Kazakhstan moves to expand legal crypto operations

Kazakhstan is pushing to expand its legal crypto operations as President Tokayev calls for urgent reforms to regulate the industry and crack down on illegal platforms.

Crypto.com’s decision to mint 70 billion CRO tokens has sparked controversy, with critics questioning the exchange’s financial stability and transparency.

Kazakhstan is moving to expand its legal crypto operations as President Kassym-Jomart Tokayev calls for urgent reforms. He stressed the need to improve the country’s infrastructure for digital assets, pointing out that most crypto users still operate in a legal grey area. Only around 5% of investors use regulated platforms, while the rest rely on unregistered services.

To address this, Tokayev urged financial regulators to develop a stronger legal framework. Authorities have already intensified their crackdown on illegal platforms, shutting down 36 unlicensed exchanges in 2024 with a total turnover of 60 billion tenge ($112.84 million). Officials have also blocked over 3,500 unregistered trading sites in coordination with the National Security Committee.

With these efforts, Kazakhstan aims to transition from a grey-market hub to a regulated crypto-friendly nation. As global attitudes towards digital assets shift, the country is positioning itself as a key player in the evolving crypto landscape.