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Kazakhstan Aims to Become a Crypto Hub as 100,000 Russians Swarm the Country

                                                            Der Präsident von Kasachstan – Kassym-Jomart Tokayev – sagte, die Behörden seien bereit, einen Mechanismus einzuführen, der die Umwandlung von Cryptowährungen in Bargeld ermöglicht, wenn genügend Nachfrage nach solchen Dienstleistungen besteht.

The positive tone towards the digital asset industry comes days after nearly 100,000 Russians entered Kazakhstan to escape Vladimir Putin’s announced partial military mobilization.

Embrace crypto even more

In a recent announcement, President Tokayev said uncovered that the government intends to turn Kazakhstan into a global hub for digital assets.

Specifically, the authorities aim to launch a project that will allow the conversion of cryptocurrencies into cash and vice versa in a regulated and secure manner. The political leader said this initiative will be completed when residents show enough interest in digital asset operations:

“Currency conversion is already being carried out as part of a special pilot project at the site of the Astana International Financial Center. To this end, quite innovative changes have been made to national legislation and the regulatory environment. And we are ready to go further. If this financial instrument shows its continued demand and safety, then it will surely receive full legal recognition.”
Kazakhstan Aims to Become a Crypto Hub as 100,000 Russians Swarm the Country, Crypto Trading NewsKassym-Jomart Tokayev, The Guardian
The migration wave from Russia could be a reason why Kazakhstan focused on crypto. A week ago, Vladimir Putin ordered a “partial” mobilization to rally 300,000 men to reverse the course of the war in Ukraine.

It seems that not all Russians want to fight, leading to hundreds of thousands fleeing the country’s borders in a matter of days. The southern neighbor Kazakhstan welcomed more people than any other country – around 98,000.

Cryptocurrencies have emerged as the financial tool of choice for war-torn nations. Previously, some Ukrainians believed that digital assets could solve their money problems fled to countries with crypto-friendly stances like Portugal.

How is crypto developing in Kazakhstan?

The Asian country is best known as a major player in the crypto mining sector. According to the latest estimates, it is accounts for over 13% of the global hash rate, meaning only the US and China are ahead.

In June this year, Galymzhan Pirmatov – Chairman of the National Bank of Kazakhstan – specified that the niche of digital assets is an intriguing matter that the institution should not ignore:

“We are interested in the innovation opportunities that these new technologies offer us. Therefore, we will conduct these discussions in a way that our decisions do not adversely affect macro stability and the interests of consumers of financial services.”

Days later the domestic government started a project to encourage local banks to interact with cryptocurrency exchanges.

A month ago, the world’s largest digital asset platform was Binance secured official approval for operation in Kazakhstan.

Source: Crypto News Deutsch

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