Kazakhstan proposes to introduce the concepts of “ blockchain ” and “ cryptocurrency ” into the Civil Code. This is reported by local media, referring to a project of the Ministry of Digital Development, Innovation and Aerospace Industry (ICROAP). The project is under discussion until September this year.
According to the document “On Amendments and Additions to Some Legislative Acts on the Regulation of Digital Technologies”, the amendments are aimed at “regulating public relations in the field of digital technologies”. The document says:
“The concept of“ digital asset ”(blockchain) is introduced, which can be a digital medium of exchange, a means of accounting, preserving value, and certifies the right to property or other objects of civil rights. As for cryptocurrency, the cases, procedure and terms of settlements with it are determined by acts on the territory of the AIFC (International Financial Center “Astana”). She is also exempt from value added taxes. ”
The document was submitted for public discussion until September 2 of this year.
It should be clarified that Kazakhstan, in the framework of last year’s amendments to the acts of the International Financial Center “Astana” (AIFC), actually opened the door to cryptocurrency and began the process of forming the necessary professional platform. Cryptocurrency was allocated as an independent object of circulation.
Activities related to the circulation of private cryptocurrency within the AIFC are also highlighted as a separate type of market operations. Such activities may be carried out only MFTSA participants on the basis of the appropriate license (meaning kriptobirzhi ).
Thus, the AIFC made a progressive step, creating a legal framework and a professional platform for the circulation of cryptocurrencies and the activities of cryptocurrency exchanges within its jurisdiction. It is possible that in the near future we will see the first cryptocurrency transactions made on cryptocurrency exchanges registered with the AIFC.
Publication date 08/21/2019
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