Legalization of cryptocurrency transactions in Kazakhstan - what is happening now and what to expect in the future

President of Kazakhstan Kassym-Jomart Tokayev clearly outlined his interest in cryptocurrency at the state level within the framework of the Digital Bridge 2022 forum.

The purchase and sale of cryptocurrencies are officially legalized - residents of the country have the opportunity to openly conduct transactions with digital assets for tenge through banks. And if this solution proves to be an effective financial and payment instrument, its role in the Kazakh economy will become more than noticeable.

A stable combination of "crypto-exchange-bank-client" will be used to carry out operations, and the developments of the Eurasian Bank will be used to ensure their implementation. It is worth noting that such transactions will not be free - a commission is provided for their conduct, but its amount is one of the lowest in the world. The Eurasian Bank's cooperation with Kazakhstan does not end there - by the end of this year it plans to issue a crypto card that Kazakhstanis will be able to use to pay for purchases in stores. These payments will be made in tenge from an account that was previously linked to an account on the Kazakh Intebix crypto exchange.

As you know, at the moment the system has proven its working efficiency - the first legitimate, transparent transaction with cryptocurrency by the Eurasian Bank has already been carried out. Moreover, it is the first crypto exchange-bank-client operation on the territory of the entire Eurasian continent. And in order to join this pilot project, exchanges and banks need to fulfill certain conditions. For crypto exchanges, it is mandatory to obtain a license, and banks need to officially declare their accession. The regulatory framework of the project is also quite credible - it is compiled taking into account international experience and standards in the field of cryptocurrencies, therefore it guarantees proper control over transactions and the security of customer funds.

According to President Tokayev, the government of Kazakhstan will continue to actively work on attracting international capital to the national digital ecosystem. And this is not surprising, because according to the national project "Technological breakthrough through digitalization, science and innovation" adopted in 2021, the economic effect of the active work of the state with the crypto industry is truly impressive. For example, it is planned to receive 79 billion additional tax deductions annually with its help.

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