Kazakh president calls for creating infrastructure to broaden legal use of cryptocurrencies

ASTANA. Jan 28 (Interfax) - Kazakh President Kassym-Jomart Tokayev said there was an urgent need to develop infrastructure for the broader legal use of digital assets and help the country's crypto investors to emerge from the "gray zone."

"In my address [to the nation] I pointed out the need to change our approach to the circulation of digital assets. Currently, these assets can only be legally traded on crypto exchanges at the Astana International Financial Centre (AIFC). According to experts, only 5% of Kazakhstan's crypto investors use this platform, while the majority are operating in the gray zone," Tokayev said during an expanded government meeting on Tuesday.

"We must urgently create the infrastructure necessary for the legal circulation of digital assets," he added, stressing that "financial regulators should focus on developing the appropriate legal framework."

Kazakhstan plans to become a leading player in the field of new digital technologies, the crypto ecosystem and regulated and transparent digital mining, Tokayev has said.

Located in Kazakhstan's capital, AIFC is a special zone designed to attract investment with its favorable tax, currency and visa rules.