02.04.2025 17:59:00
Дата публикации
Member of the Mazhilis, Ekaterina Smyshlyaeva, has urged the Prime Minister of Kazakhstan to reform the regulation of digital assets. According to her, current legislation lags behind the market, encouraging the growth of the shadow economy and reducing investment appeal:
“Two years ago, the Digital Assets Law was adopted — that was the first step. But the situation is changing rapidly. Analysis revealed several systemic issues.”
The most pressing issue is the limited access to legal markets. Currently, transactions are allowed only through AIFC-registered crypto exchanges, which serve just 5% of investors.
Smyshlyaeva proposed replacing the ban on unsecured digital assets with a restriction: allowing individuals to trade them through licensed platforms. This would help legalize most transactions.
She also advocated for phased licensing of crypto exchangers — first within the AIFC, then within Kazakhstan’s national legal framework.
Additionally, she suggested focusing efforts on dishonest intermediaries rather than punishing ordinary users to combat digital crime.
Penalties for illegal transactions are often excessively harsh and deter responsible investors.
Smyshlyaeva called for more active use of experimental legal regimes to test new regulatory models in flexible environments.
She reminded that the government has not yet issued a conclusion on the draft Digital Code, which has been pending for seven months. Among other goals, it aims to ensure transparency of operations.
Regulatory issues were also highlighted by Yelzhan Kabyshev, Head of Legal Practice at the Eurasian Digital Foundation, during a March 28 broadcast on Atameken Business.
Blocked accounts.
Users often face card blockages under anti-money laundering laws, even when acting in good faith. This hinders P2P trading.
Criminal liability risk.
Exceeding 10,000 MCI (about 40 million tenge) in turnover can be interpreted as illegal business activity. Under weak regulation, this poses serious legal risks to ordinary citizens.
Lack of licenses among major platforms.
Binance, Bybit, and even Telegram are not licensed under the AIFC. In cases of fraud, users are often left without legal protection, as regulators tend to focus on end-users.
As a result, ordinary citizens remain the most vulnerable part of the system. Legal risks often fall entirely on them. For sustainable market development, it is necessary to protect users and ensure a transparent legal environment.
This translation was generated automatically.
