Kazakhstan launches consultation on proposals to reform crypto trading
Astana Financial Services Authority, the caretaker of Kazakhstan’s capital Astana International Financial Center (AIFC), has published a consultation paper detailing the objectives and proposals for upgrading the regulated eco system for cryptocurrency operations. This document offers all kinds of suggestions to reduce market risk in a government regulated trading environment. Develops end-to-end solutions for regulatory bodies to reform as well as significantly improve the current structure of crypto platforms operating out of the financial hub of the Central Asian nation.
Speaking of which, through an announcement made by crypto news outlet Forklog, we learn that AIFC residents and other interested parties have been invited to participate in the consultation. The Management Authority will accept all types of feedback which will be given through the public medium till February 25. If talked about, the approved proposals will add to the amendment of the FIC Digital Assets Trading Concept which is expected to be released by the end of this year and will include measures to prevent market abuse and limit settlement risk. Procedures like giving information to investors have also been included. The initiative comes after the adoption of a bill dedicated to regulating the country’s crypto space, introduced by the MP in Nursultan. The Law “On Digital Assets in the Republic of Kazakhstan”, among other legal acts, also introduces rules related to mining and operation of cryptocurrencies. The law also seeks to replace the existing registration system with a licensing regime for crypto miners and exchanges, and Kazakhstan has become a hotspot following China’s crackdown on the industry, which is related to cryptocurrency mining, and has sought to control the sector. Also exploring the sale of coins minted for. The influx of miners was blamed for the country’s burgeoning power shortage and authorities are cracking down on unauthorized crypto pharma as well as cracking down on a variety of illegal crypto trading platforms as it interferes with AIFC-registered exchanges. is permitted to provide such services.