Kazakhstan government wants to protect crypto investors

Kazakhstan, one of the Central Asian countries showing interest in crypto assets, announced that it will bring new regulations to crypto-assets, taking into account user demands

Considering the course of human life since the beginning of crypto assets, 2021 will undoubtedly be the most prominent year. It is a known fact that the epidemic worldwide has a significant share in this regard. The expansion of the usage area of crypto and its acceptance by institutions and countries have allowed cryptocurrencies to occupy a wider place in our lives.
Countries have different perspectives on crypto assets. In addition to countries that impose restrictions on crypto assets, some countries impose various regulations to protect investors. The Central Asian country, Kazakhstan, became one of the countries that made regulations with its latest move.
Kazakhstan is also a region where mining activities are intense. The government took a regulation path considering the increasing user demands. It was stated in the statement that this decision was taken to minimize the risks.
Domestic investors will not need to report income up to $1,000. On the other hand, he will be able to spend only $100,000, either 10% of his annual income or 5% of his assets.
The draft regulation, which was introduced in July, was adopted in late October. Commenting on the changes made, AFSA said:
“Transactions with digital assets can be associated with high risks, up to a complete loss of invested capital. That's why limits have been introduced to protect the interests of individual investors.
Throughout 2022, crypto exchanges will operate in test mode. At the end of the pilot project, changes will be made to national legislation and AIFC laws if necessary.”