“Is Kazakhstan Ready for the Future of Digital Assets and Web 3.0 Business?”

Kazakhstan has a history of innovation, dating back to its nomadic ancestors who developed advanced techniques for survival in harsh conditions. Today, the country continues to prioritize innovation, specifically in the fields of science and technology. Kazakhstan has invested significantly in research and development, leading to breakthroughs in renewable energy, biotechnology, and space exploration. The country is also home to the Baikonur Cosmodrome, the world’s largest space launch facility. Recently, Kazakhstan passed a new law regulating digital assets in the region, which seeks to provide a legal framework for a more robust and secure digital asset market. Under the new law, licenses for digital mining activities are required, and accreditation for digital mining pools is needed, with oversight from the state body responsible for managing the electric power industry. The law aims to boost economic development and competitiveness. The Astana International Financial Centre (AIFC) will determine procedures and mechanisms for the interaction and exchange of digital assets in coordination with the National Bank and the authorized regulatory body for the regulation, control, and supervision of the financial market and financial organizations. Furthermore, AFSA has taken a prudent and comprehensive approach to regulating digital assets, establishing a regulatory sandbox, developing clear rules for licensing and registering digital asset activities, and implementing a robust framework for anti-money laundering and countering the financing of terrorism (AML/CFT). These regulations demonstrate Kazakhstan’s commitment to embracing emerging technologies and promoting economic growth through the digital economy, placing it in a prominent position to become a hub for Web 3.0 and digital assets in the region. The AIFC could see a boost in investment and business activity in the region, benefiting the Kazakh economy and the wider business community.


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