Kazakhstan’s emerging organizations hope to develop the blockchain locally

nRunaway Comment: Kazakhstan’s “Blockchain and Cryptocurrency Association” is an emerging organization that is applying to become a legal entity, hoping to contribute to the local blockchain business. Its main objective is to help relevant organizations to establish a legal framework for the operation of the local blockchain market and to promote the development of this technology in various aspects in order to become one of the global cryptocurrency centers.n
nTranslation: Inan
A group of companies in Kazakhstan have submitted an application for legal recognition as a local “blockchain and cryptocurrency association.” The organization hopes to promote this technology in Kazakhstan, which has not yet fully accepted the increasingly popular blockchain.n
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Kazakhstan companies are eager to embrace the blockchainn
Yesset Butin, co-founder and board chair of the new organization, told local media: “Kazakhstan does not yet have a company that operates in the blockchain market, but many companies have seen the prospect of this technology.”n
According to Butin, the main goal of the association is to work with the country’s banking institutions to develop rules of operation for the local blockchain market. The organization aims to assist relevant agencies in developing a legislative framework that will enable blockchain technology in the region.n
Some companies in Kazakhstan seem very eager to participate in this work. The association applied for registration as a legal entity in mid-November. At the time, the organization already had six founding members. Then another 15 companies asked to join.n
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Kazakhstan is not the first country to take such an action. Before the founding of the association, Belarus also announced a forthcoming blockchain association. At the same time, the “Russian Blockchain and Cryptocurrency Association” (RACIB) has been in operation for several months. The first ICO project “BioCoin” in line with Russia’s new legal framework was launched on November 1.n
Butin pointed out that developing blockchain and cryptocurrency in Kazakhstan requires steps similar to Russia’s – to create the necessary legal framework and infrastructure to support blockchain technology. As for market potential, he said the industry is too new to evaluate.n
In addition to working with national financial regulators, the association plans to collaborate with universities to launch blockchain education curricula.n
Finally, Butin added that government-sponsored cryptocurrencies issued by the National Bank will facilitate the construction of a legal platform for digital currency transactions. The “cryptotenge”, which is the legal currency of Kazakhstan, has come to fruition.n
Last month, a government-backed Astana International Financial Center (AIFC) announced it was working with a Maltese company called Exante to start developing its own digital tokens. The main goal of AIFC is to make the area a global cryptocurrency center.n

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