarity to Traditional Finance REGULATION | 1 day ago US Judge Dismisses Customer Lawsuit Against Crypto Exchange Coinbase REGULATION | 2 days ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleSamsung Is Preparing Its Own Metaverse Hardware in Partnership With Google and Qualcomm Next articleEgyptian Fintech MNT-Halan Secures $400 Million in Funding, Valuation Rises to Over $1 Billion Show comments More Popular NewsIn Case You Missed ItGoldman Predicts US Recession Odds at 35% in 2 Years, John Mauldin Wouldn"t Be Surprised if Stocks Fell 40%


The American economy continues to look gloomy and signals pointing toward a looming recession continue to appear. In a note sent to clients this week, Goldman Sachs’ chief economist said the bank envisions the “odds of a recession as roughly ... read more.Fed"s Bullard Wants to Raise Bank Rate to 3.5% by Year"s End, Hints at 75 Basis Point Rate Hike FBI Issues Alert Concerning Malicious State-Sponsored North Korean Hackers Targeting Crypto Firms Interest in Real Estate Investments in Spain Grew 400%, With Some Using Crypto and Stocks as Payment Method Digital Ruble ‘Much Needed,’ Russia’s Central Bank Says, Won’t Delay Testing

News Feed

Bitcoin Bull Run Isn’t Over: Cathie Wood Predicts $1.5 Million
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Russia’s Tinkoff Bank Enters Crypto Space Through Swiss Company Acquisition
Russia’s Tinkoff Bank Enters Crypto Space Through Swiss Company Acquisition The Russian neobank Tinkoff is joining the world of cryptocurrencies with the purchase of a stake in A
Bitcoin rallied above $65K, but will BTC price hold this level?
Marcel Pechman3 hours agoBitcoin rallied above $65K, but will BTC price hold this level?Bitcoin price is back above a key resistance level, but are there sufficient bullish catalysts to sustain the current rally?2150 Tot
From Shiba Inu to Squidgrow
From Shiba Inu to Squidgrow sponsored When society looks at the crypto industry today, one cannot deny that Dogecoin (Doge)and Shiba Inu (SHIB)are just as widely known as Bitcoin (B
Gareth Jenkinson1 hour agoSam Bankman-Fried $500M Anthropic stake irrelevant to case, prosecutors sayUnited States prosecutors argue that the potential for FTX investors to be made whole through the high valuation of Ant
US Senators Introduce Bipartisan Bill to Exempt Small Crypto Transactions From Taxes
US Senators Introduce Bipartisan Bill to Exempt Small Crypto Transactions From Taxes A new bipartisan bill has been introduced in the Senate that would simplify the use of cryptocu
Square Enix Announces Symbiogenesis, a Story-Driven NFT Interactive Experience
Square Enix Announces Symbiogenesis, a Story-Driven NFT Interactive Experience Square Enix, the Japanese AAA game developer and publisher, announced the launch of a new NFT-based g
Court Decision Voids Crypto Mining Contracts in China, Shuts Down Bitcoin Farms
Court Decision Voids Crypto Mining Contracts in China, Shuts Down Bitcoin Farms A court in Beijing has ruled that three investment agreements for bitcoin mining operations in Sichu
Russia’s National Finance Association Calls for Legalization of Crypto Investments
Russia’s National Finance Association Calls for Legalization of Crypto Investments The main finance industry association of Russia has urged authorities to reconsider a position
Fugitive Do Kwon Now Staying in Serbia Report Says — Terraform Labs CEO Suggests SBF Is to Blame for UST Depeg
Fugitive Do Kwon Now Staying in Serbia Report Says — Terraform Labs CEO Suggests SBF Is to Blame for UST Depeg A new report has claimed that Do Kwon, the fugitive CEO of Terrafor
Privacy-focused Aleo users concerned after KYC documents leak
Amaka Nwaokocha10 hours agoPrivacy-focused Aleo users concerned after KYC documents leakTo claim a reward on Aleo, users must complete KYC/AML and pass the Office of Foreign Assets Control (OFAC) screening in accordance
Jim Cramer Urges SEC to Do a Big Crypto Sweep — Says ‘I Wouldn’t Touch Crypto in a Million Years’
Jim Cramer Urges SEC to Do a Big Crypto Sweep — Says "I Wouldn"t Touch Crypto in a Million Years" The host of Mad Money, Jim Cramer, says he would not touch crypto in a million y