Kazakhstan Cryptocurrency – Nation's Exante Stasis Blockchain?

Kazakhstan would like to enter the cryptocurrency marketplace — using its very own fiat-backed electronic currency.

The nation's government-supported Astana International Finance Center (AIFC) said Tuesday it had signed up a deal of collaboration using Maltese firm Exante. In a media release, Exante, that calls itself a “second generation investment firm,” stated it would work together with the AIFC to come up with the ex-Soviet country's untapped cryptocurrency marketplace.

“Astana's major financial regulators have begun their job and are laying the basis for Kazakhstan's fintech-ecosystem. We feel that the AIFC can develop into a global hub for blockchain operations and also the growth of the electronic assets marketplace is our primary priority in the not too distant future.”

In August, Estonia suggested its own state-backed digital currency, which could be known as “estcoin”. The tiny Eastern European country said it was contemplating the launching of estcoin via a first coin offering (ICO) — a crowdfunding system which has gained much scrutiny in recent weeks.

And last month, Japan suggested the possible launch of its own digital money, known as J-Coin.

Kazakhstan's entry into the electronic money ecosystem could be underpinned by Exante's brand new blockchain platform, ‘Stasis'.

Kazakhstan To Become A Cryptocurrency Hub

The Kazakhstan government has declared its intentions to produce the country host to “the most favorable business climate” for cryptocurrency and fintech companies. The statement comes from Kazakhstan's Astana International Financial Center (AIFC), which plans to operate in collaboration involving Deloitte, Waves, Kesarev Consulting, and Spiritual law company Justcutum in order to come up with a “highly progressive regulatory framework” to get blockchain and cryptocurrency businesses.

Kazakhstan has declared that the AIFC will function in partnership with Deloitte and Waves to produce a permissive regulatory apparatus for cryptocurrency, blockchain, and fintech companies. CEO of this AIFC Authority, Nurlan Kussainov, stated that the “AIFC intends to become a most favorable fintech jurisdiction with an open ecosystem and also the most innovative regulating framework. We invite our partners for the help give to our blockchain regulatory development initiative. In another phase of this project, our working staff will be considering broadening the involvement to include other business stakeholders”.

The news comes less than a month following the federal bank of Kazakhstan unveiled its strategy to issue bonds backed by the evolution of “a mobile application for its population to run transactions for the purchase and sale of securities on the grounds of both the blockchain and real-world currencies” The app is intended to ease the selling of bonds directly to investors and without commission, together with officials expecting that low trade costs and fast settlement times will bring in dozens of retail investors.

Kazakhstani officials recognize that the virtual currencies pose unique challenges to classical law, emphasizing that lawmakers shouldn't create a juridical frame that will endanger the dynamism and innovation of the cryptocurrency industries.

Head of Juscutum, Artem Afyan, clarified the ICO industry as “brand new, dynamic, and extremely difficult for classical law”, and as “as a perfect chance to make a new authority, which could be most favorable for crypto jobs in the world”.

This apparent excitement for cryptocurrency on the part of the Kazakstani government appears to be matched with the national trading people, with Kazakh Localbitcoins' listings showing record-breaking volume in recent weeks.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Bitcoin Exchange Guide News Team
B.E.G. Editorial Team is a gracious group of giving cryptocurrency advocates and blockchain believers who want to ensure we do our part in spreading digital currency awareness and adoption. We are a team of over forty individuals all working as a collective whole to produce around the clock daily news, reviews and insights regarding all major coin updates, token announcements and new releases. Make sure to read our editorial policies and follow us on Twitter, Join us in Telegram. Stay tuned. #bitcoin

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


Please enter your comment!
Please enter your name here


Live Bitcoin Price & Latest BTC Chart News

Today's Latest Crypto News

Latest Analytics Shows 64% Of Controversial Stablecoin USDt Supply Controlled by 119 Addresses

Tether’s stablecoin ‘USDT’ continues to dominate this segment of the crypto market according to the latest statistics. However, questions on its decentralization inadequacy has...

NYAG Responds To Bitfinex, Tether Calls The Case A ‘Highly Misleading Factual Presentation'

The New York Attorney General Office (NYAG) has responded to Bitfinex’s appeal to have the authority stop the ongoing investigations against them and Tether....

EU’s Upcoming AML Regulation Forces Bitcoin Payments App Bottle Pay to Shut Down

EU’s 5th anti-money laundering directive coming into effect on 10th January 2020 To not force this onto the community, Bottle Pay will cease...

Africa’s First Stablecoin is based on Nigerian Naira & Built on Binance Chain

The very first stablecoin of Africa is backed by Naira, the fiat currency of Nigeria and it will be built on Binance Chain, the...

Libra Whitepaper Gets Updated, Association Members Won't Get Paid On Reserve Asset Profits

The new whitepaper doesn’t use interest to pay early investors, which are predominantly involved in the Libra Association. The interest will still go...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.