Concept of crypto-currencies circulation
The Astana International Financial Center (AIFC) developed a concept of crypto-currencies circulation. It is set to regulate the holding and circulation of virtual currencies at special platforms. The document was presented at the “Blockchain Regulation” conference. The AIFC’s main task is to develop Fintech and e-commerce.
ASSYLBEK DAVLETOV, CHIEF FINTECH OFFICER, ASTANA FINANCIAL SERVICES AUTHORITY:
- We have expanded the terms of private placement of securities by allowing issuers to attract funds by issuing securities without registration by the financial regulator. Of course, we set certain limits especially when these securities are offered to unqualified investors.
Kazakh officials are currently developing the blockchain technology and introducing it in various fields. Certain projects are under implementation in Kazakhstan. National companies, such as Kazpost and Kazakhtelecom were the first to start transitioning to blockchain. Legal framework and infrastructure should be developed for further expansion of these technologies.
ASKAR ZHUMAGALIYEV, KAZAKH DEPUTY PRIME MINISTER:
- We introduced the blockchain technology in the National Bank which allows faster investment of funds through the blockchain technology and the information systems. We also introduced blockchain in the Ministry of Agriculture for the provision of electronic grain receipts that are basically the prototype of securities. It also allows increasing transparency in this process.
ALAN DORJIYEV, PRESIDENT, NATIONAL ASSOCIATION OF BLOCKCHAIN AND CRYPTO-TECHNOLOGIES:
- At the moment, blockchain is not properly commercialized or helps to save cost because the technology is still developing. Blockchain provides opportunities that the Government needs. It gives the opportunities to apply smart contracts, transparent money transfers, making payments and storing databases. The Government needs all these developments to enter the new stage of industrialization.
According to experts, every country has its own experience in blockchain technology development. Kazakhstan is currently entering the phase of developing its own know-how.