🎉 Kazakhstan🇰🇿: authorities plan to allow payments with stablecoins

🎉 Kazakhstan🇰🇿: authorities plan to allow payments with stablecoins

Kazakhstan's presidential decree outlines the development of mechanisms to enable crypto payments, with the aim of creating additional channels for cross-border trade and international settlements. Key initiatives include:

📎 implementing mechanisms for cross-border payments and international money transfers using stablecoins;

📎 establishing a regulatory framework for decentralized finance (DeFi);

📎 developing tokenized financial instruments and the country's digital asset trading infrastructure;

📎 launching projects to issue tokenized government bonds;

📎 expanding the scope of activities of digital asset service providers;

📎 strengthening cooperation with the Astana International Financial Centre (AIFC);

📎 developing the digital infrastructure of Alatau City.

💠 Outlook: to strengthen oversight of crypto assets, the authorities seek to move assets from "foreign unregulated platforms" to "platforms operated by domestic providers". Kazakhstan aims to become a regional crypto hub, and the relevant regulatory framework has been in force since May 1.

💠 Tax policy: tax incentives will be offered to encourage assets to be relocated to Kazakhstan. Mechanisms have been developed to administer the corporate income tax for miners, calculated based on the value of the asset when received as a reward, as well as the corporate income tax for mining pools on the commissions earned from their services. At the same time, a capital gains tax for individuals on crypto asset transactions and a corporate income tax for exchanges as business entities are being introduced. In addition, individuals will be exempt from personal income tax provided that crypto transactions are carried out within regulatory sandboxes.

💠 Beyond digital assets, the government also intends to regulate gas-powered cryptocurrency mining. The presidential decree proposes using associated petroleum gas (APG) to generate electricity supplied directly to cryptocurrency mining facilities, providing a productive use for gas that might otherwise be flared.

💠 Context: the authorities have long sought to strengthen oversight of the cryptocurrency market. In April, the operations of HTX, Bitget, OKX, and MEXC were declared illegal after an investigation into the crypto service RAKS Exchange, whose total turnover exceeded USD 224 million, uncovered evidence of financing more than 200 narcotics marketplaces through the platform. Under Kazakhstan's legislation, operating cryptocurrency services without a license from the AIFC regulator is prohibited.

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