Kazakhstan to Develop New Digital Asset Secured by Fiat

Announcements, Blockchain, FinTech, Innovation | October 18, 2017 By:

The Astana International Financial Center (AIFC) has teamed with Malta-based investment company Exante to develop the cryptocurrency market in Kazakhstan.

In 2015, the President of Republic of Kazakhstan Nursultan Nazarbayev announced the “100 Concrete Steps” Plan of the Nation to implement the five institutional reforms. They were designed to provide a strong national platform needed to achieve the country’s ambition of joining the top 30 developed countries by 2050. As part of the plan, AIFC was established with a special legal status to be based on the EXPO-2017 International Specialized Exhibition infrastructure.

AIFC plays one of the main roles in attracting financial resources. It is positioned as a financial hub for the countries of Central Asia, the Caucasus, Eurasian Economic Union (EAEU), Middle East, Western China, Mongolia and Europe.

Founded in March 2011, Exante is an investment company that aims to give its clients access to a broad range of financial instruments and markets. Its headquarters are located in Malta and it holds a Category 2 Investment Services Licence issued by the Malta Financial Services Authority (MFSA).

Exante recently launched a venture capital fund called Exantech. Exantech is aimed at investing and developing transformative projects in such areas as blockchain and artificial intelligence (AI).

Under the partnership, Exante will launch its new blockchain platform Stasis that will serve as the foundation for the new digital asset secured by fiat. The parties also agreed to cooperate in developing the AIFC -act on the regulation of the digital assets market and support the evolution of the FinTech-ecosystem of the AIFC, using EXANTE’s knowledge and experience in blockchain projects.

AIFC Governor Kairat Kelimbetov said blockchain and cryptocurrencies are entering the mainstream of today’s economic reality. He said that Astana’s leading financial regulators have already commenced their work and are laying the foundation for Kazakhstan’s FinTech-ecosystem.

“We believe that the AIFC can become an international hub for blockchain operations and the development of the digital assets market is our key priority in the near future,” said Kelimbetov.

Stasis co-founder and CEO Gregory Klumov said that blockchain technology has several indisputable advantages: transparency, immutability, relatively fast transactions, and reduced cost. He said that these factors are more than enough for a bullish tendency to come.

“The Global Money Supply (M2) figure is growing at 6% per year and stands at about $50 trillion currently (ex China),” said Klumov. “Digital assets market will double every two years till at least 2021. We are working on a backbone of the blockchain world, that will close the gap between emerging decentralized finance and the people.”