Kazakhstan is taking a major step toward legitimizing its growing digital asset market by introducing a new licensing regime for cryptocurrency exchange services. The National Bank of Kazakhstan will now oversee and authorize crypto platforms that convert digital assets into fiat, establishing their legal status under the country’s evolving regulatory environment.
New Crypto Exchange Licensing to Begin
In a recent briefing, Yerlan Ashykbekov, head of the National Bank’s payment systems department, confirmed that a new category of regulated entities crypto exchange service providers will be formally recognized and supervised under Kazakhstan’s jurisdiction. These platforms will be licensed to conduct crypto-to-fiat exchange operations, and the list of eligible cryptocurrencies will be curated by the central bank itself.
This initiative marks a pivotal step toward regulatory clarity in the crypto space, granting legal standing to a sector that has long operated in a gray zone. The licensing regime will also cover the issuance and circulation of digital financial assets, including stablecoins, further expanding oversight.
Broader Integration with the AIFC
While these changes apply nationwide, crypto exchanges operating within the Astana International Financial Centre (AIFC) will remain under a separate regulatory framework. However, Ashykbekov noted that there are plans to link the AIFC ecosystem with the new network of licensed crypto exchanges, enhancing cooperation and legal interoperability.
This dual-track system aims to balance innovation and regulation, ensuring both local and international platforms can operate within a clear, structured legal environment.
A Presidential Push for Legal Crypto Adoption
The licensing effort comes in response to direct calls from President Kassym-Jomart Tokayev, who has repeatedly urged regulators to create a comprehensive legal infrastructure for cryptocurrencies. In a January government meeting, Tokayev stressed the importance of building a regulatory framework that encourages transparency, while acknowledging that most crypto users in Kazakhstan still operate informally.
His administration has shown increasing support for blockchain-based innovation, including crypto mining and energy reform initiatives that leverage the sector’s growth.
Looking Ahead
With the National Bank stepping in as the primary overseer of crypto-to-fiat transactions, Kazakhstan is sending a strong message: digital assets are here to stay, and they must operate within a secure, government-regulated framework.
The move could attract more international exchanges, legitimize local crypto operations, and open the door for expanded adoption of blockchain-based finance across the region. As the regulatory structure solidifies, Kazakhstan positions itself as an emerging hub in Eurasia’s digital finance landscape.
