Kazakhstan

Mastercard brings p2p aliases for crypto transfers in UAE, Kazakhstan: report

Published

3 months ago

January 9, 2025

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Mastercard brings its Crypto Credential solution to the EEMEA region, starting with the UAE and Kazakhstan.

Payments processor Mastercard has rolled out its Crypto Credential solution in the UAE and Kazakhstan, marking its first move into the EEMEA region. The new service makes crypto transfers easier by letting users send and receive tokens using simple aliases instead of complicated blockchain addresses, the company said in a press release on Jan. 9.

The expansion will help exchanges like ATAIX Eurasia, Intebix, and CoinMENA, along with Fuze, a digital asset provider, streamline blockchain transactions, the company says.

Mastercard’s EVP for core payments in the region, Gaurang Shah, said the company has been “laser focused on developing innovative services and capabilities that help make crypto more accessible and secure.”

Mastercard Crypto Credential was first unveiled in 2023 to help simplify and secure crypto transactions across different blockchain networks. The idea is to make crypto exchanges easier by offering a way to verify users’ identities and ensure that the right assets go to the right wallets.

However, the concept of blockchain aliases isn’t entirely new. Platforms like Unstoppable Domains have been offering blockchain-based aliases for years, allowing users to replace lengthy blockchain addresses with user-friendly names.

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Bitcoin

Kazakhstan’s president calls for urgent expansion of crypto infrastructure

Published

2 months ago

January 29, 2025

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Kazakhstan plans to expand legal crypto operations, with president Kassym-Jomart Tokayev calling for urgent changes to improve the country’s infrastructure for digital assets.

With the U.S. government becoming more crypto-friendly, Kazakhstan‘s president Kassym-Jomart Tokayev is pushing for a fast expansion of the country’s crypto infrastructure.

Speaking at a government meeting, Tokaev emphasized that the country needs to quickly adjust to the new tech landscape. He pointed out that many crypto users in Kazakhstan are still operating in what he called the “gray zone.” Per Tokaev, only about 5% of crypto investors are using regulated platforms like those in the International Financial Center in Astana (e.g. Galaxy Digital, SkyBridge Digital Finance, and Swiftex, among others).

“[…] according to experts, only 5% of Kazakhstan’s crypto investors use the Center’s platform, while the rest operate in the so-called ‘gray zone.’ Urgently, infrastructure for broader legal circulation of digital assets should be created. Financial regulators must focus on developing the appropriate legislative framework.”
Kassym-Jomart Tokayev

Kazakhstan’s financial watchdog also stepped up its efforts against illegal crypto exchanges. In 2024, the country shut down 36 illegal platforms with a combined turnover of 60 billion tenge (around $112.84 million).

As crypto.news reported earlier, the regulators also blocked access to over 3,500 unregistered crypto trading sites, working together with the National Security Committee and the Ministry of Culture and Information.

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