Kraken Eyes Kazakhstan Market After Country Tightens Crypto Rules

Kraken’s parent company, Payward, has received in-principle approval to expand into Kazakhstan, a country that once controlled roughly 18% of global bitcoin mining activity. Thursday’s announcement positions the exchange to offer trading, investment services, and digital asset custody in a market that has shifted from attracting miners with cheap electricity to building a regulated cryptocurrency industry. Kazakhstan went from hosting nearly one-fifth of the world’s bitcoin (BTC) mining activity in 2021 to tightening oversight of its cryptocurrency industry. Now, Kraken’s parent company, Payward , is preparing to enter the Central Asian market. On Thursday, the company announced in-principle regulatory approval for its Kazakhstan subsidiary, potentially opening the door to cryptocurrency trading, investment services and custody in a country increasingly focused on regulated digital asset businesses rather than simply supplying cheap…

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