Kazakhstan is making bold moves to transform itself into Central Asia’s leading digital asset hub. First Vice Minister for Digital Development, Kanysh Tuleushin, laid out the government’s vision for a digital transformation, naming it a top priority in an interview with Kazakhstan Pravda. The strategy, he says, begins with sweeping policy reforms.
“If all restrictions were lifted and digital asset trading were allowed across Kazakhstan, the impact could be significant,” Tuleushin stated. “Kazakhstan might become Central Asia’s crypto hub.” He emphasized the importance of clear regulatory structures and attractive tax policies to lure global firms.
Policy Reforms and Mining Incentives
One of the centerpieces of Kazakhstan’s strategy involves revamping its stance on cryptocurrency mining. Tuleushin argued that digital asset miners could help modernize Kazakhstan’s power grid by using surplus energy, boosting efficiency and grid stability.
The country has already introduced a 70/30 energy-sharing model where foreign investors finance power infrastructure upgrades. Since 2022, mining operations have generated over $7 million in annual tax revenue despite a cautious approach.
Focus on Consumer Protection and Legal Clarity
While encouraging innovation, Kazakhstan is also tightening its grip on illegal activity. Tuleushin confirmed that authorities are intensifying efforts to protect consumers and clamp down on unregistered platforms operating in the country.
This consumer-first strategy will run parallel to efforts to build trust in the ecosystem. “Clear licensing and tax rules will lure global firms to the country,” Tuleushin added, signaling a dual strategy of opportunity and oversight.
Education, AI, and National Digital Infrastructure
Kazakhstan’s ambitions extend beyond crypto into broader digital transformation. Web3 education initiatives are already underway, and the country is exploring the creation of a national digital asset bank.
There is also a strong focus on launching a central bank digital currency (CBDC) to promote financial inclusion. Alongside AI and Internet of Things (IoT) technologies, these initiatives aim to upgrade public services and modernize national infrastructure.
Thailand Rolls Out G-Tokens for Retail Investors
Thailand is taking a different approach. The country has greenlit tokenized government bonds, dubbed G-Tokens, aimed specifically at retail investors. Finance Minister Pichai Chunhavajira confirmed that the Cabinet has approved the initiative, which forms part of the 2025 budget borrowing plan.
Unlike traditional bonds, G-Tokens are labeled as “digital investment tokens.” A Public Debt Management Office official clarified that while they are not considered debt instruments, they will be available to the public via licensed digital asset exchanges.
Promises of Higher Returns and Market Access
The goal of the G-Token program is financial democratization. “One big selling point of the token is that it allows more retail investors to become part of the digital economy,” an official said. These tokens promise higher returns than those typically offered by banks, with some market watchers projecting yields of up to 4%.
Though the Finance Ministry is framing the first round of issuance as experimental, investor excitement is already mounting. The program’s success could be a pivotal step in bringing blockchain-based financial tools into the mainstream.
Thailand’s Expanding Blockchain Ambitions
Thailand’s foray into tokenized bonds isn’t its first blockchain experiment. Earlier this year, the Securities and Exchange Commission announced plans to launch a blockchain-based securities trading system aimed at eliminating inefficiencies and reducing costs.
According to RWA.xyz, the global tokenized government bond market has grown to $225 million, with value nearly tripling since the last quarter of 2024. Private digital bond issuance has soared by 260% in the past year, now valued at over $4 billion. German development bank KfW recently joined the trend with an $11 million digital bond investment.
Regional Momentum Builds for Digital Finance
With Kazakhstan pushing for a crypto-powered future and Thailand embracing tokenized bonds, Asia is accelerating toward a digitized financial ecosystem. While the paths differ, the destination appears the same: broader access, greater transparency, and a deeper integration of blockchain into public finance.
As governments race to adopt digital technologies, the region may soon witness a redefined economic landscape shaped by decentralization, innovation, and inclusion.
