Kazakhstan’s financial regulator has announced that it will commence a public consultation period for the new law regarding trading crypto in the country. According to the report, the financial authority published the paper, which already has a new proposal of changes that will be made to the rules. The regulator wants a market that is very protective of investors while ensuring that the control by the government in the market is not lacking.
The consultation period will end by February 25
The published document also shows that the regulator plans to renovate how crypto platforms use Kazakhstan’s financial hub. Residents and other stakeholders have been asked to input their opinion on the consultation paper. However, the authorities, which posted the news, said that those concerned have until February 25 before they will no longer be eligible to add their input to the consultation paper.
After the consultation period, some of the laws voted on would be counted as draft laws in the upcoming laws scheduled to be introduced before the end of the year. Some issues that will be focused on include eliminating instruments that promote market abuse, removing risks, and providing information to investors about products.
Kazakhstan wants to eliminate illegal miners
This latest update is coming off the back of a previous proposal made by a parliament in the country to help regulate the crypto market. Asides from other proposals, the bill focused on ways to ensure mining and trading digital assets can be done legally. The proposal also wants a new method of awarding a license to crypto firms and miners dealing in several digital assets. The country will thrash the previous process of only registering miners and their companies. Kazakhstan has become one of the most sought-after regions in the mining and trading of digital assets following China’s recent ban on crypto.
The country has also used the period to announce a likely regulation on the activities related to digital assets across the country. The government has experienced a massive increase in the number of miners coming due to the massive amount of energy currently available. Presently, Kazakhstan has announced that it is tackling the menace of illegal mining by closing down unlicensed mining centers across the country. Meanwhile, the regulator in the country has revealed that only registered miners and exchanges are allowed to carry out crypto services in the country.
Source: https://www.cryptopolitan.com/kazakhstan-begins-consultation-crypto-laws/