Head of Kazakhstan: We must use our potential in the crypto industry

The President of the Republic of Kazakhstan, Kassym-Zhomart Tokayev, was not satisfied with the level of acceptance of cryptocurrencies by society and instructed officials to ensure the development of the crypto industry.

At a meeting of the council for the management of the Astana International Financial Center (AIFC), Tokayev ordered to “create suitable conditions” for the adoption of blockchain and crypto assets:

“Yes, we are the country No. 2 in the production of crypto assets, but in no case should we maintain an exclusively raw status. The government, together with financial regulators and the AIFC, needs to create favorable regulatory conditions for the development of an integrated digital ecosystem.”

A number of companies involved in the crypto industry have already registered with the AIFC, including many of them engaged in the production of cryptocurrencies. Kazakhstan differs from other countries with low electricity tariffs for industrial enterprises and cold winters, which makes the country a profitable place for mining.

All this has already led to the growth of the mining industry in Kazakhstan. In 2021-2022, many cryptocurrency miners relocated their business from China to Kazakhstan after the ban on cryptocurrency mining in China.

Interest in cryptocurrencies among residents of Kazakhstan is quite high. According to Google Trends, in the republic, the greatest interest in digital assets (100 points) was shown by residents of the Mangistau region, where the main mining production is concentrated. The same number of points was scored by the Irkutsk region in Russia, where mining is also developed. For comparison, Moscow with its crypto business contract scored only 64 points.