Kazakhstan and South Korea Unveil Joint Agenda, Boosting Central Asian Crypto Market
The Korea-Central Asia Summit in Seoul resulted in the adoption of the Seoul Declaration, setting out a 30-year vision for cooperation between South Korea and five Central Asian countries. The declaration covers critical minerals, energy, AI, digital transformation, security, and more.
Kazakhstan offered to host the next summit in Astana in 2028, with the other countries agreeing. South Korean President Lee Jae Myung proposed building a 'new Silk Road' by expanding trade beyond automobiles, energy, and raw materials.
In related news, Kazakhstan will receive the maximum 8% country weight in JPMorgan's new GBI-EM Edge index, potentially bringing more foreign investors into its tenge-denominated government bond market. Foreign demand for Kazakh debt has already risen sharply, with non-resident holdings reaching KZT 2.5 trillion ($5.4 billion) by the end of June.
Kazakhstan is also planning to establish a National Cryptocurrency Analytics Center to monitor digital asset transactions and strengthen oversight of its growing crypto market. The center will be built on the central bank's SupTech platform and analyze fiat payments, cryptocurrency transfers, wallets, and customer information.