Kazakhstan’s financial authorities have begun a public consultation on proposed changes to the country’s framework for digital asset trading. Measures to reduce risks in the cryptocurrency market, as well as improvements to the structure of exchange platforms, are among the proposals.
Kazakhstan’s Financial Hub Is Considering Changing Its Concept for Trading Digital Assets
The Astana Financial Services Authority, which oversees the Astana International Financial Center (AIFC), has released a consultation paper outlining proposals to improve Kazakhstan’s regulated ecosystem for cryptocurrency operations.
In the government-controlled trading environment, the document suggests measures to reduce market risks. The regulatory body has also prepared solutions to improve the current structure of the cryptocurrency platforms operating out of the Central Asian country’s financial hub.
Residents of the AIFC, as well as other interested parties, have been invited to participate in the consultation, according to the announcement, as reported by the crypto news outlet Forklog. The governing body will accept public feedback until February 25.
The approved proposals will be included in the draught amendments to the AIFC Digital Assets Trading Concept, which is expected later this year. Mechanisms to prevent market abuse, limit settlement risks, and disclose information to investors are among them.
The initiative comes after the Nur-Sultan parliament passed a bill aimed at regulating the country’s crypto space. Along with other legal acts, the law “On Digital Assets in the Republic of Kazakhstan” establishes guidelines for cryptocurrency mining and circulation.
The legislation also calls for the creation of a licensing regime for cryptocurrency miners and exchanges to replace the current registration system. Following China’s crackdown on the mining industry, Kazakhstan became a mining hotspot, and the country has been working to regulate the industry and the sale of minted coins.