Kazakhstan Backs Bitcoin Industry as EU Eyes DeFi Regulation

Kazakhstan has thrown its weight behind the development of the bitcoin industry. President Kassym-Jomart Tokayev signed a decree to form a 'modern and transparent ecosystem of digital financial services'. The goal is to create additional channels for import and export operations within a regulated framework.

The decree also provides for developing mechanisms to use digital assets and stablecoins in cross-border settlements. Individuals will be exempt from personal income tax on transactions with digital assets via regulated Kazakh infrastructure.

Bitcoin showed resilience despite tensions between Iran and the United States. The price broke below $62,000 but recovered to around $64,000 by the weekend. For the week, the asset rose 2.2%. Ethereum followed suit, up 2.6%, while most major altcoins declined.

The European Parliament approved an official position on further regulation of digital assets. Lawmakers call for expanded oversight and clear rules for sectors outside the current scope, including DeFi, NFTs, and crypto lending and borrowing.