Kazakhstan to earn profits from crypto exchange

In 2022, crypto exchanges will start operating on the basis of the Astana International Financial Center, but for now in a pilot mode. According to the Kazakhstan Association of Blockchain Technologies, the purchase and sale of cryptocurrency will be carried out on these sites. The working group engaged in the development of the project is at the final stage. Specialists are working out legislative norms for the crypto exchange activities, as well as their interaction with Kazakh banks and individuals. All operational and legal risks must also be considered. If at least one percent of the volume of global transactions of digital assets is established on the basis of the AIFC, Kazakhstan will earn US$72 billion annually.

As for bitcoin mining, Kazakhstan will be able to make almost US$11.5 billion from it. The increased electricity tax for miners comes into effect in 2022. Kazakhstan is the second largest state in the world in terms of bitcoin mining. In just two years, the number of cryptocurrency mining farms has grown to 50. However, miners now face a shortage of electricity. Major market players shut down farms and relocate them to other countries. 

“We see that there are certain problems with energy supply, but together with the members of our association, as well as with the Ministry of Energy and the Ministry of Digital Development, we are working to alleviate this energy crisis. We’re attracting investors and we want to change the legislation in the energy sector to allow access to investors,” said Sapar Akhmetov, Chairperson of Kazakhstan Association of Blockchain Technologies.

“Everything that takes place in Kazakhstan is the process of market formation, the establishment of a new business. And what it will lead to will be seen over time,” added Evgeny Galiakhmetov, Russian venture investor.

 

Translation by Assem Zhanmukhanova

Editing by Saule Mukhamejanova