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Kazakhstan Forum Explores Cryptocurrency and Money Laundering Threats
The International Forum Digital Almaty has sparked a heated discussion about the potential of digital mining in Kazakhstan. Despite challenges faced by the industry, participants believe that the sector is on the right track.
Challenges and Opportunities
According to Pavel Koktyshev, Head of the Affiliated Center of the Fourth Industrial Revolution, declining development indicators are typical for most economy sectors around the world. However, he noted that Kazakhstan has seen positive trends this year.
Cryptocurrency and Money Laundering Risks
Sapar Akhmetov, Chairman of the Kazakhstan Association of Blockchain Technologies, expressed confidence that the country needs to introduce cryptocurrency turnover, taking into account security issues and creating conditions for anti-money laundering. He added that the association will continue to work with the government and AIFC to achieve this goal.
- Emphasizing the need for educational programs to educate citizens about cryptocurrencies and prevent scams
- Highlighting the importance of regulatory measures to mitigate money laundering risks
Gizat Baitursynov, Deputy Director of the Department for the Development of the Electronic Industry and Digital Assets of the MDDIAI, reminded that the Parliament has adopted a Law on digital assets, making it a transparent sector.
Calls for National Bank to Adopt Cryptocurrencies as Means of Payment
The forum heard calls for Kazakhstan’s National Bank to follow suit with other countries in adopting cryptocurrencies as a means of payment. Baitursynov expressed confidence that this will happen in the future.
Digital Almaty Forum
Digital Almaty is an annual event bringing together industry leaders and experts to discuss the digital agenda, new strategies for digital transformation, and trends in digital technology. This year’s event has highlighted the potential risks of cryptocurrency use, particularly money laundering, and the need for regulatory measures to mitigate these threats.
Attendees
The forum was attended by top officials from Kazakhstan’s government and industry stakeholders, as well as representatives from major companies such as:
- Freedom Holding Corporation
- CITIX
- Jusan Bank
- Bereke Bank
- Kcell
- Eurasian Resources Group/ Business & Technology Services
- AppStream
- Tele2/ALTEL
- Halyk Bank
- Kazakhtelecom
- ALSI Integrations
- Dell Technologies
- Nurbank
- VK Cloud