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Witnessing the digital breakthrough

Kazakhstan has become the second state to regulate the cryptocurrency market

17 July 2017 17:58, UTC
Kazakhstan has become the second state to regulate the cryptocurrency market

July 13 in Moscow the Astana International Finance Centre announced the creation of a working group including Deloitte, CIS, Waves, Juscutum and "Kesarev Consulting". It is aimed at development of an ecosystem for blockchain-based solutions across the CIS countries.

"The Astana International Finance Centre seeks to become the most favorable jurisdiction for Fintech industry. It will apply the most advanced regulatory mechanism and will have an open ecosystem. We thank other group's participants for supporting regulatory initiatives in the sphere of blockchain technologies. At the next project stage, the working group will consider the possibility of expanding the participation for other concerned representatives of the industry," - said Nurlan Kusainov, chairman of the board at the Astana International Finance Centre.


The main goals of the working group will be the development of legislation regulating cryptocurrency transactions; making a platform for the use of blockchain technologies, cryptocurrencies and blockchain-based projects; creation of favorable environment for innovative development of Kazakhstan and improvement of the country's investment climate. In addition, the group members hope to build a dialogue between entrepreneurs, citizens and the government.

"There is no greater recognition for a lawyer than the chance to develop regulations that don't exist yet. The fact that this is happening in the sphere of Initial Coin Offering (ICO) is especially valuable for me.
It is a new, dynamic and extremely complicated procedure for traditional law. We view this project as a real opportunity to create the new and the most favorable jurisdiction for cryptoprojects around the world. We are very pleased that the country's leadership and the Astana International Finance Centre are open for this innovation, which gives us hope for a very quick results, " - said Artem Afyan, head of Juscutum.


The project's participants believe that Astana has a chance to become the world's leader in the sphere of creating mechanisms for regulation of crypto-economy and providing necessary conditions for making a common legal basis for blockchain-based projects and cryptocurrency. There is no jurisdiction that meets the requirements of cryptoeconomy at the moment.

"We are pleased that the Astana International Finance Centre seeks to create the most favorable conditions for development of the blockchain-based technologies. Some concrete steps have already been taken towards this goal. One of them is creation of the working group. We are confident that this group which also includes our Waves platform, will enable Kazakhstan to attract new investors and become one of the most advanced countries in terms of blockchain development", - said Alexander Ivanov, founder and CEO at Waves.


Interaction within this working group will help to create one of the most favorable conditions for development of ICO projects. It will also make possible to use the best foreign experience to achieve this goal.

"Kazakhstan became the world's second country after Japan to recognized the need for developing a cryptocurrency system at the state level. The development of the digital currency market at the Astana International Finance Centre is the first step towards creation of a complete ecosystem for the digital economy in Kazakhstan", - explained Natalia Sheiko, Kesarev Consulting partner.

An independent regulatory environment based on the principles of British Law as well as test environment for innovative projects within the framework of the Astana International Finance Centre provide a unique advantage for attracting investors to carry out various projects launched across the world.

"Creation of a favorable legal environment for blockchain-based projects is now crucial and it has become one of the main problems for the world's most innovative economies. We are pleased to be part of the consortium and to participate in the process of developing a regulatory framework based on the international experience and a deep understanding of the industry", - commented Artem Tolkachev, director of the Deloitte CIS Legal Services Group.



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