Kazakhstan’s Int’l Finance Center Supports Crypto Innovation, Calls Regulation ‘Crucial’

The governor of Kazakhstan’s main financial hub has stated that while cryptocurrencies must be regulated, crypto and blockchain innovation will be supported, local news outlet Kazinform reports today, June 14.

Speaking at the “Blockchain Conference Astana,” the Astana International Financial Center’s (AIFC)  governor Kairat Kaliyev said specifically that the AIFC is paying special attention blockchain and cryptocurrencies:

“The problem of regulation of cryptocurrencies is being discussed very intensively. The AIFC has a solid position on this issue – it is crucial to regulate the circulation of cryptocurrencies.”

According to Kazinform, the AIFC’s Regulatory Authority plans to approve rules for crypto regulations this summer. Kaliyev notes that the center is working with international companies to develop appropriate regulation, also adding that the center provides financial assistance to support fintech innovation and arranges courses for blockchain and programming.

The AIFC is a free economic zone created with the intent to attract international trade and increase Kazakhstan’s role in global markets. The AIFC website refers to fintech development as “one of the main strategic directions activities [sic]” of the financial hub.

At the end of May, Kazakh president Nursultan Nazarbayev called for international cooperation for cryptocurrency regulation. The Kazakhstani public has also shown increased interest in cryptocurrency. A study released by search engine Yandex in March showed that Kazakhstanis were searching for crypto-related terms more this year than in 2017.