Kazakhstan is betting on regulatory control to build a credible crypto market
Once a go-to destination for Bitcoin miners, Kazakhstan is now repositioning itself as a regulated hub for digital assets. But beneath the progress lies a complex balancing act – how to encourage innovation without losing control.
In 2021, Kazakhstan quickly rose to become the second-largest Bitcoin mining country in the world. An exodus of digital miners from China, driven by prohibitions and crackdowns, led many to Kazakhstan’s doorstep, attracted by cheap electricity and minimal regulations.
At its peak, the country accounted for over 27 per cent of global Bitcoin mining.
However, this rapid influx strained the national power grid and exposed gaps in legal oversight. Illegal mining operations became widespread, prompting the…
