Telegram, an application that is friendly to cryptocurrencies, has decided to go internationally and establish a new office in Kazakhstan. According to an official announcement, Telegram intends to enhance regulatory compliance by establishing an office in Kazakhstan.
Over half of all Kazakhs, or 12.5 million people, use Telegram on a monthly basis. According to the Kazakh government, it is actively collaborating with Telegram to swiftly take down and block illegal channels and content.
Interestingly, the move to open an office coincides with the application’s effort to fix its CEO Pavel Durov’s legal troubles in France regarding the platform’s handling of illicit activity.
Telegram has stepped up efforts to stop illegal activities on the communication software since Durov was indicted by French authorities on several counts in late August.
Will Telegram Help Crypto Adoption in Kazakhstan?
The introduction of an office in the nation can help more traction for Telegram. Now this is no news for anyone that Telegram is a good communication platform for the crypto community. Within the community, Telegram is frequently used to establish sizable group chats with hundreds or thousands of participants, in which business owners introducing new coins can post announcements and resolve grievances from clients.
With more traction, more people in the nation will likely jump on the crypto bandwagon in the future.
Telegram is also popular among the Web3 gaming community. For the Telegram gaming ecosystem, 2024 has been a huge year thanks to the emergence of tap-to-earn games that combine blockchain rewards with captivating gameplay.
Millions of people have been drawn to these games, and now they offer the opportunity for users to earn cryptocurrency through straightforward yet entertaining actions.
Kazakhstan Crypto Adoption: Will It Rise In the Future?
Kazakhstan was once a major nation in terms of crypto mining and usage. However, with miners flocking to other ventures, mining in the region has reduced significantly.
According to Statista, by the end of 2024, it is anticipated that Kazakhstan’s cryptocurrency market will generate US$104.4 million in income.
By the end of next year, the revenue is predicted to have grown at a compound annual growth rate (CAGR) of 2.87%. In Kazakhstan, the cryptocurrency market has an average revenue per user of US$113.7 in 2024.
When looking at revenue from a worldwide comparative viewpoint, the United States comes in first place with $9,788.0 million in 2024.
It is anticipated that there will be 923.80K users in Kazakhstan’s cryptocurrency market by 2025. By 2025, the user penetration rate is predicted to reach 4.61%, from 4.63% in 2024.
Kazakhstan’s cheap and plentiful electrical supply is the main factor fueling the country’s increasing interest in cryptocurrency mining.