Kazakhstan: The World’s New Coin Hub?

Kazakhstan: The World’s New Coin Hub?

A coin is a term often used to describe any online currency. So major digital currencies such as Bitcoin or Ethereum are all coins. Kazakhstan is one of the countries that you wouldn’t expect to be one of the most supportive of the coin industry.

The country is now launching its institutions in a forward march to make cryptocurrencies more accessible for the people.

Kazakhstan’s Astana International Financial Centre (AIFC)

Nurlan Kussainov, the CEO of AIFC stated that the “AIFC aims to become a most favourable fin-tech jurisdiction with an open ecosystem and the most progressive regulating framework. We thank our partners for the support given to our blockchain regulatory development initiative. In the next phase of the project, our working team will be looking at widening the participation to include other industry stakeholders”.

This is one of the few instances of a large undertaking in the region specifically tailored towards crypto currencies.

Together with Deloitte, Waves, Juscutum, and Kesarev Consulting, AFIC is now developing an ecosystem for blockchain solutions in the CIS region. This group is charged with the creation of constructive legislation for the cryptocurrency businesses that want to operate in the region.

This group is also charged with developing a favourable environment for innovation in the blockchain industry. 

This move comes as a government aim to further develop the investment industry in Kazakhstan. The blockchain industry is one of the aptest for the area; since regular investments can take a lot of resources to accomplish.

Currently, Kazakhstan’s investment industry is underdeveloped compared to western countries. However, the government believes that if the people are given a chance to invest in such a free but regulated environment; there will be a lot of progress.

The government hopes that the coin friendly environment will attract international investors. In the long run, the government hopes that this will allow local entrepreneurs to have access to investment opportunities.

Will Kazakhstan soon become the World’s new Coin Hub?

At this moment, we can’t say anything for the future. However, it’s clear that Kazakhstan wants to become one of the world’s new coin hubs. Hopefully, the group is successful in their project. It would be interesting to see a coin-friendly environment for entrepreneurs, investors and people in general.

I think this will create a push in the international climate. It can also help other countries understand that the coin market is booming. 

Hopefully, this move can gather momentum and bring about desperately needed change in the attitude towards coin markets. Expect to see a lot of coin-related startups emerging from Kazakhstan soon!

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About Article Author

Michael Serrano
Michael Serrano

Michael is an engineer and a bitcoin evangelist. He has been involved in cryptocurrencies since 2013. His biggest wish? 1 billion users of bitcoin, ether and litecoin by 2020. In the last 10 years he has worked for various early-stage start-up as a back-end developer.

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