- Kazakhstan aims to regulate crypto assets after recognizing the need for a robust legal framework.
- President Tokayev emphasizes infrastructure improvements, with only 5% of users on regulated platforms.
- Over 3,500 unregistered crypto sites and 36 unlicensed exchanges were shut down in 2024.
Kazakhstan is pushing for reforms to strengthen its legal framework for digital assets, which will allow the country to move away from a grey-market hub.
In 2024, Kazakhstan intensified its efforts to clamp down on illegal crypto activities by shutting down 36 unlicensed exchanges and blocking over 3,500 unregistered trading sites.
Kazakhstan’s Crypto Crackdown: A Step Toward Regulation
Kazakhstan’s crypto industry has long been operating in a grey area, with the majority of investors using unregistered platforms. Only a small percentage of users engage with regulated services, prompting the government to take urgent action. President Kassym-Jomart Tokayev has made it clear that the country’s digital infrastructure must improve to support the growing digital asset market.
To achieve this, Kazakhstan is looking to strengthen its legal framework for crypto transactions. Tokayev’s call for reforms is part of a larger vision to integrate cryptocurrency into the country’s financial system in a regulated manner. This initiative reflects Kazakhstan’s ambition to become a global hub for digital assets while ensuring legal protections for investors.
In line with this, Kazakhstan has already stepped up its efforts to combat illegal crypto activities. In 2024, authorities shut down 36 unlicensed exchanges, amounting to over $100 million in turnover. Additionally, the National Security Committee worked with financial regulators to block thousands of unregistered trading platforms that operated outside of the law.
This crackdown is just the beginning. By enforcing tighter regulations, Kazakhstan aims to transform its crypto market, offering a secure environment for legal digital asset transactions. The country’s efforts to create a regulated landscape signal its intention to capitalize on the growing global interest in cryptocurrencies.
Kazakhstan is making significant strides toward creating a well-regulated crypto ecosystem, positioning itself to play a key role in the global digital asset market.
“In 2024, Kazakhstan intensified its efforts to clamp down on illegal crypto activities by shutting down 36 unlicensed exchanges and blocking over 3,500 unregistered trading sites.”
