LEGAL REGULATION OF BLOCKCHAIN AND CRYPTOCURRENCY: CHALLENGES AND PROSPECTS OF TOKEN BUYING AND THEIR TURNOVER IN THE REPUBLIC OF KAZAKHSTAN

Abstract

The article is devoted to current problems and prospects for the legal regulation of blockchains and cryptocurrencies in Kazakhstan. This article is written for researchers who research the current state and current problems of blockchain and cryptocurrency in Kazakhstan. This article may become the object of further scientific or applied research in the fields of digital regulation in the Republic of Kazakhstan. The article discusses the main global trends in the field of modern technologies, as well as special attention is paid to the features of digitals cryptotechnoligies in Kazakhstan. In particular, the article analyzes the regulatory framework of the Republic of Kazakhstan and provides a general overview of the legal composition of the current ecosystem of the country. The article discusses the novelties of the digital ecosystem, namely, the concepts are revealed: blockchain, digital mining, digital token, digital asset, secured digital assets (tokens), unsecured digital assets (cryptocurrencies). The article also reveals the prerequisites for the emergence of new financing instruments in the form of digital signs (tokens), such as ICO, IEO and STO, and also notes the difference between these methods from each other. The article defines the tokenization of assets and analyzes the common types of tokens in foreign countries and in Kazakhstan, such as Utility (“useful” and “product”) tokens, Security (“investment”) tokens, as well as Coins (“payment tokens” or “cryptocurrencies”) or cryptocurrencies. The article notes the features of the issuance of tokens and their turnover on the territory of the Republic of Kazakhstan. In particular, the issuance and circulation of secured digital assets (Utility tokens and Security tokens) is carried out in the manner prescribed by the legislation of the Republic of Kazakhstan, while the issuance and circulation of unsecured digital assets (cryptocurrencies) is permitted only within the Astana International Financial Center.