The President of Kazakhstan has signed a decree on measures to develop the digital asset industry. The country is moving from basic regulation of crypto exchanges to the practical integration of blockchain into the traditional financial system, the National Bank reported.
What happened
The new decree outlines systemic steps to turn Kazakhstan into a regional crypto hub. The document instructs the National Bank and the government to develop a medium-term plan for the industry’s development.
Among the main announced initiatives is the introduction of stablecoins for cross-border payments and money transfers. The authorities also plan to launch projects to issue tokenized government bonds and determine approaches to regulating decentralized finance (DeFi).
A separate section addresses mining: the industry will be developed through autonomous energy generation to relieve additional strain on the country’s overall power grid.
Country and market
Kazakhstan is consistently building a legal infrastructure for working with cryptocurrencies. On May 1, a comprehensive regulatory framework for digital assets came into effect in the country.
In parallel with the development of the national digital currency—the IMF previously recommended that Kazakhstan introduce the digital tenge to control government spending—authorities are opening the market to private digital instruments. The new projects will be implemented with a focus on the digital infrastructure of Alatau City and the jurisdiction of the Astana International Financial Centre (AIFC).
Why it matters
The government is moving beyond controlling retail crypto exchanges and is beginning to use blockchain to solve macroeconomic tasks, such as servicing export-import contracts.
The legalization of stablecoins for cross-border payments will provide businesses with an alternative tool for international settlements amid increasingly complex traditional banking chains.
What’s next
Relevant agencies are currently developing a detailed plan. The market will have to wait for the publication of specific timelines, limits, and rules under which banks and businesses can legally conduct operations with stablecoins and DeFi instruments.