tl;dr
Kazakhstan plans to establish "CryptoCity," a digital asset pilot zone in Alatau to enable unrestricted buying, selling, and use of cryptocurrencies for goods and services, supported by crypto-friendly legislation and incentives to attract foreign developers and Web3 firms. Despite nationwide regula...
Kazakhstan is gearing up to launch "CryptoCity," a pioneering digital asset pilot zone in Alatau designed to enable unrestricted use of cryptocurrencies for buying, selling, and paying for goods and services. Spearheaded by President Kassym-Jomart Tokayev and supported by crypto-friendly legislation and fiscal incentives, the initiative aims to attract foreign Web3 firms and position the country as a hub for digital assets despite existing nationwide regulatory constraints.
The project promises a sandbox environment with free circulation of cryptocurrency, offering tax breaks and regulatory support to entice IT specialists and developers. Located in the fast-growing technology hub of Alatau, CryptoCity represents Kazakhstan’s bold move to transform restrictive digital asset laws and consolidate regional dominance in blockchain innovation and Bitcoin mining.
Meanwhile, global stablecoin payment volumes are soaring, nearly tripling since 2023 to approach $100 billion. Business-to-business transactions lead this surge, contributing approximately $36 billion annually, while peer-to-peer transactions hold steady. Tether’s USDT reigns as the dominant stablecoin, followed by Circle’s USDC, with significant activity across various blockchain ledgers such as Tron, Ethereum, and Polygon.
Stablecoins have entrenched themselves as critical components of the global payment system, with market capitalization reaching nearly $250 billion and growing 50% year-over-year. Governments worldwide, including the United States and Thailand, are increasingly embracing stablecoins to maintain currency dominance and enhance payment infrastructures. In Latin America and Africa, businesses adopt stablecoins independently to shield against currency instability and devaluation, signaling a broader shift toward digital currency solutions on the international stage.