Kazakhstan’s President Urges Expansion of Legal Crypto Operations
President Kassym-Jomart Tokayev of Kazakhstan has called for urgent changes to improve the country’s infrastructure for digital assets, aiming to expand legal crypto operations in the nation.
Push for Crypto-Friendly Infrastructure
With the U.S. government showing more support towards cryptocurrencies, President Tokayev is advocating for the rapid development of Kazakhstan’s crypto infrastructure. Addressing a government meeting, he highlighted the need for swift adaptation to the evolving technological landscape.
“According to experts, only 5% of Kazakhstan’s crypto investors use regulated platforms like those in the International Financial Center in Astana. Urgently, infrastructure for broader legal circulation of digital assets should be created.”
– Kassym-Jomart Tokayev
Crackdown on Illegal Crypto Exchanges
In a bid to combat illegal crypto activities, Kazakhstan’s financial watchdog has intensified efforts against unauthorized crypto exchanges. In 2024, the country took action against 36 illegal platforms, collectively responsible for a turnover of 60 billion tenge (approximately $112.84 million).
The regulators also collaborated with the National Security Committee and the Ministry of Culture and Information to block access to over 3,500 unregistered crypto trading sites, reinforcing the country’s stance against illicit crypto operations.
For more updates on the crypto space, stay tuned for the latest developments.
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