Pilot project to develop Kazakhstan into a regional crypto hub.
) to be serviced by second-tier banks in Kazakhstan have been adopted by a working group comprised of representatives of the Ministry of Digital Development, the central bank, financial regulators, as well as members of the financial and digital asset sectors, the ministry announced.
Kazakhstan attracted cryptocurrency miners when China cracked down on the industry in May last year. According to Digital Development Minister Bagdat Musin, however, the crypto industry is not only mining but also includes crypto exchanges, digital wallets, and other blockchain platforms. The high-ranking government official elaborated:
Musin insisted that the Central Asian nation needs to create a full-fledged ecosystem so that the digital assets extracted using Kazakhstan’s electricity are traded on local exchanges and the respective income remains in the country.