The president of Kazakhstan, Kassym-Jomart Tokayev requested an urgent expansion of the country’s cryptographic infrastructure during a government meeting.
“The turn towards the generalized use of cryptocurrencies and other digital assets has emerged in the financial sector.” President Tokayev said on January 28, 2025.
“The development of artificial intelligence is becoming a fundamental factor, and competition between leading technological powers intensifies in this area,” he added. “Under such conditions, we need to have a clear strategy for action aimed at overcoming the serious challenges of the new era. “
Kazakhstan expands cryptographic infrastructure! 🚀 President Tokayev presses for urgent legal reforms to boost digital assets.
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Kazakhstan has become a key player in the cryptocurrency industry, particularly in mining.
Kazakhstan quickly became the second largest Bitcoin Mining Center worldwide. It represents almost 18% of Bitcoin’s total hash rate in its peak. Its low costs of electricity and its excess energy of electric power plants attracted miners around the world.
Despite these advances, only about 5% of Kazakhstan cryptographic investors currently use regulated platforms such as Galaxy Digital, Skybridge Digital Finance and Swiftex in the AIFC.
The majority operates in what Tokayev described as the “Gray Zone”, exposing them to risks associated with unregulated markets.
To address this problem, Tokayev emphasized the need for financial regulators to develop a solid legal framework that fosters a broader legal participation in the cryptographic ecosystem.
Cryptographic regulations pressed in 2024, Kazakh closed 36 cryptography exchanges
Unlike the president’s call for a cryptographic infrastructure, Kazakhstan recently implemented stricter regulations on cryptographic activities throughout 2024.
According the government website, In 2024, 36 illegal encryption exchanges were closed. A total turnover of 60 billion Tenge was destroyed. In addition, assets for an amount of $ 4.8 million (around 2.5 billion Tenge) were frozen and confiscated.
According to the government, “such entities (illegal encryption exchanges) do not identify their clients and do not identify suspicious transactions. Therefore, their services are often used by cyberdomyes and drug traffickers. “
To capitalize on the growing cryptographic industry, Kazakhstan introduced a fiscal framework aimed at miners.
However, application challenges persisted due to the breach of many operators.
Explore: Kazakstan squeezed cryptographic regulations in 2024, closed 36 cryptography exchanges
Mastercard expands cryptographic solutions to Kazakhstan
Mastercard has launched a credential cryptographic solution for the people of EAU and Kazakhstan in the US region.
“The cryptography is maturing, and everything is about making it accessible, safe and reliable,” said Gaurang Shah, EVP of Mastercard’s central payments for Eemea. With this movement, Mastercard is doubling his vision to transform how people interact with digital assets.
The inclusion of the EAU and Kazakhstan marks an important milestone for the cryptographic credential network, since they join a growing list of global markets that already benefit from this technology. This network covers North America, Europe, Latin America and Asia Pacific.
Explore: Mastercard expands cryptographic solutions to EAU and Kazakhstan
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