Kazakhstan's Crypto Revolution: National Bank Takes Charge!

From Shadows to Spotlight: Licensing Crypto Exchanges

Kazakhstan's National Bank is stepping up big time! They're set to start licensing crypto exchange services that let you swap your digital coins for good ol' fiat cash. This move is all about giving these services a legit status under the country's fresh new rules.

Regulation on the Rise: National Bank at the Helm

The plan is to bring those crypto exchange operators out of the shadows and into the light of formal regulation. The National Bank is taking the wheel, ready to license anyone who's turning those digital assets into cold, hard cash.

New Sheriff in Town: Yerlan Ashykbekov Speaks Out

Yerlan Ashykbekov, the head honcho of the National Bank's payment systems department, dropped some serious news at a recent briefing. He announced that a whole new breed of players is hitting the scene in Kazakhstan — crypto exchange service providers. These guys will be rolling under a shiny new license, with the National Bank keeping a close eye on them.

What's on the Menu: Crypto-to-Fiat and More

Ashykbekov spilled the beans that these new players will be all about swapping crypto for fiat. Plus, the central bank will be the one calling the shots on which cryptocurrencies these organizations can buy and sell.

Defining the Game: Legal Status and Supervision

According to Ashykbekov, this new legislation is gonna lock down the legal status of those crypto exchange operators once and for all. He also let slip that the National Bank will be playing watchdog over the platform operators who are busy issuing and circulating those digital financial assets, including the hot topic of stablecoins.

AIFC's Special Sauce: Separate but Connected

Crypto exchanges chilling within the Astana International Financial Centre will keep dancing to their own beat under a different set of rules. But don't worry, the officials are cooking up ways to link these AIFC crypto platforms with the new network of licensed crypto exchange providers.

President's Push: Tokayev's Vision for Crypto

This whole move comes straight from the top — President Kassym-Jomart Tokayev has been banging the drum for legalizing and beefing up Kazakhstan's crypto sector. He's been urging the regulators to whip up a solid legal framework for cryptocurrencies. At a government meeting in late January, Tokayev made it crystal clear that building the infrastructure for the broader legal circulation of cryptocurrencies is urgent. He pointed out that most users in Kazakhstan are still stuck in the "gray zone."