What is it about?
Cryptocurrency is a modern phenomenon which emerged and has opened up some new opportunities for market participants as well as for national governments and international organizations. At the same time, the problem of an effective legal framework and appropriate legal regime for cryptocurrency has become important in all jurisdictions. Each country looks for and finds its own solutions. However, one thing seems to be clear: refusing to legally recognize this phenomenon is not a rational decision. But what kind of a legal regime for cryptocurrency is the appropriate one? It remains a big issue and serious challenge for any national legislator. The options may vary - from recognition of cryptocurrency as a transferable asset, means of payment and even a legal tender to a strict prohibition of its mining and/or use in circulation, with many different variations in between. In Kazakhstan, cryptocurrency is recognized as an object of civil rights, cryptocurrency mining is permitted and regulated, rules for regulating and controlling mining activities have been established and a tax regime has been introduced recently. However, cryptocurrencies circulation is prohibited on the territory of Kazakhstan, although transactions with it are permitted on the crypto exchange existing within the exorbitant jurisdiction of the “Astana” International Financial Center. This very general description of the existing legal regime of cryptocurrencies in our country gives rise to a number of questions, both of a public policy and more of a private-law nature (they are indicated in the chapter).
Featured Image
Photo by Ewan Kennedy on Unsplash
Why is it important?
Development of public policy and finding better solutions to improve existing legal framework for the circulation of cryptocurrencies, transfer and exercise of rights to it, legal succession in relation to cryptocurrency, creation of opportunities for effective state control or at least monitoring of cryptocurrency transactions and many other aspects remain a serious challenge for the Kazakh State and society (which can be also relevant for other national jurisdictions).
Perspectives
Recently published monograph, of which this chapter is a part, will be very useful as a source of information about existing legislative regimes for cryptocurrencies in the World and an inspiration in finding more effective and appropriate solutions of a legal framework for cryptocurrencies.
Prof., Dr. Farkhad Karagussov
"Adilet" High School of Law at Caspian University (Almaty, Kazakhstan)
Read the Original
This page is a summary of: Kazakhstan, March 2025, De Gruyter,
DOI: 10.1163/9789004722507_018.
You can read the full text:
Contributors
The following have contributed to this page
