A panel session “Rise of Digital Assets: New Opportunities, Risks and Regulation” has taken place within the Regulatory Landscape Forum at Astana Finance Days 2022. The panel session’s speakers included non-executive independent member of the Board of Astana Financial Services Authority (AFSA) and Head of Regulatory Affairs at Fnality International Daniel Heller, Head of Operations at Bitfinex Securities Jesse Knutson, Law Professor at University of Hong Kong Douglas Arner, Director at Binance for Asia Gleb Kostarev and Chief Executive Officer of AFSA Nurkhat Kushimov, Delovoy Kazakhstan reports.
The session participants have discussed global regulatory trends concerning digital assets, discussed the issues of “balancing” the management of risks and support for FinTech innovations, ensuring protection of retail investors and maintaining financial stability amid volatility of digital assets. The speakers also shared views about the role of big crypto players as gatekeepers of crypto community.
To support financial innovation in 2018 AFSA launched FinTech Lab regulatory sandbox. Companies licensed within the sandbox have an opportunity to test innovative financial services in a controlled environment. At the moment, there are six crypto-exchanges, one crypto-broker and one tokenised investment exhange in the sandbox.
“Creating balanced regulatory conditions for the crypto market allows to manage the risks of the industry without impeding its further development” Chief Executive Officer of AFSA Nurkhat Kushimov
