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This new group wants to revive the blockchain sector of Kazakhstan

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A collection of companies in Kazakhstan submitted an application to be legally recognized as Blockchain and Cryptocurrency Association. The group hopes to roll the cryptocurrency ball in a country that has not yet adopted the increasingly popular technology.

Kazakh companies keen to embrace the blockchain

"There are no companies operating on the blockchain market in Kazakhstan, but there are more companies that are seeing the promise of technology for themselves," said Yesset Butin, co-founder and chairman of the newly created group board. media.

According to Butin, the main purpose of the association is to "prescribe the rules of the game in the blockchain market" in the country of Central Asia – in collaboration with the banking authorities of l & # 39; State. The group aims to help develop a legislative framework that would allow the region to adopt blockchain technology.

It seems that business owners in Kazakhstan are eager to join the company. In the middle of November, the association asked to be registered as a legally recognized entity. At that time, the group already had six founding member organizations. Since then, 15 others have applied to become members.

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Kazakhstan is not the first to make such a move. News of the foundation of the association arrived on the heels of Belarus announcing a group association looming on the horizon. Meanwhile, the Russian Association of Blockchain and Cryptocurrency (RACIB) has already been operational for a few months. The first ICO that complies with the new legal framework in Russia, BioCoin, came into effect on November 1st.

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Swag says that it is essential to take similar measures to those of Russia to make Kazakhstan work – by setting up the legal framework and infrastructure needed to support blockchain technology. As for the market potential, he claims that the industry is just too young to start making estimates.

In addition to working with the state's financial regulators, the Blockchain and Cryptourrency Association also intends to collaborate with universities to introduce blockchain training course offerings.

Finally, Loot added that a government-backed cryptocurrency issued by National Bank would support the construction of a legal platform for the exchange of digital coins. The "cryptotenge", named after Kazakh currency, is already on the verge of becoming a reality.

Last month, the International Financial Center Astana (AIFC), supported by the government, announced that he was teaming up with a Maltese company called Exante to start developing the country's own digital token. The main goal of the AIFC is to position the region as a world center of cryptocurrency.

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