The Kazakhstani government wants to do for fintech what Hollywood did for the movie industry. The Eastern European country is going all-in on blockchain technology and creating a market environment where fintech companies can flourish.
Kazakhstan’s (Fintech) Squad Goals
Right now, fintech initiatives are hotter than a field of Carolina Reapers. So, how does Kazakhstan plan to court startups in the space? The nation’s Astana International Financial Center (AIFC) is working with Deloitte, Waves, Kesarev Consulting, and Justcutum (a Ukrainian law firm) to establish “the most favorable business climate” for cryptocurrency and blockchain businesses by developing a “highly progressive regulatory framework.”
Nurlan Kussainov, the AIFC’s CEO, explained:
“AIFC aims to become a most favorable fintech jurisdiction with an open ecosystem and the most progressive regulating framework. We thank our partners for the support given to our blockchain regulatory development initiative. In the next phase of the project, our working team will be looking at widening the participation to include other industry stakeholders.”
Kazakhstan Takes Investment Stand
The partnership isn’t the only way the Eastern European country is luring fintech companies. Recently, the National Bank of Kazakhstan introduced a program that allows investors to buy government bonds backed by “a mobile application for the population to conduct transactions for the purchase and sale of securities on the basis of blockchain.” The setup eliminates middle men — and middle men’s commissions — therein lowering transaction fees and increasing settlements times.
Haig, S. (2017, July 18). Kazakhstan Seeks to Become Regional Hub for Cryptocurrency Industry. Retrieved September 03, 2017, from https://news.bitcoin.com/kazakhstan-seeks-to-become-regional-hub-for-cryptocurrency-industry/