{"id":40368,"date":"2025-01-30T16:22:38","date_gmt":"2025-01-30T16:22:38","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=40368"},"modified":"2025-01-30T16:22:38","modified_gmt":"2025-01-30T16:22:38","slug":"president-of-kazakhstan-pushes-for-urgent-expansion-of-crypto-infrastructure","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=40368","title":{"rendered":"President Of Kazakhstan Pushes For Urgent Expansion Of Crypto Infrastructure"},"content":{"rendered":"

Kazakhstan President Kassym-Jomart Tokayev called for an urgent expansion of the country\u2019s crypto infrastructure during a government meeting.\u00a0<\/span><\/p>\n

\u201cThe turn towards the widespread use of cryptocurrencies and other digital assets has emerged in the financial sector,\u201d <\/span>President Tokayev said on 28 January 2025.\u00a0<\/span><\/a><\/p>\n

\u201cThe development of artificial intelligence is becoming a fundamental factor, and competition between leading technological powers is intensifying in this area,\u201d he added. \u201c<\/span>In such conditions, we need to have a clear strategy of action aimed at overcoming the serious challenges of the new era.\u201d<\/span><\/p>\n

Kazakhstan expands crypto infrastructure! President Tokayev pushes for urgent legal reforms to boost digital assets.<\/p>\n

For more details and updates
Website: https:\/\/t.co\/UWVOf5E2bt<\/a>
Mail ID: Support@kairaatechserve.com#kairaa<\/a> #techserve<\/a> #technology<\/a> #cryptocurrency<\/a> #luxembourg<\/a> pic.twitter.com\/Y3OKeGgaVA<\/a><\/p>\n

\u2014 Kairaa (@kairaa_tech) January 30, 2025<\/a><\/p>\n\n

Kazakhstan has emerged as a key player in the cryptocurrency industry, particularly in mining.\u00a0<\/span><\/p>\n

Kazakhstan quickly became the second-largest Bitcoin mining hub globally. It accounts for nearly 18% of Bitcoin\u2019s total hash rate at its peak. Its low electricity costs and surplus energy from coal-fired power plants attracted miners from around the world.<\/p>\n

Despite these advancements, only about 5% of Kazakhstan\u2019s crypto investors currently use regulated platforms like Galaxy Digital, SkyBridge Digital Finance, and Swiftex at the AIFC. <\/span><\/p>\n

The majority operate in what Tokayev described as the \u201cgray zone,\u201d exposing them to risks associated with unregulated markets. <\/span><\/p>\n

To address this issue, Tokayev emphasized the need for financial regulators to develop a robust legal framework that encourages broader legal participation in the crypto ecosystem.<\/span><\/p>\n

Tightened Crypto Regulations In 2024, Kazakh Shut Down 36 Crypto Exchanges<\/h2>\n

Contrary to the President\u2019s call for a crypto infrastructure, Kazakhstan recently implemented stricter regulations on crypto activities throughout 2024.<\/p>\n

According to\u00a0the government website,<\/a>\u00a0in 2024, 36 illegal crypto exchanges were shut.\u00a0A total turnover of 60 Billion Tenge were destroyed. Furthermore, assets in the amount of $ 4.8 million (about 2.5 Billion Tenge) were frozen and confiscated.<\/p>\n

According to the government, \u201cSuch entities (illegal crypto exchanges) do not identify their clients and do not identify suspicious transactions. Therefore, their services are often used by cyber crooks and drug traffickers.\u201d<\/p>\n

To capitalize on the growing crypto industry, Kazakhstan introduced a tax framework targeting miners.<\/p>\n

However, enforcement challenges persisted due to non-compliance by many operators.<\/p>\n

Explore: Kazakhstan Tightened Crypto Regulations In 2024, Shut Down 36 Crypto Exchanges<\/a><\/strong><\/p>\n

Mastercard Expands Crypto Solutions To Kazakhstan<\/h2>\n

Mastercard has launched Crypto Credential solution for the people of UAE and Kazakhstan in the EEMEA region.<\/p>\n

\u201cCrypto is maturing, and we\u2019re all about making it accessible, secure, and trustworthy,\u201d said Gaurang Shah, Mastercard\u2019s EVP of Core Payments for EEMEA. With this move, Mastercard is doubling down on its vision to transform how people interact with digital assets.<\/p>\n

The inclusion of the UAE and Kazakhstan marks an important milestone for the Crypto Credential network as they join a growing list of global markets already benefitting from this technology. This network spans North America, Europe, Latin America and Asia Pacific.<\/p>\n

Explore: Mastercard Expands Crypto Solutions To UAE And Kazakhstan<\/a><\/strong><\/p>\n

The post President Of Kazakhstan Pushes For Urgent Expansion Of Crypto Infrastructure<\/a> appeared first on 99Bitcoins<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Kazakhstan President Kassym-Jomart Tokayev called for an urgent expansion of the country\u2019s crypto infrastructure during a government meeting.\u00a0 \u201cThe turn towards the widespread use of cryptocurrencies and other digital assets has emerged in the financial sector,\u201d President Tokayev said on 28 January 2025.\u00a0 \u201cThe development of artificial intelligence is becoming a fundamental factor, and competition […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-40368","post","type-post","status-publish","format-standard","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/40368"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=40368"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/40368\/revisions"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=40368"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=40368"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=40368"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}