The President instructed to create conditions for the development of the crypto industry

President Kassym-Jomart Tokayev held the Astana International Financial Centre Management Council’s meeting. During the session, the members of the AIFC Management Council summed up the results of the AIFC activities for 2021, and reviewed some proposals for its further development.

Opening the event, Kassym-Jomart Tokayev emphasized that in conditions of increased international turbulence, the search for reliable financial instruments that can ensure investment stability and predictability is becoming relevant.

The Head of State stressed that the AIFC faces a global challenge to institutionally strengthen its status as a leading regional financial centre. In this regard, he suggested that the following matters should be addressed in the work ahead.

1. bringing national companies to IPO; 
2. attraction of long-term foreign investors to sovereign bonds in tenge;
3. connection to the global infrastructure with long-term institutional investors;
4. relocation of the main commodity exchange to the AIFC.

In addition, in his speech, President Tokayev also focused on the crypto-industry and digital assets as today’s realities.

“We must make the most of our potential. Yes, we are the No. 2 country in terms of crypto-assets mining, but we should by no means retain a purely commodity-based status. In view of this, I instruct the Government, jointly with the financial regulators and the AIFC, to create favourable regulatory conditions for the development of a sophisticated digital ecosystem,” he said.