Cryptocurrency adoption is rising across Central Asia and the Caucasus, with Uzbekistan leading the way. Around 1.5% of Uzbekistan’s population now owns cryptocurrency, and its licensed exchanges handled over USD 1 billion in transactions in 2024 alone. Kazakhstan, once a crypto mining hub with a Bitcoin hashrate of 27% in 2021, saw its rate drop to 4% by 2023 due to strict regulations; however, it has since increased its mining operations to 51. In the Caucasus, Georgia has the highest global ranking (at 54) in crypto asset adoption. Armenia ranks 77th, and Azerbaijan ranks 92nd.
