Kazakhstan’s cryptocurrency ownership has surged over the past two years, rising from 4% in 2022 to an estimated 8% in 2024. This growth is highlighted in a report by RISE Research and Freedom Horizons, which examines digital assets in Central Asia and the Caucasus. Supported by major organizations like the Astana International Financial Centre, the report reveals a thriving crypto Market driven by investment opportunities and blockchain technology. Despite regulatory advancements, challenges remain, particularly in banking integration. Kazakhstan ranks 57th in global crypto adoption, while Uzbekistan leads Central Asia. As the digital assets sector expands, it contributes significantly to tax revenues and reflects the global trend toward cryptocurrencies and blockchain acceptance.
Kazakhstan Sees Rise in Cryptocurrency Ownership
ASTANA – A recent report by RISE Research and Freedom Horizons highlights that the number of cryptocurrency owners in Kazakhstan has increased significantly. In just two years, the percentage of cryptocurrency owners rose from 4% in 2022 to an estimated 8% in 2024.
The report, which received backing from key organizations like the Astana International Financial Centre (AIFC) and Mastercard, sheds light on important trends in the digital asset Market of Central Asia and the Caucasus, noting the region’s progress in establishing regulatory frameworks that encourage cryptocurrency trading and blockchain technology.
Kairat Kaliev, CEO of Freedom Horizons, commented, “The crypto industry in Central Asia and the Caucasus has been steadily growing, aligning with the global trend.” This growth is reflected in the rising tax contributions from digital asset providers, which increased from $275,000 in 2023 to $367,000 in the first eight months of 2024.
Kazakhstan is making strides in the global crypto landscape, ranking 57th in the 2024 Global Crypto Adoption Index, a five-position rise from the previous year. Meanwhile, Uzbekistan stands out by achieving a remarkable leap to 33rd place in the index.
The interest in cryptocurrencies among Kazakh citizens is driven by their growing value and potential for long-term investment. Most investors are young, primarily between the ages of 18-34, with a notable majority being men. However, barriers still exist, including limited banking services for cryptocurrency firms, which poses challenges for Market development.
In conclusion, Kazakhstan is shaping its position as a notable player in the digital assets sector, drawing interest from a youthful demographic and responding to global trends in cryptocurrency adoption.
Tags: Kazakhstan, cryptocurrency, digital assets, crypto adoption, Central Asia, investment, blockchain technology, AIFC, financial trends.
What does the latest report say about cryptocurrency in Central Asia?
The report highlights that more people in Central Asia are starting to own and use cryptocurrencies. This trend shows growing interest and acceptance of digital currencies in the region.
Why is cryptocurrency gaining popularity in Central Asia?
Cryptocurrency is becoming popular because it offers an alternative way to manage money, especially in countries with unstable economies or limited banking services.
What are the benefits of owning cryptocurrency?
Owning cryptocurrency can provide more financial freedom, easy access to global markets, and the ability to make fast and secure transactions without going through banks.
Are there any risks to owning cryptocurrency?
Yes, there are risks such as price volatility, security issues like hacking, and regulatory changes that can affect how cryptocurrencies are used and traded.
How can someone start owning cryptocurrency in Central Asia?
To start owning cryptocurrency, a person can create an account on a cryptocurrency exchange, buy coins with local currency, and store them in a secure digital wallet.
