Kazakh President Says Government Must Make ‘Favorable’ Conditions for Crypto Industry Development
Kazakhstan’s President Kassym-Jomart Tokayev has told ministers to create “favorable conditions” for a new “digital” ecosystem that makes use of “cryptocurrencies and digital assets.”
Per Kaztag, which quoted the presidential press service, Tokayev was speaking at a financial sector summit held at the Astana International Financial Center yesterday.
The state-run center is already home to a number of crypto-related firms, including many that work in the mining sector. Kazakhstan, which offers industries relatively low-cost electricity access, also has cold winters – making it an ideal location for many miners.
This, along with a relatively pro-business approach to crypto mining regulation, has led to a growth in mining in the nation in recent years – with many bitcoin (BTC) miners relocating to Kazakhstan from China following last year’s Beijing-led crypto crackdown.
But it appears that Tokayev is not content with simply allowing miners to set up shop in the country and taxing them on their income.
The President stated that the nation “must make the most of” its “potential” in the crypto sector.
He stated:
“Our country is the second largest producer of cryptocurrencies in the world. However, we should not just stick to the status quo, where we focus on [providing] raw [energy] materials. To this end, the government, together with financial regulators and the Astana International Financial Center, should create favorable conditions for the development of a comprehensive digital ecosystem.”
A number of top-ranking domestic and international officials from the financial sector attended the summit. Representatives from both the private and public sectors were present.
Tokayev’s comments come just a month after the President met with
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