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Financial authorities in Kazakhstan have set out to legalize the trading of cryptocurrencies by adopting a licensing regime for platforms providing such services. The government seeks to expand the regulated turnover of digital assets in the country where crypto miners currently have few legal options to sell the digital coins they are minting. Government institutions in Kazakhstan are taking steps to legalize crypto trading via state-approved exchanges, a high-ranking representative of the central bank unveiled. The goal is to expand the regulated circulation of cryptocurrencies in the Central Asian nation, which has attracted a significant number of Bitcoin miners over the past few years. The National Bank of Kazakhstan ( NBK ) and the Agency for Regulation and Development of the Financial Market have jointly developed a set of legislative amendments aimed at achieving comprehensive regulation of the digital assets market, announced Уеrlan Ashykbekov, director of the monetary authority’s Payment Systems Department. In the part concerning “unsecured digital assets,” or decentralized cryptocurrencies like Bitcoin, the legislative changes are designed to “secure the legal status of crypto exchange platform operators” by “licensing their activities.” This encompasses the adoption of specific requirements for crypto trading venues, including the introduction of risk management and internal control systems, rules governing interaction with users, and mechanisms to protect assets and ensure transparency, the NBK official detailed. The amendments institute a new category of market participants – crypto exchange service providers. The latter will be able to facilitate crypto-fiat exchange after acquiring a license under the supervision of the central bank. The authorized platforms will be allowed to operate across Kazakhstan . Currently, miners and investors can legally trade only on exchanges registered within the jurisdiction of the Astana International Financial Center (AIFC) hub. These will remain separately regulated but will be integrated with the rest. The National Bank of Kazakhstan will approve a list of cryptocurrencies available for purchase and sale on the trading platforms that will be licensed under the new rules, Ashykbekov noted. Quoted in a press release, he highlighted: “The purpose of these measures is to expand the regulated turnover of unsecured digital assets, reduce systemic risks and ensure consumer protection.” The establishment of a regulated environment will provide safe investments, confident participants and transparent transactions, the central bank executive insisted. Recognizing the growing demand for crypto trading services, NBK Governor Timur Suleimenov suggested last month that Kazakhstan should launch a “national cryptocurrency exchange.” And in March, lawmaker Azat Peruaşev urged for the creation of a “crypto bank.” Both proposals and the latest legislative move seek to legalize Kazakhstan’s massive gray market for cryptocurrencies, which according to Peruaşev, amounts to 90% of all crypto-related transactions. Current rules oblige crypto miners operating in the country to sell 75% of their coins via AIFC-registered trading platforms, the country’s Deputy Minister of Digital Development Kanysh Tuleushin remarked this month after revealing that tax revenues from the industry reached $35 million in three years. Another objective for Kazakhstan’s financial authorities is to establish and regulate a market for “secured” digital assets. Unlike cryptocurrencies, the so-called “digital financial assets” (DFAs) have “legally obligated” issuers and “confirmed collateral.” The authors of the new legislation have classified them in three categories – stablecoins, backed by fiat currency, DFAs certifying rights to financial instruments and assets other than money, and digital analogues of traditional financial instruments like bonds and shares or tokenized assets. DFAs will be integrated into the country’s existing financial system as a new class of instruments, bridging the gap between the traditional capital market and digital technologies. Уеrlan Ashykbekov pointed out that they can increase efficiency and simplify businesses’ access to financial channels. In developing the new law, Kazakhstan regulators took into account the recommendations of key international bodies such as the Financial Action Task Force (FATF), the IMF, and the Bank for International settlements (BIS) as well as the provisions of the EU’s Markets in Crypto Assets ( MiCA ) framework. The NBK is also launching a regulatory sandbox for digital assets. Cryptopolitan Academy: Want to grow your money in 2025? Learn how to do it with DeFi in our upcoming webclass. Save Your Spot

Cecilia Skingsley will leave her role as head of the BIS Innovation Hub next month, cutting short her five-year term by two years amid a broader leadership reshuffle at the central bank body. The Bank for International Settlements digital currency lead Cecilia Skingsley will leave her role two years earlier than planned, Reuters has learned . Skingsley has led the BIS Innovation Hub since September 2022, a unit created in 2019 to help central banks explore new financial technologies, including central bank digital currencies. The Innovation Hub started with just a few centers but has expanded to seven financial hubs around the world, including London and Hong Kong in an effort to support central banks in adopting new technologies. Skingsley, who previously served as deputy governor of the Swedish central bank, will leave to take a government role as County Governor of Stockholm County, the report reads. She is expected to start the new position next month. Pablo Hernandez de Cos will take over as BIS general manager in July, and his arrival has been linked to plans to scale back parts of the Innovation Hub, which recently ended a key digital currency project with China and several Asian central banks amid growing geopolitical tensions around CBDCs. BIS chief Agustín Carstens praised Skingsley’s work, saying in a statement that the Innovation Hub “made great strides towards fulfilling our strategic goal of helping central banks face the challenges of the future” under her leadership. The BIS said it will announce the recruitment process for Skingsley’s replacement “in due course.” In the meantime, deputy general manager and former Swiss central banker Andréa Maechler will serve as interim head of the Innovation Hub.

Linea Product Manager: LINEA Token Economics Enters Final Legal Review Stage Declan Fox, product manager of Linea, said in a post on the X platform, "Linea's decentralization is progressing smoothly. The token economy and governance proposals have entered the final legal review. In terms of products, Beta v2 will be launched on the mainnet next month, bringing important performance upgrades. There are also plans for Limitless Prover and Pectra hard forks in the future. Ecosystem construction is accelerating, and the newly launched Linea Hub facilitates developer access and supports large-scale project integration. Token-related information will only be released through official channels, so please be wary of scams."

K33: Crypto policy remains a key catalyst, market participants need to pay attention to the potential development of strategic BTC reserves Although the deadlines for several executive orders have passed without being publicly announced, analysts believe that Trump's upcoming Memecoin event and Vance's Bitcoin 2025 keynote speech may provide new information. Analysts at K33 said that crypto policy developments remain a key catalyst, urging participants to pay attention to potential developments in the Strategic Bitcoin Reserve in the coming days. However, analysts warned that recent executive orders could have far-reaching effects on the digital asset market. The Trump administration has signed several executive orders, including the establishment of the Strategic Bitcoin Reserve and the United States Digital Asset Reserve, aimed at making the United States a global cryptocurrency hub. (The Block)

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