President of Kazakhstan Signs Decree, Plans to Allow Businesses and Government to Use Stablecoins for Cross-Border Payments

CoinFeed July 9 news, according to Bits.media report, President of Kazakhstan Tokayev signed a presidential decree on 'measures to stimulate and develop the digital asset industry', planning to allow businesses and government agencies to use stablecoins for cross-border payments. The decree states that studying the mechanism of using crypto assets for payments will 'open up additional channels for import and export business' for Kazakhstan. The decree also plans to exempt individuals who conduct crypto transactions through state-regulated Kazakhstan infrastructure from personal income tax, and encourage the transfer of digital assets previously held on foreign unregulated platforms to domestic service provider platforms. The decree restricts the use of associated petroleum gas for mining, stipulating that the resource can only be used for crypto asset mining when 'not used to ensure national needs'. The decree was jointly drafted by the Ministry of Artificial Intelligence and Digital Development, the central bank, and the Astana International Financial Centre.