Kazakhstan’s President Kassym-Jomart Tokaev has instructed the Minister to create “favorable conditions” for a new “digital” ecosystem that utilizes “cryptocurrencies and digital assets.”
Around Kassym-Jomart Kaev, who quoted the presidential news agency, said Astana International Financial Center yesterday.
The state center is already Home to many crypto companiesIncludes many who work in the mining sector. Offering relatively low-cost electricity access to the industry, Kazakhstan is also cold in winter, making it an ideal location for many miners.
This has led to the growth of domestic mining in recent years, along with a relatively professional business approach to cryptocurrency mining regulation – many Bitcoin (BTC) Miner transfer From China to Kazakhstan following last year’s Beijing initiative Crypto crackdown..
However, Tokaev does not seem satisfied with allowing miners to set up stores in the country and taxing their income.
The president said the country “must make the most of its” potential “in the crypto sector.”
“Our country is the world’s second largest producer of cryptocurrencies, but we shouldn’t stick to the status quo we’re focusing on. [providing] Raw [energy] material. To this end, governments, together with financial regulators and the Astana International Financial Center, need to create favorable conditions for the development of a comprehensive digital ecosystem. “
The summit was attended by a number of top domestic and international stakeholders in the financial sector. Representatives from both the private and public sectors attended.
Tokaev’s comment comes just a month after the president meets the CEO of the crypto exchange. Binance Nur-Sultan’s Champon “CZ” Zhao.
The duo talked about “the possibility of creating a regional hub for the Kazakhstan crypto industry,” Interfax report..
Zhao signed a memorandum Digital Development, Innovation, Ministry of AerospaceBinance and the Ministry have promised to support the growth of the Astana International Financial Center.
The parties also discussed the “prospects for long-term cooperation” in the “digital finance” sector and promised to launch a “joint education program” to teach citizens more about blockchain technology.
Elsewhere in Central Asia, Uzbekistan has also shown that it may try to encourage miners to start operations in the country, but only if they use green energy. ..Recent government LawApproved by President Shavkato Mirjiyoev, has shown that the country is ready to “develop the sector of the digital economy and the distribution of crypto assets.”
The government has announced measures that will force miners to use solar power and will use their own power generation hardware.
Cryptocurrency mining written by the government must only be carried out by “legal substance” that utilizes “electrical energy supplied by solar power plants”.
To qualify as a “legal” miner, a company must apply to become a member of the national registration of an approved cryptocurrency mining company. The certificate of approval is valid one year after the initial registration and must be renewed thereafter.