Tokayev says Alatau set to become region's first crypto city

The Year of Digitalization and Artificial Intelligence, declared in our country, is boosting the development of the fintech industry. In this regard, a crucial role is assigned to Alatau, as the first crypto-city in our part of the world, said the Kazakh leader.

To foster sector development, Tokayev called for the rapid removal of excessive regulatory obstacles and the implementation of innovative financial mechanisms. The president said it is essential to define a clear legal framework for digital assets, categorizing them as property, with a designated strategic function for the digital tenge.

To successfully compete with well-known international centers, appropriate legal conditions must be created in Alatau, including a zero rate on digital asset operations and capital gains within the jurisdiction, he stated.

President Tokayev also highlighted an urgent need to expedite the project for asset tokenization across the real sector, encompassing real property, infrastructure, and raw materials. Doing so will cultivate a resilient and lucrative market for digital tools, he added.

At the same time, it is imperative to implement an oversight mechanism driven by digital identification and transparent transaction tracking, ensuring a balance between security and investment appeal, noted Tokayev.

As the Kazakh leader noted, this represents a profound qualitative leap for the nation - a true revolution in financial development and ongoing national transformation.

It is worth noting that the working visit of President Kassym-Jomart Tokayev to Almaty region began with a presentation on the development of Alatau city.