Kazakhstan to Expand Legal Crypto Operations Amid Calls for Infrastructure Improvements

Kazakhstan is set to expand its legal crypto operations as President Kassym-Jomart Tokayev pushes for urgent changes to improve the country’s infrastructure for digital assets.

Speaking at a government meeting, Tokayev emphasized the need for Kazakhstan to quickly adapt to the new tech landscape. He highlighted that many crypto users in the country are still operating in the “gray zone,” with only about 5% of crypto investors using regulated platforms like those in the International Financial Center in Astana.

“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.”

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

Additionally, the regulators blocked access to over 3,500 unregistered crypto trading sites, working together with the National Security Committee and the Ministry of Culture and Information. This move aims to curb illicit activities and promote a safer crypto ecosystem in Kazakhstan.

Tips for Crypto Investors in Kazakhstan:

  • Use regulated platforms to ensure compliance with the country’s laws and regulations.
  • Be aware of the risks associated with operating in the “gray zone” and the potential consequences of using unregistered crypto exchanges.
  • Stay informed about the latest developments in Kazakhstan’s crypto landscape and adapt to changes in the regulatory framework.

For more news on cryptocurrencies, investing, and finance, visit Global Crypto News.

Post Views: 4