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02:53There is no central bank behind that can provide transparency, stability and security.
03:02Moreover, this risk is not only about price volatility, there is also the infrastructural risk.
03:08For example, blockchain networks work with validators.
03:12Validators are paid by the same tokens.
03:16If the price for these tokens falls sharply and stays low, their validators can leave the blockchain market.
03:25Mr. Karashev, thanks so much for being with us.
03:27Thank you for inviting me.
03:29By December 2025, the financial monitoring agency had seized and frozen almost 14 million euro in illegally acquired crypto,
03:38some linked to darknet operations and illicit marketplaces.
03:41In a bid to legalize and regulate the sector, President Tokayev announced the Alatao CryptoCity Project,
03:47the country's first pilot zone where crypto payments will be permitted.
03:53Kazakhstan plans to turn Alatao CryptoCity into a pioneering digital hub and a smart city for innovation,
03:59attracting tech talent and investment.
04:02Users will be able to conduct crypto-based transactions for real estate and business activities.
04:07The sandbox will operate under crypto-friendly laws, tax incentives and a national digital asset reserve,
04:13shifting the economy from purely mining to a broader digital ecosystem.
04:17We have a special tax regime.
04:19It includes incentives for corporate income tax, VAT and others,
04:24and this will improve the return on investments.
04:28And the second is that we apply common law.
04:31Investors will definitely benefit because they will find familiar and predictable legal framework
04:37and eventually it will become a safe harbor for their assets.
04:40Alongside developing the crypto sector, the government is establishing a forensic system
04:44to detect illegal activity, ensuring a safer environment for users.
04:48Even if bad actors attempt to bypass regulations,
04:51Kazakhstan's crypto-forensic tools aim to restore users' rights and secure their interests.
04:56Through the Alatao CryptoCity concept,
05:23Kazakhstan hopes to attract scalable innovation and investment
05:26that will contribute the economic growth within a securely regulated environment.
05:32Joining us now is Binur Zhalanov,
05:35Chief Digital Officer and Advisor to the Chairman of the National Bank of Kazakhstan.
05:41Mr Zhalanov, good to have you with us.
05:44Thank you. Thank you for your invitation. It's a pleasure to be here.
05:46How will digital finance help drive Kazakhstan's economic modernization
05:52through the National Reserve and CryptoCity project?
05:54In December, we launched National Crypto Reserve.
05:57It essentially would help us to diversify our sovereign portfolio.
06:01We will have three types of investment there.
06:03So the first type is confiscated funds from illegal activity in crypto, etc., etc.
06:08But we also will be directly investing in certain crypto assets,
06:14for example, Bitcoin or whatsoever.
06:16And the third type is a direct investment to crypto-related activities,
06:19ETF funds, crypto ecosystem players like Binance or Binance Equity and these companies.
06:25But we will make this investment, of course, on a risk-based approach.
06:30So we hope that this type of class will help us to drive our profits.
06:35How will the National Bank protect the Tengue now that crypto is entering the financial system?
06:40And in essence, we are trying to build this national crypto ecosystem anchored to national currency.
06:46So naturally, it wouldn't really harm our monetary sovereignty or financial stability.
06:51But of course, it would take time.
06:52And we hope that the regulation that we developed is balanced.
06:56So on one hand, we want to protect consumers from illicit activity, from fraud.
07:00And we want to prevent capital outflows and many other bad things.
07:06But on the other hand, we want to enable innovative business models.
07:09And this just will be two jurisdictions within one country with two different regulators.
07:14And they would complement each other.
07:16I don't see any conflict of interest.
07:18We will focus mostly on the local supply and demand, retail, crypto investments, etc.
07:25And like local players, AFC will regulate the players who want to be a little bit more global and regional.
07:33And we will build bridges between offshore jurisdiction, AFC, and onshore jurisdiction.
07:37So it's complementary things.
07:39We are not buying anything that is already happening in AFC.
07:43We're just expanding this to build a more sophisticated digital ecosystem in Kazakhstan.
07:48Mr. Jolinov, thanks so much for your time today.
07:50Yeah, thank you.
07:51It's been a pleasure.
07:51That's all for now.
07:55See you in the next episode of EastWest Connect.
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