Republic of Kazakhstan: Financial Sector Assessment Program-Technical Note on Regulation and Supervision of Crypto Assets
IMF Staff Country Reports, April 24, 2024
Source details
- Canonical URL
- Republic of Kazakhstan: Financial Sector Assessment Program-Technical Note on Regulation and Supervision of Crypto Assets
Other formats
Bibliographic details
- Published: April 24, 2024
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400273599.002
Executive summary and key findings
- The paper presents the Technical Note on Regulation and Supervision of Crypto Assets for the Republic of Kazakhstan Financial Sector Assessment Program.
- There are limited short-term financial stability implications from crypto assets in Kazakhstan, but this can change quickly.
- The ultimate goal for authorities should be to move toward a comprehensive regulatory framework for crypto assets, although this might not be a regulatory priority.
Short-term implications and recommended actions
- Improve domestic collaboration and international cooperation in relation to crypto assets regardless of a prohibition or regulation.
- Improve user education through joint communication to markets and consumers.
- In the short term, ensure that users are informed of the trade-offs from using international crypto exchanges that are not registered, are operating illegally.
- Communication efforts in the short term should be wide reaching through online media outlets to reach users most likely to engage with crypto assets.
Long-term objectives and user outcomes
- Over the long term, users should be able to consider trade-offs and make informed decisions on their preferred approach.
- Move toward a comprehensive regulatory framework for crypto assets as the ultimate policy objective.
Thematic coverage and keywords
- Subject areas: Blockchain and DLT, Economic sectors, Financial Sector Assessment Program, Financial sector policy and analysis, Fintech, International organization, Mining sector, Monetary policy, Technology.
- Keywords: Blockchain and DLT, crypto taxonomy, Financial Sector Assessment Program, Fintech, FSAP assessment's finding, Global, IMF-World Bank Financial Sector Assessment Program, Mining sector, settlement centre, staff team of the International Monetary Fund.
Content in this bundle
- 1kazea2024005 - Executive Summary