The President of Kazakhstan, Kassym-Jomart Tokayev, has signed a series of laws that fundamentally change the rules governing cryptocurrencies and the use of artificial intelligence in the country. The new regulations open the digital asset market to a wide range of participants and create a transparent legal framework for innovative technologies.
This is reported by Finway
Legalization of the Cryptocurrency Market
The document removes previous restrictions that were in place under the jurisdiction of the Astana International Financial Centre (AIFC) and introduces a new model for regulating the circulation of unsecured digital assets. From now on, cryptocurrencies can circulate freely within Kazakhstan, provided that national legislation is adhered to.
Among the main changes is the abolition of the obligation to sell mined tokens exclusively through the AIFC. Miners are now allowed to manage their mined cryptocurrency independently, and mining is officially permitted for individual entrepreneurs and legal entities. This activity is no longer considered as organizing the circulation of digital assets, which simplifies the work for miners.
In addition, the ban on the issuance and circulation of unsecured digital assets within the country has been lifted. Cryptocurrency exchanges will now be able to operate in the Kazakhstan market with the appropriate license. This creates a legal space for exchange services and allows the market to develop openly and transparently.
“The expansion of the legal circulation of digital assets is expected to bring a significant portion of local investors out of the ‘gray zone.’ The authorities have previously noted that only about 5% of market participants operate in accordance with the regulatory norms of the AIFC, while the rest operate outside the official framework,” said Tokayev.
The changes will take effect 60 days after the official publication of the law.
New Standards for Artificial Intelligence
At the same time, a separate law regarding artificial intelligence has been adopted in Kazakhstan. The document defines the main principles of AI system operation, including legality, fairness, transparency, protection of personal data, and accountability of developers and operators.
Mandatory labeling of products created using AI is required to ensure their identification and reduce the risks of manipulation or dissemination of false information. The law prohibits the exploitation of systems that affect users’ subconscious, as well as the collection of personal data in violation of existing legislation.
Within the framework of the new regulations, the establishment of a national artificial intelligence platform is also initiated. This platform will serve for the development and testing of models in controlled conditions, which will enhance the safety and effectiveness of AI technologies in the country.
It is known that Kazakhstan is already planning significant investments in the field of artificial intelligence, including a memorandum signed with Nvidia for the purchase of AI chips worth $2 billion.