Kazakhstan to Legalize Cryptocurrency Exchange Services with Licensing

According to PANews, Kazakhstan is set to legalize cryptocurrency exchange services through a licensing system, as announced by Yerlan Ashykbekov, head of the National Bank's payment systems department. The new regulations will require trading platforms to establish risk management systems, user interaction rules, and asset protection mechanisms. The central bank will approve a list of cryptocurrencies eligible for trading. Under the legislative amendments, licensed exchange operators will be able to conduct business under the supervision of the central bank. Currently, only exchanges within the Astana International Financial Centre (AIFC) are permitted to operate legally. The new regulations aim to integrate two regulatory frameworks. Kanysh Tuleushin, Deputy Minister of the country's digital development department, disclosed that existing policies mandate miners to sell 75% of their output through the AIFC platform. Additionally, the new regulations will create a market for 'secured digital assets,' categorized into three types: fiat-backed stablecoins, digital certificates of financial instrument rights, and tokenized assets of traditional financial instruments such as bonds and stocks. The central bank also plans to introduce a digital asset regulatory sandbox.