ASTANA — Kazakhstan cryptocurrency market has ballooned to $1.4 billion as the government accelerates plans to dominate Central Asia’s digital asset space, fueled by easing regulations, expanding infrastructure, and rising public adoption.
Kanysh Tuleushin, vice minister of digital development, said in an op-ed that strategic reforms and international investment are transforming the nation’s crypto mining industry and financial framework.
The “70/30 project” is central to the push, directing 70% of new energy capacity from modernized thermal plants to the grid and 30% to miners.
Kazakhstan has registered 415,000 mining machines and licensed 84 crypto entities since 2023.
Trading volumes at the Astana International Financial Centre surged from $324.2 million in 2023 to $1.4 billion in 2024.
Despite this progress, regulation remains uneven. While licensed exchanges like Binance and Bybit continue operations, authorities shut down 36 unlicensed platforms in 2024 and blocked over 3,500 crypto websites. Analysts estimate 91.5% of crypto activity last year occurred outside regulatory oversight.
Tuleushin also affirmed efforts to improve compliance and position Kazakhstan as a transparent crypto hub.
Expansion of legal trading beyond the AIFC is underway, with support from the National Bank and financial regulators.
Prime Minister Olzhas Bektenov revealed plans to study crypto banks, while exchange bans on Coinbase and Kraken highlight continued enforcement. Kazakhs are increasingly adopting to crypto currencies, with ownership doubling in two years and tax revenues climbing.
