Page 18 - bne_December 2017_20171204

18 I Companies & Markets bne December 2017
Kazakhstan signs MoU with Swiss company 5EL SA on blockchain innovations hub development
bne IntelliNews
The Astana International Financial Center (AIFC) and the Swiss company 5EL SA signed a memorandum of understanding on October 31, agreeing to develop a blockchain innovations hub in Kazakhstan.
Kazakhstan is one of several countries in the former Soviet space keen to develop its fintech sector and benefit from cryptocurrency technologies. The country started working on a regulatory apparatus for cryptocurrency controls in August, while both Russia and Ukraine have also thrown themselves into the blockchain craze as their authorities look at ways of regulating cryptocurrency use.
5EL SA will help AIFC design and develop the blockchain innovation initiative code named “Bright Chain”. Bright Chain will aim to “attract and support technology developers and companies seeking to develop and operate commercial applications of blockchain technology in the areas of finance, trade and logistics”, the statement said.
“Astana International Financial Center aims to become the vital growth engine for the anticipated surge in trade & finance flows within One Belt, One Road Initiative, and launching Bright Chain helps us to establish a long term competitive advantage as the hub for cost efficient and safe global trade,” Nurlan Kussainov, the CEO of the Astana International Financial Center Authority, said.
5EL SA will set up a subsidiary of its 5EL Blockchain Lab unit in Astana “to help the AIFC operate the most productive ecosystem for innovation and commercial applications of distributed ledger technologies to drive the growth and international competitiveness of both the AIFC and its resident operators,” the company added.
In October, AIFC and Malta-based investment company EXANTE signed a memorandum of cooperation on developing Kazakhstan’s cryptocurrency markets as well
as “positioning the AIFC as an international financial technology center”. According to the agreement, EXANTE will launch the Stasis platform, a financial and technological infrastructure for launching digital assets, which allows
fiat currencies to be tokenised into their digital versions via blockchain. EXANTE also agreed to cooperate with the AIFC on cryptocurrency market regulations and to support the evolution of the Kazakh capital Astana’s “fintech-ecosystem”.
“Kazakhstan will develop the blockchain innovation initiative code named “Bright Chain”
The AIFC announced in September its intention to develop a 'crypto-valley' in Astana’s planned central business district, which will be located, along with the AIFC, in the segment of the city where Astana hosted the EXPO-2017 green energy event.
Its task will be to encourage investments by creating an attractive environment for investing in financial services and developing the local securities market.
The centre, in collaboration with Deloitte, Waves, Ukrainian law firm Justcutum and Kesarev Consulting, hopes to create a "highly progressive regulatory framework" for blockchain and cryptocurrency companies, Bitcoin.com reported in July.
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