Wednesday, August 13, 2025

- Illegal Mining Crackdown: Authorities in East Kazakhstan Oblast have shut down a large-scale illegal crypto mining network. This operation was allegedly using corrupt utility insiders to siphon off more than $16 million worth of electricity, enough to power a small city. The illicit profits were reportedly used to buy luxury assets, which have been seized. This is part of a broader, regional effort to combat unlicensed mining and protect the national power grid from the strain of unregulated activity.

- ​Government Regulation: The government is taking steps to formalize the cryptocurrency industry.

- ​Taxation: The state has collected a significant amount in mining taxes over the past three years.

- ​Legislation: Financial regulators have proposed amendments to legalize cryptocurrency trading by creating a licensing regime for local exchanges.

- ​State-Controlled Reserve: The National Bank of Kazakhstan has supported a lawmaker initiative to create a state-controlled reserve for digital assets.
​"Crypto Card" Initiative: The National Bank has also launched a program that allows consumers to link licensed crypto wallets to traditional payment cards for retail purchases. This initiative enables users to pay with crypto while merchants receive fiat currency.

#Kazakhstan