The Astana International Financial Center (AIFC) has announced the creation of a working group to develop an ecosystem to enable blockchain solutions in the Commonwealth of Independent States (CIS) region. AIFC’s working group, which will include Deloitte, Waves, Juscutum and Kesarev Consulting, is aimed at:
● Developing legislation regulating cryptocurrency transactions;
● Establishing an ecosystem for the use of blockchain technology, crypto-assets and blockchain-based projects;
● Creating a favorable environment for the innovative development in Kazakhstan;
● Elaborating the dialogue between business, citizens and government;
● Improving the investment climate in Kazakhstan for the development and support of innovative technologies.
Independent legal and regulatory framework based on the English common law principles and the ‘FinTech Regulatory Sandbox’, a special regime for innovative projects within AIFC, are unique advantages for attracting capital to different projects from around the world.
Kazakhstan is the second country in the world, after Japan, to recognize the need for the development of the cryptocurrency market system at a government level.