Kazakhstan Set to Become Regional Hub for Cryptocurrency Startups

Kazakhstan aims to become the favored jurisdiction of all former Soviet states for ICO projects.

Kazakhstan’s Astana International Financial Center announced today the creation of a working group to develop an ecosystem to enable blockchain solutions for the CIS (Commonwealth of Independent States). This is in collaboration with Deloitte and Waves, as well as Ukrainian law firm Juscutum, and Kesarev Consulting.

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“AIFC aims to become a most favorable FinTech 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”, said Nurlan Kussainov, CEO of AIFC Authority.

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“There is no greater recognition for lawyer than to be involved in the development of regulatory rules, which were lacking in practice. It is especially valuable that this happens in the ICO industry: new, dynamic, and extremely difficult for classical law. We consider this project as a perfect opportunity to create a new jurisdiction, which would be most favorable for crypto projects in the world. We are very pleased with the willingness of AIFC to embrace this new phenomenon; it gives hope for very quick results,” Head of Juscutum Artem Afyan noted.

Sasha Ivanov

“We are glad that the AIFC is trying to create the most favorable conditions for the development of blockchain technologies. To achieve this goal, concrete steps have already been taken, one of which was the creation of a working group. We are sure that the outcomes of this group, which includes the Waves Platform, will attract new investors to Kazakhstan and will help the country to be a new destination in the field of blockchain,” Waves founder and CEO Sasha Ivanov stated.

“Kazakhstan became the second country in the world, after Japan, which recognized the need for the development of the cryptocurrency market system at the governmental level. The development of the digital currency market on the basis of the Astana International Financial Center is the first step towards a creation of a full-fledged ecosystem for the digital economy in Kazakhstan,” said Natalia Sheiko, partner of Kesarev Consulting.

“Creation of an enabling regulatory environment for blockchain projects is currently crucial and is included to the agenda of the most innovative economies around the world. We are glad to be a part of the created consortium and to participate in a regulatory development process based on the best world practices and a deep understanding of the industry,” said Artem Tolkachev, Director of Legal Services for Technology Projects at Deloitte CIS.

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