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Kazakhstan has the potential to become a leading crypto hub in Central Asia if regulatory restrictions are eased, according to Kanysh Tuleushin, the country\u2019s first vice minister of digital development, innovation and aerospace industry.<\/p>\n
In a recent op-ed<\/a> for the Kazakhstanskaya Pravda newspaper, Tuleushin said digital mining and smart policy shifts could position Kazakhstan as a regional leader in blockchain innovation.<\/p>\n \u201cIf all restrictions were lifted and digital asset trading was allowed across Kazakhstan, the impact could be significant,\u201d he wrote. \u00a0<\/p>\n \u201cKazakhstan might become Central Asia\u2019s crypto hub,\u201d Tuleushin added, suggesting that broader legalization and taxation could add hundreds of billions of the country\u2019s tenge currency to the national budget.<\/p>\n He called for nationwide crypto rules, transparent exchanges and legal crypto ATMs.<\/p>\n Related: <\/strong><\/em>Kazakhstan mulls Binance, Bybit for digital asset trading\u00a0<\/strong><\/em><\/a><\/p>\n Tuleushin said crypto mining firms could play a key role in modernizing the nation\u2019s energy infrastructure. He noted that, similar to the United States<\/a>, miners in Kazakhstan could help balance the power grid<\/a> by consuming surplus energy.<\/p>\n Through the 70\/30 energy initiative, foreign investors fund thermal power upgrades, with 70% of the generated capacity going to the national grid and 30% allocated to miners.<\/p>\n He also proposed utilizing associated petroleum gas from oil fields to power data centers, reducing emissions while generating revenue for oil producers.<\/p>\n Kazakhstan\u2019s crypto mining sector<\/a> has already contributed $34.6 million in taxes over the past three years. As of 2023, the government registered 415,000 mining machines, issued 84 licenses, and accredited five mining pools, Tuleushin said.<\/p>\n Crypto trading on the Astana International Financial Centre (AIFC) exchange surged from $324 million in 2023 to $1.4 billion in 2024. From 2025, miners will be required to sell 75% of their mined assets via AIFC platforms.<\/p>\n Related: <\/strong><\/em>Kazakhstan CBDC pilot drastically reduces VAT refund wait<\/strong><\/em><\/a><\/p>\n Despite progress, crypto transactions remain largely unregulated outside the AIFC, with an estimated $4.1 billion in turnover in 2023, 91.5% of which took place beyond government oversight.<\/p>\n Authorities shut down 36 illegal exchanges<\/a> in 2024, freezing $4.8 million in assets and disrupting two Ponzi schemes.<\/p>\n The country is also building an in-house central bank digital currency (CBDC), the digital tenge. Development began in February 2023, with an\u00a0initial launch set for 2025<\/a>.<\/p>\n Aside from Kazakhstan, other Central Asian countries like Uzbekistan and Kyrgyzstan have also taken a friendly approach toward the digital asset industry.<\/p>\nCrypto miners could modernize Kazakhstan<\/h2>\n
Kazakhstan struggles with unregulated crypto trades<\/h2>\n