Kazakhstan, UAE Seek to Boost Digital Asset Cooperation

Kazakhstan’s financial sector recently strengthened ties with the United Arab Emirates (UAE) through a delegation visit from March 26-27.

Kazakhstan, UAE to Cooperate on CBDC Development

A delegation from Kazakhstan’s financial sector recently visited the United Arab Emirates (UAE) to strengthen collaboration in digital assets and blockchain technology. Held from March 26 to 27, the visit included representatives from the National Bank of Kazakhstan and the Agency for Regulation and Development of Financial Markets (ARDFM), who engaged with key UAE financial institutions and regulatory bodies.

According to a statement from the National Bank of Kazakhstan, discussions centered on the expanding digital asset landscape, including regulatory frameworks and practical blockchain applications. A Memorandum of Understanding (MoU) was signed with the Central Bank of the UAE to exchange best practices in financial technology (fintech), cybersecurity, and the development of central bank digital currencies (CBDCs).

The delegation also met with the UAE Securities and Commodities Authority to explore integrating Kazakhstani exchanges, such as the Kazakhstan Stock Exchange (KASE) and the Astana International Financial Centre (AIFC), with the UAE’s Tabadul digital exchange. This partnership aims to improve stock market infrastructure and facilitate cross-border trading via blockchain technology.

A key focus of the visit was sharing experiences in regulating digital financial assets and advancing blockchain technologies with the Virtual Assets Regulatory Authority of the UAE. Meetings with the Abu Dhabi Global Market (ADGM) and Dubai Financial Centre Authority (DFSA) delved into the UAE’s regulatory approaches, particularly for transactions and mutual settlements.

The Kazakh delegation also held discussions with Mubadala Investment Holding and First Abu Dhabi Bank to expand investment partnerships with Kazakhstan. Additionally, they met with technology firms, including BCG and Microsoft, to explore building infrastructure for artificial intelligence (AI) in Kazakhstan’s financial market.

The National Bank of Kazakhstan expressed optimism that these partnerships with the UAE will accelerate the adoption and development of advanced technologies in Kazakhstan’s financial sector.