Head of Kazakhstan: We must use our potential in the crypto industry

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The President of the Republic of Kazakhstan, Kassym-Jomart Tokayev, was not satisfied with the level of acceptance of cryptocurrencies by society and instructed officials to ensure the development of the cryptoindustry.

At a meeting of the council for the management of the Astana International Financial Center (AIFC), Tokayev ordered to “create suitable conditions” for the adoption of blockchain and crypto-assets:

“Yes, we are the No. 2 country in the production of crypto assets, butIn no case should we maintain an exclusively raw material status. The government needs, together with financial regulators and the AIFC, to create favorable regulatory conditions for the development of a comprehensive digital ecosystem.”

A number of companies have already registered with the AIFC,employed in the crypto industry, including many of them engaged in cryptocurrency mining. Kazakhstan differs from other countries in its low electricity tariffs for industrial enterprises and cold winters, which makes the country a favorable place for mining.

All this has already led to an increase in miningindustry in Kazakhstan. In 2021-2022, many cryptocurrency miners relocated their business from China to Kazakhstan after the ban on cryptocurrency mining in China.

Residents of Kazakhstan are interested in cryptocurrenciesquite high.  According to Google Trends, in the republic the greatest interest in digital assets (100 points) was shown by residents of the Mangystau region, where the main mining production is concentrated. The Irkutsk region in Russia, where mining is also developed, scored the same number of points. For comparison, Moscow, with its counter-crypto business, scored only 64 points.