Kazakhstan has the potential to become a leading crypto hub in Central Asia if regulatory restrictions are eased, according to Kanysh Tuleushin, the country’s first vice minister of digital development, innovation and aerospace industry.

In a recent op-ed for the Kazakhstanskaya Pravda newspaper, Tuleushin said digital mining and smart policy shifts could position Kazakhstan as a regional leader in blockchain innovation.

“If all restrictions were lifted and digital asset trading was allowed across Kazakhstan, the impact could be significant,” he wrote.  

“Kazakhstan might become Central Asia’s crypto hub,” Tuleushin added, suggesting that broader legalization and taxation could add hundreds of billions of the country’s tenge currency to the national budget.

He called for nationwide crypto rules, transparent exchanges and legal crypto ATMs.

Binance’s CZ signed an MOU with Kazakhstan in 2023. Source: CZ

Related: Kazakhstan mulls Binance, Bybit for digital asset trading 

Crypto miners could modernize Kazakhstan

Tuleushin said crypto mining firms could play a key role in modernizing the nation’s energy infrastructure. He noted that, similar to the United States, miners in Kazakhstan could help balance the power grid by consuming surplus energy.

Through the 70/30 energy initiative, foreign investors fund thermal power upgrades, with 70% of the generated capacity going to the national grid and 30% allocated to miners.

He also proposed utilizing associated petroleum gas from oil fields to power data centers, reducing emissions while generating revenue for oil producers.

Kazakhstan’s crypto mining sector has already contributed $34.6 million in taxes over the past three years. As of 2023, the government registered 415,000 mining machines, issued 84 licenses, and accredited five mining pools, Tuleushin said.

Crypto trading on the Astana International Financial Centre (AIFC) exchange surged from $324 million in 2023 to $1.4 billion in 2024. From 2025, miners will be required to sell 75% of their mined assets via AIFC platforms.

Related: Kazakhstan CBDC pilot drastically reduces VAT refund wait

Kazakhstan struggles with unregulated crypto trades

Despite progress, crypto transactions remain largely unregulated outside the AIFC, with an estimated $4.1 billion in turnover in 2023, 91.5% of which took place beyond government oversight.

Authorities shut down 36 illegal exchanges in 2024, freezing $4.8 million in assets and disrupting two Ponzi schemes.

The country is also building an in-house central bank digital currency (CBDC), the digital tenge. Development began in February 2023, with an initial launch set for 2025.

Aside from Kazakhstan, other Central Asian countries like Uzbekistan and Kyrgyzstan have also taken a friendly approach toward the digital asset industry.

On May 7, Binance signed a memorandum of understanding (MOU) with Kyrgyzstan’s National Agency for Investments to introduce crypto payment infrastructure and blockchain education in the country.

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Michael Saylor’s Strategy, the world’s largest corporate holder of Bitcoin, may become the top publicly traded equity one day, according to a Strategy analyst.

Strategy will be the “number one publicly traded equity in the entire market” because of its future financial strength enabled with Bitcoin (BTC), Strategy analyst Jeff Walton predicted in the new Financial Times documentary, Michael Saylor’s $40 billion Bitcoin bet.

The company currently holds about 568,840 Bitcoin, worth roughly $59 billion, and Walton said that advantage could push it past all other publicly listed firms in the future.

“Strategy holds more of the best assets and the most pristine collateral on the entire planet than any other company, by multiples,” Walton said.

Strategy raised $12 billion in 50 days

The analyst pointed to the firm’s ability to rapidly raise capital as another indicator of its strength. In November 2024, Strategy raised $12 billion in just 50 days.

“It’s incredibly hard to raise $100 million of capital, and they just raised $100 million of capital 120 times in 50 days, and they were able to buy Bitcoin with that capital. That’s insane,” Walton said.

Strategy analyst Jeff Walton in the Financial Times’ documentary “Michael Saylor’s $40 billion Bitcoin bet.” Source: YouTube

In the documentary, Saylor also paints a bullish picture of the company’s future due to its Bitcoin adoption.

Saylor says Strategy will become a $10 trillion company

“I think that MicroStrategy is in a position where we can grow from a $100 billion enterprise to a $1 trillion enterprise to a $10 trillion enterprise,” Saylor said.

He also predicted that Bitcoin would one day reach a price of $13 million per coin:

“My forecast for 2045 is 13 million a Bitcoin. I would think in the four to eight year time frame. Certainly, in 10 years we should be at a million. So one million in 10 years you know 10X that or more in 20 years.”

Walton’s prediction on Strategy potentially beating all publicly traded equities in the future comes amid the company ranking the 151st largest company in the world by the market capitalization of $117 billion, according to CompaniesMarketCap.

Strategy (MSTR) stock against the top five stocks globally by market capitalization. Source: CompaniesMarketCap

To become the largest, Strategy would need to surpass Microsoft, whose current market cap exceeds $3.3 trillion.

Bitcoin’s 90% drop scenario

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High-net-worth clients across Asia are gradually pivoting away from US dollar-based investments, favoring gold, cryptocurrencies and Chinese assets instead, according to financial services giant UBS Group.

“Gold is getting very popular,” Amy Lo, the Swiss bank’s co-head of wealth management for Asia, said during Bloomberg’s New Voices event held in Hong Kong on May 13.

She cited rising geopolitical uncertainty and persistent market volatility as primary factors behind the shift. Investors, traditionally concentrated in US-centric assets, are now seeking broader exposure across alternative asset classes, including crypto, commodities and other currencies.

Lo said “volatility is definitely here to stay,” prompting clients to rebalance toward perceived safe havens and growth opportunities in new regions.

China, after years of muted interest, is also regaining traction among the ultra-wealthy. Lo noted that clients who previously avoided exposure to China are now proactively asking about investment opportunities.

Hong Kong’s benchmark index, heavily composed of Chinese companies, has emerged as one of the world’s top performers in 2024, further fueling interest.

Hong Kong Stock Market Index. Source: Trading Economics

Bank of America’s latest fund manager survey also shows that global fund managers significantly reduced their exposure to the US dollar in May, marking the largest underweight position in 19 years.

Related: US Bitcoin reserve vs. gold and oil reserves: How do they compare?

US-China tariff truce sparks investor optimism

Christina Au-Yeung, head of Investment Management Services at Morgan Stanley Private Wealth Management Asia, told Bloomberg that a recent tariff truce between the US and China has created renewed investor optimism.

“We are seeing an emergence of really interesting themes coming back out in China,” she said.

Au-Yeung also pointed to a growing risk-aware mindset among Asia’s wealthiest clients. The firm now recommends a balanced portfolio allocation, including 40% fixed income, 40% equities, 15% alternatives and the remainder in cash or equivalents.

On May 11, the US and China announced an agreement to temporarily reduce tariffs on each other’s goods. As per the deal, the US will lower tariffs on Chinese imports from 145% to 30%, while China will reduce duties on American goods from 125% to 10%.

Related: Bitcoin acts like ‘store of value that it is’ amid Trump policy chaos: NYDIG

Bitcoin viewed as a store of value

In a recent note, Galaxy Digital analysts said Bitcoin is increasingly being viewed as a digital store of value, noting growing interest from institutions, exchange-traded funds (ETFs) and even governments.

“Bitcoin’s supply and demand dynamics are solidifying its place as a mature digital store of value,” said Ian Kolman, co-portfolio manager at Galaxy.

Supporting this view, BlackRock’s head of thematics and active ETFs, Jay Jacobs, noted on April 25 that nations are increasingly diversifying away from US dollar reserves, turning instead to assets like gold — and now, Bitcoin (BTC) — as part of a broader shift in reserve strategy.

Magazine: Metric signals $250K Bitcoin is ‘best case,’ SOL, HYPE tipped for gains: Trade Secrets