Kazakhstan’s President Calls for International Cooperation in Crypto Regulation

Kazakhstan’s President Nursultan Nazarbayev has called for global cooperation for cryptocurrency regulation, local news outlet Azernews reported May 17.

Speaking at the plenary session of the Global Challenges Summit 2018, Nazarbayev stated that “most countries are actively exploring the possibility of adapting cryptocurrency to the current configuration of financial systems.” He then continued with a comment on the fragmented nature of crypto regulation globally:

“At the same time, we see completely separate actions of states in this issue. And these disparate actions will lead to inefficiency. It is necessary to start developing common rules.”

Kazakhstan has already proven its interest in the cryptocurrency sector. A study released by search engine Yandex in March shows that Kazakhstanis have been more frequently searching for cryptocurrency-related terms this year, as compared to 2018.

Last fall, Kazakhstan’s government-supported Astana International Finance Center (AIFC) announced they had signed a deal of cooperation with Maltese firm Exante, with the goal of developing the Kazakh digital asset market. Also in the fall,  the Blockchain and Cryptocurrency Association in Kazakhstan had applied for state licensing to become a legal entity and begin official activities.