A legislator from Kazakhstan Has urged the country to develop a “crypto bank” into moderate digital asset trading.
Even though he is one Block reward mining The Haven, Kazakhstan has limited digital asset activities to the Astana International Financial Center (AIFC), a special economic zone. According to Azat Peruaşev, who leads the minority AQ Jol Party in Parliament’s lower house, investors have traded on unregulated platforms outside AIFC.
The argued that 90% of digital asset activities in the country are implemented outside AIFC’s boundaries. This Leaves investors vulnerable to fraudsters and denies the government’s surveillance, which enables illegal activities such as money laundering and tax evasion. In addition, investors on offshore platforms trade, leading to billions of Holds Flows out of the Kazakh economy.
Peruaşev believes that the best approach is a national “cryptoban”. In a formal investigation to Prime Minister Olzha’s Bektenov, he suggested that the Kazakh Central Bank should take the lead on the project, with commercial banks that also participate.
“… an effective tool for regulating the industry may be the creation of a Cryptobank – an institution that will take on the controls, exchange and storage of digital assets in a legal area,” he said.
He claimed that in advanced economies where digital assets have been allowed to thrive, such as the United States, such initiatives have been successful. He pointed to Anchorage Bank and Custodia Bank, two digital asset -focused banks that operated under the supervision of federal supervisory authorities. In Switzerland, Sygnum Bank and Seba Bank have also been successful, he added.
“If something cannot be resisted, there is only one solution, commitment and lead. In this case, it means legalizing and regulating.”
However, Peruaşev’s proposal differs from success in the United States and Switzerland, where the “crypto” banks are private units. The legislature proposes a government initiative led by the central bank. This would resemble a national digital asset exchange proposed In Russia in August last year, which has not yet launched.
Other legislators still supported the proposal. MP Ekaterina Smyshlyaeva said that the “crypto” bank would offer legal clarity for Kazakh investors, while urging the supervisory authorities “to better understand the nature and dynamics of the industry.”
The two legislators’ message is similar to President Kassym-Jomart Tokayevs, which required a new digital asset framework for digital assets “on an urgent basis” in January.
See: History of Bitcoin with Kurt Wuckert Jr.
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