Cryptocurrency and specifics of operation of cryptocurrency exchanges in Kazakhstan
We are delighted to let you know that an article, prepared by AEQUITAS Partner Nurlan Sholanov together with AQUITAS Junior Associate Kirill Greshnikov, was published on Forbes Kazakhstan magazine website. The publication is dedicated to the key issues of operation of cryptocurrency exchanges in Kazakhstan.
To date, there are more than 200 cryptocurrency exchanges and exchange platforms worldwide allowing to sell more than 1,000 different types of cryptocurrencies. Meanwhile, almost each month marks the origin of a greater number of various cryptocurrencies, which definitely affects the world economy. At the time of writing, many countries have no legal regulation of cryptocurrency, in which connection this object is "free floating".
Until recent time, cryptocurrency has stayed in the background in Kazakhstan and has not been regulated in any way whatsoever.
However, the situation with cryptocurrency significantly changed in Kazakhstan along with the adoption of the Kazakhstan Law on Introduction of Amendments into Certain Legislative Acts of Kazakhstan on the Issues of Regulation of Digital Technologies dated 25 June 2020, which added cryptocurrency provisions to the Kazakhstan Law on Informatization.
To date, cryptocurrency is referred to property and is defined by the term "digital asset", which means property created in the electronic and digital form with the application of cryptographic means and computer calculations, which is not a financial instrument, as well as the electronic and digital form of certifying property rights.
Please click the link to read the whole article.