Key Points
- Kazakhstan’s president, Kassym-Jomart Tokayev, urges for an expansion of the country’s crypto infrastructure.
- The country’s financial watchdog is increasing its efforts against illegal crypto exchanges.
Kazakhstan’s Crypto Expansion
President Kassym-Jomart Tokayev of Kazakhstan is advocating for an urgent expansion of the nation’s infrastructure for digital assets. This comes as the U.S. government is becoming more receptive to cryptocurrencies.
President Tokayev emphasized the need for quick adaptation to the new tech landscape during a government meeting. He pointed out that a significant number of crypto users in Kazakhstan are operating in an unregulated area, which he referred to as the “gray zone.”
Regulating Crypto Operations
According to President Tokayev, only about 5% of crypto investors are using regulated platforms, such as those in the International Financial Center in Astana. He urged for the creation of infrastructure for broader legal circulation of digital assets and asked financial regulators to focus on developing the appropriate legislative framework.
Kazakhstan’s financial watchdog has also intensified its actions against illegal crypto exchanges. In 2024, it shut down 36 illegal platforms, which had a combined turnover of 60 billion tenge (around $112.84 million).
The regulators also blocked access to over 3,500 unregistered crypto trading sites in collaboration with the National Security Committee and the Ministry of Culture and Information.
