The National Bank of Kazakhstan has prepared amendments to the current legislation aimed at tightening regulation concerning cryptocurrencies. In particular, the regulator intends to prohibit to buy and sell cryptocurrencies for tenge, any activity of exchanges in this segment and all kinds of mining.
Kazakhstan’s National Association for the Development of Blockchain and Crypto Technologies believes that these measures are “excessively conservative and contradict with international practice”. The president of the Association Alan Dordzhiev said that new regulations can have negative impact on investments in the economy of Kazakhstan.
Despite the conservative approach to cryptocurrencies, Kazakhstan is actually implementing blockchain technologies: Bank of Kazakhstan has recently launched blockchain-based security trading app.