News
Kazakhstan is advancing a dual model by piloting its digital tenge CBDC alongside the Evo stablecoin as part of its push to become a crypto hub.
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Kazakhstan News
The Republic of Kazakhstan is a central Asian country with a population of around 18 million people and an area of 2.7 million square kilometers, making it the ninth largest country in the world. Kazakhstan is a dominant economy of central Asia, with the largest GDP and strong rates of growth due to great reserves of oil, minerals and metals. Kazakhstan is also performing well in car manufacturing and agriculture. Kazakhstan is a blockchain-welcoming country. Kazakh authorities were one of the first to announce plans of blockchain adoption in such fields as taxation, customs and cargo tracking. However, the central bank of Kazakhstan is skeptical toward Bitcoin. Even though there are a lot of possible benefits for selling Kazakhstan’s electricity to Bitcoin miners, the central bank of Kazakhstan sees Bitcoin as a money-laundering tool and a way of avoiding tax, so it is currently intending to prohibit the purchase, sell and mining of crypto.
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Kazakhstan launched the Alem Crypto Fund, a state-backed vehicle for long-term digital asset reserves, debuting with a BNB purchase in partnership with Binance Kazakhstan.
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The new Solana-based Evo stablecoin pegged to Kazakhstan’s national currency, the tenge, aims to bridge the crypto market with traditional finance.
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The president announced his “CryptoCity” plans would be developed in Alatau, while the government would move forward to create a strategic crypto reserve with “promising assets.”
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Crypto exchange Bybit has become the first crypto exchange to debut stablecoin payments for regulatory fees in Kazakhstan’s AIFC.
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The growing role of platforms like BitGo in spot Bitcoin products worldwide is a double-edged sword, according to market observers.
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Kazakhstan’s central bank is drawing on lessons from Norway, the US and Middle East in developing its crypto strategy.
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Kazakhstan’s central bank is set to establish a state-run crypto reserve, likely funded by seized digital assets and government-linked mining.
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President Kassym-Jomart Tokayev announced plans to build “CryptoCity,” aiming to establish a regulatory sandbox for digital assets.
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Kazakhstan’s digital minister says lifting crypto restrictions and expanding regulations could turn the country into Central Asia’s top blockchain hub.
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Kazakhstan shut down 36 illegal crypto exchanges in 2024, seizing $112 million in assets and advancing Anti-Money Laundering efforts alongside its upcoming digital tenge launch.
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The former crypto executive was previously arrested in Poland in 2021 over related matters but was released after 40 days.
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The National Bank's latest project again shows the advantages of programmable central bank digital currency.
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Telegram’s agreement to set up an office in Kazakhstan aligns with the firm’s increasing compliance efforts as its CEO remains in France amid an ongoing investigation.
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The crypto exchanges have received the consent of the AFSA regulator to be the first fully licensed Digital Asset Trading Facilities in Kazakhstan.
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