@xiti - The group of companies in Kazakhstan has filed an application to be legally recognized as the State Blockchain and Cryptocurrency Association. The group hopes to get a rolling cryptocurrency ball in a country that is not yet embraced by an increasingly popular technology.
Kazakhstan Company Wants to Embrace Blockchain
"There are no companies operating in the blockchain market in Kazakhstan, but there are more companies that see their own technology promise," Yesset Butin, co-founder and chairman of the board of the newly formed group, told a local media.
According to Butin, the main purpose of the association is to "define the rules of the game in the blockchain market" in Central Asian countries - in cooperation with state banking authorities. The group aims to help draw up a legislative framework that allows the region to adopt blockchain technology.
It seems that business owners in Kazakhstan are eager to join the venture. In mid-November, the association was registered as a legally recognized entity. At that time, the group already has six founding member organizations. Since then, 15 more have requested to become members.
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Kazakhstan is not the first to do such a move. The story of the founding of the association arrived at the heels of Belarus announcing an association of groups looming on the horizon. Meanwhile, the Russian Association of Blocks and Kriptocurrency (RACIB) has been up and running for several months. The first ICO to comply with the new Russian legal framework, BioCoin, was launched on November 1st.
Butin said it was important to undertake similar measures as Russia made things in Kazakhstan work - building the legal framework and infrastructure needed to support blockchain technology. As for the market potential, he claims that the industry is too young to start making estimates.
In addition to working with state financial regulators, the Blockchain and Cryptourrency Association also intends to collaborate with the university to introduce the offer of a blockchain education course.
Finally, Butin added that the government-backed crypto issued by the National Bank would support the development of a legal platform for digital coin exchange. The "Sacrifice Grief", named after the Kazakhtan currency, is already on the way to becoming a reality.
Last month, the government-backed Astana International Finance Center (AIFC) announced that it is working with a Malacese company called Exante to start developing the country's own digital token. AIFC's main goal is to position the region as a global crypto-curve center.
nice picture of Kazakhstan
blockchain will be everywhere over planet soon
Thank you @xiti for mentioning BioCoin. Actually, one of our aim is to help some far territories, like in the Far East for exemple) to develop locally in a good way, through the use of blockchain. A great adventure. We hope our ICO will be the first of many others in the field of a digital evolution. Especially if those projects make sense.
Actually, regulations for ICO and cryptocurrencies are about to be written in a lot of countries. In Russia too. At least, it means that this technologies and those tokens are recognized ... ;)