Kazakhstan President Calls for ‘Immediate’ Crypto Infrastructure Expansion
Central Asian country Kazakhstan is working tirelessly to emerge as a hub for digital asset trading, and now the president of the country has called on his administration to work towards establishing crypto infrastructure at the earliest.
Action Called for by President Tokayev
During a government session this week, President Tokayev pointed out that a fast adaptation to the digital economy is already being inseparable from crypto. In his view, regulated platforms such as those working in Astana’s International Financial Center now service only 5% of the crypto investors of Kazakhstan. Among its prominent residents are Galaxy Digital and Swiftex. The remaining, according to the head of state, are operating in what he described as a “gray zone.
President Tokayev called on financial regulators to urgently establish a complete legislative framework on digital assets. “Infrastructure for broader legal circulation of digital assets shall be created. Financial regulators must focus on the development of appropriate legislation,” he said. His remarks suggest that authorities intend to ensure Kazakhstan remains competitive in a changing global crypto landscape.
Crackdown on Illegal Crypto Platforms
Kazakhstan has already made significant strides in cracking down on unregulated crypto operations. In 2024 alone, authorities shut down 36 illegal crypto platforms, which had a combined turnover of 60 billion tenge (approximately $112.84 million).
Additionally, more than 3,500 crypto trading sites that were unregistered have been blocked in the joint work of the National Security Committee and the Ministry of Culture and Information. All this shall prevent potential risks of illegal activities that involve fraud, money laundering, and financial instability.
Kazakhstan’s Crypto Future
This places Kazakhstan, amid the development of the more crypto-friendly US administration, poised in an endeavor to become the digital asset market frontrunner. Further revising the law with new enhanced regulation to safeguard the market for trading securely may potentially tempt foreign investors and companies.
One step in that direction was infrastructure development in the International Financial Center in Astana, housing several leading crypto platforms aspiring to be an innovation and legal trading hub.
The head of state expressed his vision in accordance with the global trend when countries try to find a balance between innovation and risk management. If trust is developed and illegitimate activities are eradicated, Kazakhstan will become one of the leaders in the crypto market.
