Kazakhstan: From Mining Giant to Fintech Hub
Back in October 2021, Kazakhstan made waves as the 2nd largest producer of Bitcoin, contributing to a staggering 27.3% of the global hashrate? However, this rapid rise was tempered by mining restrictions and stricter regulations on energy consumption.
Kazakhstan boasts a robust fintech sector that offers cutting-edge banking services and digital payment solutions. The country operates under a dual regulatory framework, where the National law restricts unsecured digital assets while the AIFC (Astana International Financial Center) creates an innovative environment for them.
Despite the regulatory complexities, interest in crypto among Kazakhstani residents continues to grow. This can be attributed to several key factors:
- the overall expansion of global crypto markets;
- increasing enthusiasm for holding digital assets as speculative or long-term investments;
- a widespread belief in the potential of blockchain technology to improve efficiency, transparency, and financial inclusion;
- and the allure of high yields, particularly through decentralized finance (DeFi) platforms.
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