Kazakhstan’s president calls for urgent expansion of crypto infrastructure

     

Kazakhstan plans to expand legal crypto operations, with president Kassym-Jomart Tokayev calling for urgent changes to improve the country’s infrastructure for digital assets.

With the U.S. government becoming more crypto-friendly, Kazakhstan‘s president Kassym-Jomart Tokayev is pushing for a fast expansion of the country’s crypto infrastructure.

Speaking at a government meeting, Tokaev emphasized that the country needs to quickly adjust to the new tech landscape. He pointed out that many crypto users in Kazakhstan are still operating in what he called the “gray zone.” Per Tokaev, only about 5% of crypto investors are using regulated platforms like those in the International Financial Center in Astana (e.g. Galaxy Digital, SkyBridge Digital Finance, and Swiftex, among others).

“[…] according to experts, only 5% of Kazakhstan’s crypto investors use the Center’s platform, while the rest operate in the so-called ‘gray zone.’ Urgently, infrastructure for broader legal circulation of digital assets should be created. Financial regulators must focus on developing the appropriate legislative framework.”

Kassym-Jomart Tokayev

Kazakhstan’s financial watchdog also stepped up its efforts against illegal crypto exchanges. In 2024, the country shut down 36 illegal platforms with a combined turnover of 60 billion tenge (around $112.84 million).

As crypto.news reported earlier, the regulators also blocked access to over 3,500 unregistered crypto trading sites, working together with the National Security Committee and the Ministry of Culture and Information.