Kazakhstan president Kassym-Jomart Tokayev called for an urgent expansion of the country’s cryptographic infrastructure during a government meeting.
“The turn to 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 becomes a fundamental factor, and competition between the main technological powers is intensifying in this area,” he added. “”In such conditions, we must have a clear action strategy aimed at overcoming the serious challenges of the new era. »»
Kazakhstan widens cryptographic infrastructure!
President Tokayev is pressure for urgent legal reforms to stimulate digital assets.
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President Tokayev is pressure for urgent legal reforms to stimulate digital assets.Kazakhstan has become a key player in the cryptocurrency industry, especially in mining.
Kazakhstan quickly became the second largest mining center in Bitcoin worldwide. It represents nearly 18% of the total bitcoin hash rate at its peak. Its low electricity costs and its excess energy from coal electric power plants have attracted minors from around the world.
Despite this progress, only around 5% of Kazakhstan cryptographic investors are currently using regulated platforms such as Galaxy Digital, Skybridge Digital Finance and SWIFTEX at AIFC.
The majority operates in what Tokayev has described as the “gray zone”, exposing them to the risks associated with unregulated markets.
To solve this problem, Tokayev stressed the need for financial regulators to develop a robust legal framework which encourages a broader legal participation in the cryptographic ecosystem.
Settlement on tight cryptography in 2024, Kazakh closed 36 cryptography exchanges
Unlike the president’s call to cryptographic infrastructure, Kazakhstan has recently implemented more strict regulations on cryptographic activities throughout 2024.
According to the government’s website, in 2024, 36 illegal cryptography exchanges were closed. A total turnover of 60 billion ten years has been destroyed. In addition, assets in the amount of $ 4.8 million (around 2.5 billion ten years) were frozen and confiscated.
According to the government, “these entities (exchanges of illegal cryptography) do not identify their customers and do not identify suspicious transactions. Consequently, their services are often used by cyber hints and drug traffickers. »»
To capitalize on the growing cryptography industry, Kazakhstan has introduced a tax framework targeting minors.
However, application challenges have persisted due to non-compliance by many operators.
Explore: Kazakhstan tightened cryptographic regulations in 2024, close 36 cryptography exchanges
Mastercard extends crypto solutions to Kazakhstan
Mastercard launched a cryptographic repository solution for residents of water and Kazakhstan in the EEMEA region.
“The crypto matures, and we are completely accessible, secure and trustworthy,” said Gaurang Shah, vice-president of basic mastercard payments for EEMA. With this movement, Mastercard doubles his vision to transform the way people interact with digital assets.
The inclusion of the United Arab Emirates and Kazakhstan marks an important step for the network of crypto identification information while they join a growing list of global markets which already benefit from this technology. This network extends over North America, Europe, Latin America and Asia-Pacific.
Explorer: Mastercard extends cryptographic solutions to water and Kazakhstan
The chairman of the Kazakhstan post pressure for the urgent expansion of cryptographic infrastructure appeared first on 99Bitcoins.
