National Bank Intends to Establish Digital Assets Infrastructure
Chatting with the Representative of the National Bank
Hangin' with Yerlan Ashikbekov from the National Bank, discussing the juicy details of Kazakhstan's bustling digital assets ecosystem. The main event? Integrating digital assets into the country's economy!
Yerlanshared some intriguing insights:
- Digital assets, not just cryptos: Unlike traditional cryptocurrencies without backing, digital assets are linked to real assets or money. They've got issuers and a monetary backing base—no more wild swings!
- Types of digital assets: Kazakhstan recognizes three main varieties—stabledigital assets (a.k.a. stablecoins), derivative digital assets, and digital equivalents of traditional financial instruments like shares, bonds, and bills. Blockchain tech is the secret sauce!
- Tokenization party: Tokenization of financial instruments is the new global trend, offering heaps of benefits, such as simplifying access to the market, expanding investment channels, and enabling direct investor interactions—no more middlemen!
The National Bank laid out the rules for operators of digital asset platforms:
- Get your license: Say hello to the National Bank, who will issue licenses to service providers converting cryptocurrencies to fiat currency. Compliance with national banking standards is a must!
- Regulated asset circulation: The National Bank keeps a close eye on crypto exchange points and digital financial asset platform operators. Compliance with financial laws is non-negotiable!
- Stablecoin watch: The central bank keeps tabs on stablecoin operations to ensure adherence to financial regulations. Transparency is key!
- Buddy system: Exchanges within the Astana International Financial Centre (AIFC) are integrated into the national licensing system. Consistency across providers is important!
- Follow the money: Nice and clean—adherence to legislation concerning money laundering and terrorist financing is mandatory!
- Digital Reserve Proposal: A cool proposal suggests a digital reserve managed by the central bank, storing confiscated cryptocurrencies for enhanced regulatory oversight.
- Legal groundwork: The 2023 Law No. 193-VII lays out the legal basis for issuing, placing, and circulating digital assets, as well as regulations for crypto mining activities.
These strategic steps aim to make Kazakhstan a central hub for crypto activities in Central Asia, offering legal clarity and regulatory compliance. Let's roll with it! 🤘✨
In the discussion about Kazakhstan's digital assets ecosystem with Yerlan Ashikbekov, it was revealed that digital assets aren't limited to traditional cryptocurrencies and are linked to real assets or money, with issuers and a monetary backing base, thereby ensuring stability in their value. Furthermore, Kazakhstan recognizes three main types of digital assets, which include stablecoins, derivative digital assets, and digital equivalents of traditional financial instruments like shares, bonds, and bills, using blockchain technology as the underlying foundation.
