Why Does Kazakhstan Need a Crypto Bank? 🤔

Deputy of the Mazhilis, Azat Peruashev, has proposed creating a crypto bank in Kazakhstan, arguing that it could be a game-changer for regulating the crypto market. In his request to Prime Minister Olzhas Bektenov, he reminded him of the President's call to liberalize digital assets. 🚀

How Are Cryptocurrencies Impacting Kazakhstan's Economy? 💰

According to Peruashev, crypto has become a major part of global finance, and more and more Kazakhs see it as an investment tool. But here’s the issue—there’s no legal framework for using crypto in Kazakhstan, and the current ban has only fueled the shadow market. 😬

📊 Stats say 90% of crypto transactions in Kazakhstan happen outside legal oversight, leading to illegal exchanges and sketchy schemes.

🗣️ "Banning crypto has only boosted the shadow market and criminal activity. Instead of regulating, we’re unintentionally supporting illegal operations," Peruashev warned.

How Can a Crypto Bank Solve the Problem? 🏦

Peruashev suggests creating a crypto bank that would handle crypto control, exchange, and storage within a regulated framework. This could: ✅ Legalize crypto use ⚖️
✅ Reduce shadow transactions 🚫💀
✅ Strengthen Kazakhstan’s role as a digital finance leader 🌍
✅ Boost job creation & tax revenues 📈

🚀 This move could position Kazakhstan ahead of many countries in adopting digital financial technologies.

What Other Crypto Proposals Are on the Table? 🤓

Another deputy, Yekaterina Smyshlyaeva, also called for changes in crypto regulations. She believes digital assets are key to an innovative economy and proposed:

🔹 Decriminalizing the use of unsecured digital assets (as long as they’re on licensed platforms).
🔹 Tightening rules for crypto service operators and expanding licensed exchanges.
🔹 Adjusting penalties to make them more reasonable and fair.

Digital Transformation: The Future of Kazakhstan 🇰🇿💡

President Kassym-Jomart Tokayev has repeatedly emphasized that digital transformation is critical for Kazakhstan’s global competitiveness. With crypto regulation on the agenda, the country has a chance to turn challenges into opportunities and lead the way in the digital finance revolution. 💎🚀

TL;DR: Kazakhstan’s government is debating crypto regulations. 🚨 Deputy Azat Peruashev proposes a crypto bank to legalize and regulate digital assets, reduce crime, and boost the economy. Another deputy suggests loosening restrictions while increasing oversight of exchanges. The government is moving toward a digital financial future—will crypto become mainstream in Kazakhstan? 🤔🔥