Kazakhstan’s authorities are conducting a public consultation on the proposed changes to the national framework for digital asset trading. The The modifications include measures for mitigating risk in the crypto market as well as improvements to the structure and operation of trading platforms.
Kazakhstan Financial Center Looking To Amend Its Concept For Digital Asset Trading
The Astana International Financial Center (AIFC) has released a consultation paper which outlines the proposed changes to Kazakhstan’s controlled environment for buying and selling cryptocurrency.
The document suggests measures to reduce market risks in the state-controlled business setting. The Regulatory body has also provided suggestions for improving the existing structure of crypto-exchanges that operate within the financial center of the Central Asian nation.
AIFC residents were invited to contribute to the consultation. According to Forklog, the management authority will be seeking feedback from the general public until February 25.
The draft AIFC Digital Asset Trading Concept outlines modifications that might be made to the law in the near future. These Include mechanisms for preventing market abuse, limiting settlement risks and disclosing information to investors.
After the law was passed by parliament in Nur-Sultan to regulate the crypto sphere of the country. This The regulation is a combination of different laws. “On Digital Assets in the Republic of Kazakhstan” provides guidelines for the extraction, circulation and use of cryptocurrencies.
Furthermore, the laws provide for the setting up a licensing regime for cryptocurrency miners and exchanges to trade the existing registration systems. Kazakhstan After becoming a mining hotspot, China’s crackdown on trading has been imposed and the country is looking to control the sector and the disposal of the minted coins.
An Inflow of miners is blamed for increasing power deficit in the country. Authorities are cracking down on illegal crypto farms. They have also shut down illegal crypto buying and selling sites. Only AIFC-registered platforms can provide such services.
Do You believe Kazakhstan Develops its digital asset authorization framework with the intention of becoming a regional crypto hub. Tell Please express your opinion in the comments section.
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