Kazakhstan Establishes National Blockchain and Cryptocurrency Association

Kazakhstan is one of those countries people hardly hear about when it comes to cryptocurrency and blockchain technology. That’s not because these topics are not of great interest to Kazhaks, but rather because there has not been a reason to introduce any sort of regulation. That being said, the country now has its very own Blockchain and Cryptocurrency Association meant to move things forward. It’s an interesting development, as this legal entity is seeking state approval.

Kazakhstan is Raising the Bar

It is good to see this particular country embarking on a mission to promote cryptocurrency and blockchain technology in the coming years. Whereas most governments oppose and even suppress such ideas, things are very different in Kazakhstan. For the time being, there is no official legislation or regulation for either blockchain or cryptocurrency, but that may come to change if the newly-formed Blockchain and Cryptocurrency Association has its way. It’s an ambitious project, to say the least.

The new organization already has six core members, and another 15 have applied for membership. That is quite a promising start for a venture which few people had heard of a week ago. Now is an opportune time to unite companies, organizations, and enthusiasts in an official state-approved organization. It is evident Kazakhstan has big plans for cryptocurrency and blockchain technology in the years to come. How all of this will play out in the long run has yet to be determined, though, as all options are on the table at this point in time.

Kazakhstan seems to be quite welcoming of blockchain and cryptocurrency. This is not the case with a lot of other countries around the world, where harsh regulation seems to be the go-to approach first and foremost. In this particular country, the goal is to create a viable ecosystem, approved by the state and the national bank. Striking the right balance between regulation and innovation will not be easy, but all the world’s industries have faced that problem before.

Looking at how the rest of the world perceives blockchain and cryptocurrency appears to have been the first step in establishing a new ecosystem. Over in Russia, an association has been created with a similar purpose. Some initial results have been achieved already, but it is unclear whether Kazakhstan aims to take a similar route in this regard. It will be interesting to see if its new association can make any progress before the year is over. There are no official timelines as far as we know.

As one would expect, these industries are still in the early stages of development in Kazakhstan. There is no real way to assess these markets in financial terms, but things have progressed nicely over the past few years. Having the required infrastructure in place to accommodate further growth and provide proper legislation is the government’s number one priority. According to one source, the legislative aspect will heavily depend on how both industries evolve over the next two years. That is an interesting sentiment, as a lot can happen in such a short period.

It is good to see the Kazakh population flock to both cryptocurrency and blockchain. The demand for alternative solutions has never been greater than it is today. The country’s national bank is even contemplating the creation of a digital asset to make the process of converting from fiat currency to cryptocurrency more convenient. Whether or not the so-called CryptoTenge will ever be introduced to the masses remains to be seen, though. An interesting future lies ahead for blockchain and cryptocurrency in Kazakhstan; that much is certain.