Kazakhstan intends to step up blockchain promotion and adoption. The newly formed Blockchain and Cryptocurrency Association recently filed to be officially registered as a legal entity. With this move, the group aims to support blockchain and help develop a legislative framework for the technology.


As reported by Kapital.kz, the association currently has six members but 15 organizations have already applied to join. Last week, the alliance held its first meeting.


The people behind it come from various backgrounds, with some having worked for regulatory bodies and technology companies.Yesset Butin, co-founder and council chairperson of the association, has held positions at subsidiaries of Kazakhstan’s National Bank, while Arman Dzhakambayev has worked in the field of banking supervision.


The association’s executive director, Dastan Kozhabekov, was head of the Parasat national scientific and technological center and the Kazakh Institute of Oil and Gas.Butin said:

“Our main goal is to prescribe the rules of the game in the blockchain market and cryptocurrency in Kazakhstan together with the regulator [the National Bank]. There are no companies operating in the blockchain market in Kazakhstan, but there are more companies that see the promise of technology for themselves.”

He went on to add:

“First, we must follow world trends. The Russian Association of Blockchain and Cryptocurrency has already been created and literally within a month they managed to achieve certain results. Belarus announced the imminent emergence of such an association.


We believe the time has come to create such an association here to unite organizations and companies that work in the blockchain market or plan to work in the cryptocurrency markets.”

Butin said it was not possible to estimate the value of Kazakhstan’s blockchain market given its infancy. He stressed that it was essential to build the infrastructure and legal framework to make things work.


Additionally, the Blockchain and Cryptocurrency Association plans to collaborate with universities to launch educational courses focused on blockchain.According to Butin, a “cryptotenge” issued by the National Bank would support the creation of a legal platform for buying cryptocurrency in tenge as the cryptotenge would be easily convertible to other popular cryptocoins.

“People are looking for an alternative and find it in the form of cryptocurrency,” he added.

Earlier, the National Bank chief Daniyar Akishev said he was concerned about the risks of cryptocurrencies, warning that they are not sound investment options.

However, he also admitted to lack of sufficient knowledge in the area of cryptocurrencies.


On the other hand, Kazakhstan President Nursultan Nazarbayev is very positive about digital money and has even called for a global cryptocurrency.

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