Kazakhstan aims to develop legal crypto operations by enhancing its digital asset infrastructure under the leadership of President Kassym-Jomart Tokayev.
Government Meeting and Tokayev's Statements
During a government meeting, Kazakhstan's President Kassym-Jomart Tokayev emphasized the need for the country to adapt to the changing tech landscape. He pointed out that many crypto users remain in a regulatory 'gray zone' and called for more transparent regulations and infrastructure improvements. Tokayev noted that only about 5% of Kazakhstan’s crypto investors use regulated platforms like those in the Astana International Financial Center.
Regulatory Actions
Kazakhstan's financial watchdog, AFM RK, has intensified efforts against illegal crypto exchanges, blocking over 3,500 unregistered platforms in collaboration with the National Security Committee and the Ministry of Culture and Information. They shut down 36 illicit exchanges with a turnover of 60 billion tenge and seized 4.8 million USDT. The crackdown addressed money laundering risks due to the absence of AML and KYC safeguards.
Global Initiatives and Mastercard's Contributions
Mastercard has launched its Crypto Credential solution in Kazakhstan to enhance the security and ease of crypto transactions. This service allows users to send and receive digital assets using simple aliases instead of complex blockchain addresses. Local exchanges such as ATAIX Eurasia and Intebix are collaborating in the rollout.
Kazakhstan is actively working on improving the regulation and infrastructure of digital assets, following global examples and initiatives to ensure safer and more convenient use of cryptocurrencies.
