Kazakhstan’s President Kassym-Jomart Tokayev called for an urgent expansion of the country’s crypto infrastructure during a government meeting.

“The turn towards the widespread 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 is intensifying in this area. In such conditions, we need to have a clear strategy of action aimed at overcoming the serious challenges of the new era.”

Kazakhstan has quickly become a significant force in the cryptocurrency sector, particularly in mining, accounting for nearly 18% of Bitcoin’s total hash rate.

Despite these advancements, only about 5% of investors use regulated platforms, exposing many to risks in unregulated markets. Tokayev urged regulators to create a legal framework to encourage legal participation in the crypto space.

Recent Developments

Tightened Crypto Regulations in 2024: Kazakhstan recently shut down 36 illegal crypto exchanges, destroying a total turnover of 60 Billion Tenge.

Mastercard’s Involvement: Mastercard has launched a Crypto Credential solution for Kazakhstan as part of its efforts to enhance crypto accessibility and security.

🌐 For more updates and details, visit Kairaa’s tweet.
For further insights, click here.