Tengrinews.kz - Experts considered the possibilities of legalizing cryptocurrency transactions in Kazakhstan and opening official crypto exchangers.
Economist Marat Kairlenov noted that cryptocurrencies are a form of "private money" that is not issued by the National Bank of Kazakhstan, and their widespread use may weaken the effectiveness of the state regulator's monetary policy.
"Our transmission mechanism is not very effective anyway due to the high monopolization of the country's economy and, until recently, the high level of dollarization. This reduces the effectiveness of monetary policy. Now cryptocurrencies are a type of foreign currency that is not issued by our National Bank, which also reduces the effectiveness of monetary policy. Since cryptocurrencies are poorly controlled, there are concerns that they will simplify the withdrawal of capital from the country. We must clearly weigh all the pros and cons of the widespread introduction and exchange of cryptocurrencies in Kazakhstan," the expert commented on the situation.
Another independent financial analyst, Andrei Chebotarev, emphasized that crypto exchanges are already operating in the AIFC jurisdiction in Astana and are functioning quite stably. Several crypto exchanges operate on the basis of the international center, including Binance, Bybit and others. However, according to him, cryptocurrencies cannot become a full-fledged means of payment in our country.
"We have such legislation. We are not ready to recognize crypto as a means of payment and do not want to do so. For us, it is an exchange asset, a security, a token, but not a means of payment. We will never recognize it as such, because all developed economies of the world do not recognize it. Few countries recognize crypto as money, for them it is digital assets," Chebotarev said.
At the same time, he clarified that licensed and legal crypto exchanges operate in Kazakhstan, but there is also illegal crypto turnover, which is due to the peculiarities of cryptocurrencies, prone to anonymity and illegal transactions.
"The cryptocurrency rate is usually calculated in our country in relation to the dollar. All coins have a rate relative to the dollar, and the tenge itself also has a rate relative to the dollar, and this is the cryptocurrency rate to the tenge," Chebotarev explained.
The expert believes that Kazakhstan will develop the cryptocurrency market, following the example of Belarus. However, he noted that, as in Belarus, cryptocurrency will not become a full-fledged payment instrument in our country.
In response to the editorial office's request for legalization of cryptocurrencies in Kazakhstan, the National Bank responded that, according to the law "On Digital Assets", the circulation of unsecured digital assets, including cryptocurrencies, is prohibited on the territory of the country, with the exception of the AIFC. Transactions with cryptocurrencies can only be carried out on digital asset exchanges that receive licenses from the AIFC committee.
"Currently, the National Bank is conducting an analysis of the digital asset market of Kazakhstan, including existing challenges to improve its regulation taking into account the development of domestic and global markets, and is also studying international experience," the National Bank reported.
The National Bank clarified that the regulator's vision for the development of the digital asset market, including issues of legalizing the circulation of cryptocurrencies in the country, the activities of crypto exchangers and the regulation applied to them, will be presented upon completion of this work.
In November, the head of the National Bank Timur Suleimenov announced the need to legalize cryptocurrencies and crypto exchangers in Kazakhstan within the framework of a local legal system with certain regulations and reporting. He then stated that the issue of legalizing crypto assets and exchange transactions would be discussed with both traditional financial structures and new players from the fintech and crypto industry.
Earlier, two individuals in Astana have been convicted for conducting illegal cryptocurrency transactions totaling 7 billion tenge.
