Cryptocurrencies might be heavily frowned upon by most governments around the world, but not Kazakhstan. Despite the country being in favor of regulating cryptos, reports stated that the country fully supports cryptocurrencies and Blockchain technology.
Kairat Kaliyev, who is the governor of the Astana International Financial Center (AIFC), said during the Blockchain Conference Astana that the Kazakh government is closely monitoring Blockchain and cryptos in the hope of incorporating them into the government’s system in the future.
However, he also said that the key to supporting crypto adoption is by enforcing strict regulatory implementations. Kaliyev added that the AIFC has a firm position regarding the issue.
New Crypto Regulations Underway
According to reports, the regulatory committee of the AIFC is expected to approve the new rules and regulations concerning digital currencies this summer.
Kaliyev stated that the committee is working closely with numerous international companies and organizations in developing appropriate laws and regulations on cryptos and Blockchain as a whole.
The AIFC governor also added that they are providing financial assistance to FinTech and crypto startups to speed up Blockchain adoption in the country.
This move, however, is not surprising, as the leading role of the AIFC is to bolster Kazakhstan’s international trade and improve the country’s presence in the global financial market.
The AIFC sees fintech development as a key to the improvement of the financial sector, as stated on their website.
Kazakhstan Goes Full Throttle on Cryptos
It’s worth noting that the AIFC is not the only government branch in Kazakhstan that supports crypto adoption.
Also, among the supporters of Blockchain tech is Kazakhstan President Nursultan Nazarbayev who called for a conference last May concerning crypto regulation.
This is a clear sign that the Central Asian country is joining the U.S. Switzerland, and South Korea, in paving the way for the incorporation of Blockchain technology into mainstream society.
