Source: Cointelegraph
Original: “Minister Says Kazakhstan Aims to Become 'Central Asia Crypto Hub' Through Reforms”
According to Kanysh Tuleushin, the First Deputy Minister of Digital Development, Innovation and Aerospace Industry of Kazakhstan, the country has the potential to become the leading cryptocurrency hub in Central Asia if regulatory restrictions are eased.
In a recent column for the "Kazakhstan Truth" newspaper, Tuleushin emphasized that digital mining and smart policy adjustments could drive Kazakhstan to become a regional leader in blockchain innovation.
"If all restrictions are lifted and digital asset trading is legally permitted throughout Kazakhstan, the impact will be extremely significant," he pointed out in the article.
"Kazakhstan is expected to become the crypto hub of Central Asia," Tuleushin further added, stating that a broader legalization framework and tax system could bring additional revenue of hundreds of billions of tenge to the national budget.
He called for the establishment of a unified national cryptocurrency regulatory framework, the creation of transparent trading platforms, and the establishment of legal cryptocurrency ATMs.
Tuleushin noted that cryptocurrency mining enterprises could play a key role in the modernization of the country's energy infrastructure. He emphasized that, similar to the situation in the United States, miners in Kazakhstan could help balance the national grid by absorbing surplus electricity.
By implementing the "70/30 energy plan," foreign investors are providing funding support for the upgrade of thermal power facilities, where 70% of the generated capacity will be delivered to the national grid, and the remaining 30% will be allocated for miners' use.
He also suggested using associated petroleum gas from oil fields to power data centers, a move that would reduce carbon emissions while creating additional revenue for oil production companies.
Tuleushin revealed that Kazakhstan's cryptocurrency mining industry has contributed $34.6 million in taxes to the state over the past three years. As of the end of 2023, the government has officially registered 415,000 mining devices, issued 84 operating licenses, and certified 5 mining pools.
The trading volume of cryptocurrencies on the Astana International Financial Centre (AIFC) exchange surged from $324 million in 2023 to $1.4 billion in 2024. Starting in 2025, miners will be required to sell 75% of their mined assets through the AIFC platform.
Despite significant progress, cryptocurrency trading outside the AIFC remains largely in a regulatory blind spot, with an estimated total trading volume of $4.1 billion in 2023, of which 91.5% occurred outside government oversight.
In 2024, law enforcement agencies closed 36 illegal exchanges, froze $4.8 million in funds, and successfully dismantled two Ponzi schemes.
The country is also actively developing its own central bank digital currency (CBDC) — the digital tenge. The project was launched in February 2023, with plans to officially release the first version in 2025.
In addition to Kazakhstan, other Central Asian countries such as Uzbekistan and Kyrgyzstan have also adopted an open and friendly attitude towards the digital asset industry.
On May 7, Binance signed an MOU with the Kyrgyzstan National Investment Agency to introduce cryptocurrency payment infrastructure and promote blockchain education projects in the country.
Related: UBS: Asian Billionaires are Shifting from the Dollar to Cryptocurrencies, Gold, and the Chinese Market
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