Kazakhstan Paves Way for Regulated Crypto Exchanges
Kazakhstan is taking steps to legally regulate crypto exchanges. The National Bank will soon license services that convert crypto to fiat, bringing clarity to the sector.
Yerlan Ashykbekov, head of the National Bank’s payment systems department, explained that a new category of licensees is being introduced.These are cryptocurrency exchange service providers. They will operate under the supervision of the national bank.
Their role will be to enable crypto-to-fiat exchanges. The central bank will decide which cryptocurrencies can be bought or sold on these platforms.Ashykbekov highlighted the legal status these operators will gain under the new rules.
The National Bank will also oversee platforms that issue and circulate digital financial assets, including stablecoins. Though, exchanges in the Astana International Financial Center will follow a different regulatory path. The goal is to link these platforms with the new network of licensed exchanges.
this move comes after Kazakhstan’s President Kassym-Jomart Tokayev pushed for legalizing and expanding the country’s crypto sector. At a recent government meeting, he urged regulators to develop a extensive legal framework for cryptocurrencies, aiming to move users from the “grey zone” into the regulated sector.
