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и связей между кошельками.
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Kazakhstan has been the world's second-largest Bitcoin mining hub, weathered a sweeping crackdown on illegal mining farms and turned Astana into a regional crypto industry centre. As Chinese miners shipped equipment to Kazakh power plants, local traders flocked to overseas exchanges and the authorities tried to bring an industry that largely operated in the shadows under control.
In 2026, the picture changed. On 1 May, Kazakhstan opened up regulated cryptocurrency trading outside the Astana International Financial Centre (AIFC), began connecting crypto exchanges to the banking system and started building a national crypto reserve. Oversight remains strict, however: in the autumn, the AIFC Court barred six platforms from providing unlicensed services within its jurisdiction.
The BitOK editorial team examined Kazakhstan's crypto market: who regulates it, how the government approaches digital assets, what AML compliance looks like, how many people own crypto, where they buy and spend it, and what it takes to launch a crypto business in the country.
In 2026, the picture changed. On 1 May, Kazakhstan opened up regulated cryptocurrency trading outside the Astana International Financial Centre (AIFC), began connecting crypto exchanges to the banking system and started building a national crypto reserve. Oversight remains strict, however: in the autumn, the AIFC Court barred six platforms from providing unlicensed services within its jurisdiction.
The BitOK editorial team examined Kazakhstan's crypto market: who regulates it, how the government approaches digital assets, what AML compliance looks like, how many people own crypto, where they buy and spend it, and what it takes to launch a crypto business in the country.
Contents
- Political Landscape and Government Policy
- Regulation
- Cryptocurrency AML Regulation in Kazakhstan
- How Many People in Kazakhstan Own Cryptocurrency?
- Who Buys Crypto, and Why?
- Age of Crypto Users
- Crypto as a Store of Value
- Popular Cryptocurrency Exchanges
- Local Crypto Exchanges and Banks
- Cryptocurrency in Business
- How to Start a Crypto Company in Kazakhstan
- What Can You Buy With Crypto in Kazakhstan?
- Cryptocurrency in Cross-Border Business
- Stablecoins and the Digital Tenge
- Mining
- Scams and Public Scepticism
- Education and Talent
- Kazakhstan's Place in the Crypto Industry
- Conclusions
Political Landscape and Government Policy
Political Landscape and Government Policy
Kazakhstan has been led by Kassym-Jomart Tokayev since 2019. Following the January 2022 protests and the removal of former president Nursultan Nazarbayev's inner circle from power, Tokayev began reshaping the country's political system.
A constitutional referendum was held on 15 March 2026. The new constitution took effect on 1 July, replacing the bicameral parliament with a single-chamber Kurultai. The first Kurultai elections took place on 23 August.
The government has been notably enthusiastic about cryptocurrency. Kazakhstan began experimenting with regulated digital-asset trading in the AIFC back in 2022 and passed a dedicated digital assets law in 2023.
On 7 July 2026, Tokayev signed a decree to develop the digital assets industry. It called for a supportive environment for a regulated market, alongside the development of digital financial instruments, payment infrastructure and a national crypto reserve.
On 15 September, the government approved a 65-point action plan covering ten priority areas. The authorities aim to expand the use of digital assets in the economy, attract investment and develop financial-services exports.
Presidential enthusiasm does not mean crypto will be left unchecked. On the contrary, Kazakhstan is steadily building a system in which legitimate transactions are expected to flow through licensed intermediaries.
Its dispute with foreign exchanges illustrates the approach.
On 15 September 2026, the AIFC Court issued injunctions against the operators of BingX, Bitcoin.com, HTX, BitMart, Coinbase, LBank and WEEX. They were prohibited from offering or advertising crypto services within the AIFC without the necessary licence.
LBank was removed from the list on 18 September after its operator voluntarily restricted access to its services in Kazakhstan. AFSA publicly announced the decision on 20 October. The court also ordered the decisions to be sent to Google and Apple to facilitate geographical restrictions on the remaining six platforms' apps within the AIFC's jurisdiction.
This does not amount to a nationwide ban on the international exchanges named above. The restrictions concern providing services without authorisation in the relevant jurisdiction.
A constitutional referendum was held on 15 March 2026. The new constitution took effect on 1 July, replacing the bicameral parliament with a single-chamber Kurultai. The first Kurultai elections took place on 23 August.
The government has been notably enthusiastic about cryptocurrency. Kazakhstan began experimenting with regulated digital-asset trading in the AIFC back in 2022 and passed a dedicated digital assets law in 2023.
On 7 July 2026, Tokayev signed a decree to develop the digital assets industry. It called for a supportive environment for a regulated market, alongside the development of digital financial instruments, payment infrastructure and a national crypto reserve.
On 15 September, the government approved a 65-point action plan covering ten priority areas. The authorities aim to expand the use of digital assets in the economy, attract investment and develop financial-services exports.
Presidential enthusiasm does not mean crypto will be left unchecked. On the contrary, Kazakhstan is steadily building a system in which legitimate transactions are expected to flow through licensed intermediaries.
Its dispute with foreign exchanges illustrates the approach.
On 15 September 2026, the AIFC Court issued injunctions against the operators of BingX, Bitcoin.com, HTX, BitMart, Coinbase, LBank and WEEX. They were prohibited from offering or advertising crypto services within the AIFC without the necessary licence.
LBank was removed from the list on 18 September after its operator voluntarily restricted access to its services in Kazakhstan. AFSA publicly announced the decision on 20 October. The court also ordered the decisions to be sent to Google and Apple to facilitate geographical restrictions on the remaining six platforms' apps within the AIFC's jurisdiction.
This does not amount to a nationwide ban on the international exchanges named above. The restrictions concern providing services without authorisation in the relevant jurisdiction.
Kazakhstan wants to become a regional crypto hub, but on one key condition: the state must be able to see who is transacting with whom, and for how much.
Regulation
Regulation
The foundation of Kazakhstan's legal framework is the Law on Digital Assets, adopted on 6 February 2023 and effective from 1 April.
The original arrangement was unusual. Industrial cryptocurrency mining was legal with a licence, but free trading in most cryptocurrencies outside the AIFC remained prohibited. In other words, you could mine Bitcoin in Kazakhstan but could not freely trade it.
That changed on 1 May 2026. Following the adoption of a new banking law and related amendments, the National Bank gained the authority to regulate cryptocurrency platforms and exchanges outside the AIFC.
The country now operates two parallel regulatory regimes.
The original arrangement was unusual. Industrial cryptocurrency mining was legal with a licence, but free trading in most cryptocurrencies outside the AIFC remained prohibited. In other words, you could mine Bitcoin in Kazakhstan but could not freely trade it.
That changed on 1 May 2026. Following the adoption of a new banking law and related amendments, the National Bank gained the authority to regulate cryptocurrency platforms and exchanges outside the AIFC.
The country now operates two parallel regulatory regimes.
Regime | Regulator | What It Covers |
AIFC | AFSA — Astana Financial Services Authority | Crypto exchanges, digital-asset custody, brokerage and other services within the AIFC |
Nationwide | National Bank of Kazakhstan | Crypto exchangers, trading platforms and digital financial asset platforms |
Financial instruments | Agency for Regulation and Development of the Financial Market | Certain types of digital financial assets and their circulation |
Mining | Ministry of Artificial Intelligence and Digital Development | Licensing digital miners and overseeing mining infrastructure |
The main rules governing the market are as follows:
- Crypto services can be provided by firms holding the required licence or registration.
- Bitcoin, Ethereum and USDT are not legal tender.
- Regulated providers must meet capital, management, risk-control and AML requirements.
- Companies may issue certain digital financial assets through authorised platforms.
- Industrial mining is permitted under licence, subject to equipment registration and electricity-consumption monitoring.
A major development is the distinction between unbacked digital assets and digital financial assets.
The first category covers conventional cryptocurrencies such as BTC and ETH. The second includes certain stablecoins, tokenised real-world assets and digital financial instruments.
A full outline of the new regulatory framework is available on the National Bank's website.
The first category covers conventional cryptocurrencies such as BTC and ETH. The second includes certain stablecoins, tokenised real-world assets and digital financial instruments.
A full outline of the new regulatory framework is available on the National Bank's website.
Cryptocurrency Taxes
Cryptocurrency Taxes
A new Tax Code took effect in Kazakhstan on 1 January 2026.
For individuals, proceeds from selling digital assets are treated as income from property. Taxable gains are calculated as the positive difference between the sale price and the documented acquisition cost.
According to guidance from the State Revenue Committee, a capital gain is recognised in the tax period in which the cryptocurrency is sold.
For individuals, proceeds from selling digital assets are treated as income from property. Taxable gains are calculated as the positive difference between the sale price and the documented acquisition cost.
According to guidance from the State Revenue Committee, a capital gain is recognised in the tax period in which the cryptocurrency is sold.
Transaction | Tax Treatment |
Buying cryptocurrency without selling | The purchase itself does not generate taxable sale proceeds |
An individual selling cryptocurrency | Personal income tax on the positive difference between the sale and acquisition prices |
Operating a crypto company | Corporate taxes under the applicable regime |
Industrial mining | Business taxes and a special electricity charge |
Operating within the AIFC | Special tax provisions depending on the firm's status and the nature of its activities |
The State Revenue Committee's guidance specifies a 10% individual income tax rate on crypto sales. However, the new Tax Code introduces progressive rates for certain categories of personal income: 10% up to an annual threshold of 8,500 monthly calculation indices (MCIs), and 15% on the amount above it. The final tax liability therefore depends on the provisions applicable to the particular income, including the progressive tax scale.
The government also proposed additional tax incentives in 2026.
In July, the government's Project Office proposed exempting individuals from income tax on transactions through Kazakhstan-based crypto providers from 1 January 2026 through 31 December 2028.
In September, officials publicly cited a shorter period, from 1 January 2027 to 31 December 2028. The draft amendments released for public consultation, however, retained the original 2026–2028 dates.
The proposal also included a mechanism for declaring previously acquired digital assets. Individuals who voluntarily transferred all their holdings from foreign and unregulated platforms to licensed Kazakh providers would not face reassessment of tax obligations or inspections relating to those transactions for periods before 2027.
The government's aim is to encourage users to move to regulated platforms through tax incentives. As of October 2026, however, these measures cannot be regarded as finally approved.
The government also proposed additional tax incentives in 2026.
In July, the government's Project Office proposed exempting individuals from income tax on transactions through Kazakhstan-based crypto providers from 1 January 2026 through 31 December 2028.
In September, officials publicly cited a shorter period, from 1 January 2027 to 31 December 2028. The draft amendments released for public consultation, however, retained the original 2026–2028 dates.
The proposal also included a mechanism for declaring previously acquired digital assets. Individuals who voluntarily transferred all their holdings from foreign and unregulated platforms to licensed Kazakh providers would not face reassessment of tax obligations or inspections relating to those transactions for periods before 2027.
The government's aim is to encourage users to move to regulated platforms through tax incentives. As of October 2026, however, these measures cannot be regarded as finally approved.
Cryptocurrency AML Regulation in Kazakhstan
Cryptocurrency AML Regulation in Kazakhstan
Kazakhstan has developed one of Central Asia's most advanced anti-money-laundering frameworks for the crypto industry.
The system is built on domestic anti-money-laundering and counter-terrorist-financing (AML/CFT) legislation and FATF recommendations, which also underpin BitOK's tools. The Eurasian Group on Combating Money Laundering and Financing of Terrorism (EAG) conducts the international assessment.
According to FATF, Kazakhstan is rated Compliant with Recommendation 15, which addresses the risks posed by new technologies, including virtual assets.
In May 2026, the EAG prepared its first follow-up report after the country's 2023 mutual evaluation.
Four recommendations received upgraded ratings. Kazakhstan is now fully or largely compliant with 37 of the FATF's 40 recommendations.
Strong ratings against international standards do not mean the system is problem-free. The main challenge for regulators is bringing activity on foreign platforms and through informal exchangers into the regulated market.
Wallets and transactions can be screened quickly for exposure to potentially illicit crypto using BitOK's AML screening tool.
The system is built on domestic anti-money-laundering and counter-terrorist-financing (AML/CFT) legislation and FATF recommendations, which also underpin BitOK's tools. The Eurasian Group on Combating Money Laundering and Financing of Terrorism (EAG) conducts the international assessment.
According to FATF, Kazakhstan is rated Compliant with Recommendation 15, which addresses the risks posed by new technologies, including virtual assets.
In May 2026, the EAG prepared its first follow-up report after the country's 2023 mutual evaluation.
Four recommendations received upgraded ratings. Kazakhstan is now fully or largely compliant with 37 of the FATF's 40 recommendations.
Strong ratings against international standards do not mean the system is problem-free. The main challenge for regulators is bringing activity on foreign platforms and through informal exchangers into the regulated market.
Wallets and transactions can be screened quickly for exposure to potentially illicit crypto using BitOK's AML screening tool.
What AML Requirements Apply?
What AML Requirements Apply?
Licensed crypto service providers must meet the following obligations:
- KYC. Identify customers and verify corporate representatives and ultimate beneficial owners.
- Transaction monitoring. Detect suspicious activity, examine sources of funds and assess risk.
- Travel Rule. Exchange the required sender and recipient information for crypto transfers.
- Sanctions screening. Screen customers and transactions against applicable sanctions and restrictive lists.
- Internal controls. Maintain AML documentation, manage risks and meet information-security requirements.
- Reporting. Submit legally required reports on suspicious transactions to the competent authorities.
AFSA has incorporated the Travel Rule into the AIFC regulations. The rules also restrict privacy-focused digital assets and require independent audits of crypto providers' information systems.
For users, this means that transferring a large amount of USDT to a regulated exchange may trigger a request for documents establishing the source of funds.
For example, Binance Kazakhstan implemented the Travel Rule in late 2024. For certain transfers, customers must provide information about the sender or recipient of the cryptocurrency.
For users, this means that transferring a large amount of USDT to a regulated exchange may trigger a request for documents establishing the source of funds.
For example, Binance Kazakhstan implemented the Travel Rule in late 2024. For certain transfers, customers must provide information about the sender or recipient of the cryptocurrency.
How AML Controls Work in Practice
How AML Controls Work in Practice
Kazakhstan's law enforcement agencies actively use blockchain analytics to investigate financial crime.
According to the Financial Monitoring Agency (FMA), authorities shut down 36 illegal crypto exchanges in 2024 with a combined turnover of roughly 60 billion tenge. Investigators froze and confiscated assets worth 4.8 million USDT.
In 2025, the agency reported shutting down 130 shadow exchange operations used to launder proceeds from online fraud and drug trafficking.
According to the Financial Monitoring Agency (FMA), authorities shut down 36 illegal crypto exchanges in 2024 with a combined turnover of roughly 60 billion tenge. Investigators froze and confiscated assets worth 4.8 million USDT.
In 2025, the agency reported shutting down 130 shadow exchange operations used to launder proceeds from online fraud and drug trafficking.
One of the largest investigations involved RAKS Exchange.
According to FMA records, the crypto exchange had been used over three years to launder proceeds from more than 200 online drug stores operating in Kazakhstan, Russia, Ukraine and Moldova.
The platform's total transaction volume exceeded $224 million.
Investigators analysed more than 4,000 crypto wallets, blocked 67 addresses associated with the service and froze 9.7 million USDT.
The FMA later reported confiscating 3.2 million USDT from the funds identified.
According to FMA records, the crypto exchange had been used over three years to launder proceeds from more than 200 online drug stores operating in Kazakhstan, Russia, Ukraine and Moldova.
The platform's total transaction volume exceeded $224 million.
Investigators analysed more than 4,000 crypto wallets, blocked 67 addresses associated with the service and froze 9.7 million USDT.
The FMA later reported confiscating 3.2 million USDT from the funds identified.
Regulators have simultaneously increased pressure on unlicensed international platforms.
In April 2026, AFSA warned users about the risks of dealing with OKX, HTX, Bitget and MEXC without the relevant local authorisation.
In the autumn, the AIFC Court issued separate injunctions against the operators of six other platforms.
In April 2026, AFSA warned users about the risks of dealing with OKX, HTX, Bitget and MEXC without the relevant local authorisation.
In the autumn, the AIFC Court issued separate injunctions against the operators of six other platforms.
Kazakhstan's crypto market faces a contradiction: the state has developed sophisticated monitoring and investigative capabilities, yet a substantial share of transactions has long taken place through foreign services and informal exchangers.
The expansion of the regulated market in 2026 is intended to close that gap.
The expansion of the regulated market in 2026 is intended to close that gap.
How Many People in Kazakhstan Own Cryptocurrency?
How Many People in Kazakhstan Own Cryptocurrency?
There is no single official figure, and estimates of crypto adoption vary considerably.
A 2024 IMF study estimated that 1–3% of the population owned cryptocurrency as of April 2023.
In November 2024, the National Bank estimated that more than 1.5 million people in Kazakhstan could be participating in global cryptoasset trading outside the AIFC.
The figure also appears in the country's national money-laundering risk assessment.
More precise figures are available for the regulated market.
A 2024 IMF study estimated that 1–3% of the population owned cryptocurrency as of April 2023.
In November 2024, the National Bank estimated that more than 1.5 million people in Kazakhstan could be participating in global cryptoasset trading outside the AIFC.
The figure also appears in the country's national money-laundering risk assessment.
More precise figures are available for the regulated market.
Year | Turnover of AIFC Crypto Providers | Customer Base |
2023 | Over $320 million | 52,913 |
2024 | Over $2.8615 billion | Over 145,800 |
2025 | Over $10.582 billion | Over 214,933 |
Source: AFSA's sectoral report, approved in April 2026.
Over two years, turnover at regulated crypto providers increased more than 30-fold, while their customer base grew roughly fourfold.
In 2025 alone, turnover rose by around 3.7 times.
Customer accounts should not, however, be equated with unique cryptocurrency owners. One person may use several platforms, and some customers of regulated providers may live outside Kazakhstan.
AFSA's figures also exclude some trading on overseas exchanges and activity through self-custodial wallets.
By the end of 2025, the AIFC had issued 29 crypto-provider licences, including ten licences to operate cryptocurrency trading platforms.
Yet 15 of the 29 companies had not started operating. Much of the turnover was concentrated among the most active market participants.
In 2025 alone, turnover rose by around 3.7 times.
Customer accounts should not, however, be equated with unique cryptocurrency owners. One person may use several platforms, and some customers of regulated providers may live outside Kazakhstan.
AFSA's figures also exclude some trading on overseas exchanges and activity through self-custodial wallets.
By the end of 2025, the AIFC had issued 29 crypto-provider licences, including ten licences to operate cryptocurrency trading platforms.
Yet 15 of the 29 companies had not started operating. Much of the turnover was concentrated among the most active market participants.
Who Buys Crypto, and Why?
Who Buys Crypto, and Why?
Unlike Georgia, where people relocating to the country and cross-border transfers account for a significant share of demand, Kazakhstan's crypto market has developed around investing, trading and industrial mining.
The main user groups are:
The main user groups are:
- Retail investors. They buy Bitcoin, Ethereum and other cryptocurrencies in the hope of price appreciation. Some prefer to hold for the long term; others trade actively.
- IT professionals and younger users. They are interested in Web3, DeFi, smart contracts and building their own blockchain projects.
- Business owners. They view stablecoins as a potential tool for international transfers and payments to overseas partners.
- Miners. They earn digital assets through data-centre operations and use exchanges to sell the cryptocurrency they mine.
In September 2026, Binance Kazakhstan conducted a user survey with 1,930 respondents.
Respondents were asked how they currently use digital assets and how they might use them in future.
Respondents were asked how they currently use digital assets and how they might use them in future.
Purpose | Share of Respondents |
Investment | 60.2% |
Additional income | 58.5% |
Long-term savings | 48.8% |
Trading | 42.6% |
Paying for goods and services | 32.8% |
International transfers | 25.1% |
In the same survey, 64.6% expected crypto payments to grow fastest over the next three to five years.
Another 42.6% selected international transfers, while 35% chose crypto cards.
Investment remains the leading use case, but interest in payments and transfers is gradually increasing.
Another 42.6% selected international transfers, while 35% chose crypto cards.
Investment remains the leading use case, but interest in payments and transfers is gradually increasing.
Age of Crypto Users
Age of Crypto Users
Younger people make up the core audience of Kazakhstan's crypto-investment market.
A RISE study published in 2024 found that men accounted for 83% of participants and women for 17%.
Researchers identified 18- to 34-year-olds as the most active age group.
The appeal among younger users reflects the perception of cryptocurrencies as part of the digital economy and as an opportunity to invest, trade and participate in emerging technology projects.
Communities of developers, students and entrepreneurs are also forming around the industry.
There is, however, no representative survey that can reliably establish the age distribution of all cryptocurrency owners in Kazakhstan in 2026.
A RISE study published in 2024 found that men accounted for 83% of participants and women for 17%.
Researchers identified 18- to 34-year-olds as the most active age group.
The appeal among younger users reflects the perception of cryptocurrencies as part of the digital economy and as an opportunity to invest, trade and participate in emerging technology projects.
Communities of developers, students and entrepreneurs are also forming around the industry.
There is, however, no representative survey that can reliably establish the age distribution of all cryptocurrency owners in Kazakhstan in 2026.
Crypto as a Store of Value
Crypto as a Store of Value
For some people in Kazakhstan, cryptocurrency has become an alternative to conventional ways of saving money.
Inflation and fluctuations in the tenge exchange rate have helped sustain interest in foreign-currency-denominated assets.
Official statistics put annual inflation at 9.3% in September 2026, compared with 12.9% a year earlier.
Traditionally, Kazakhstanis have protected their savings by holding US dollars, property and bank deposits. Cryptocurrency has now joined that list.
Inflation and fluctuations in the tenge exchange rate have helped sustain interest in foreign-currency-denominated assets.
Official statistics put annual inflation at 9.3% in September 2026, compared with 12.9% a year earlier.
Traditionally, Kazakhstanis have protected their savings by holding US dollars, property and bank deposits. Cryptocurrency has now joined that list.
Stablecoins, particularly USDT, have attracted special interest. They allow users to hold funds in a digital asset designed to track the US dollar.
But this approach carries its own risks: dependence on the issuer, possible token freezes, loss of wallet access and restrictions imposed by crypto exchanges.
Bitcoin is more commonly seen as a long-term investment than as a stable way to preserve purchasing power over shorter periods.
Kazakhstan also has a relatively well-developed banking system. As a result, cryptocurrencies are not so much replacing banks as becoming increasingly integrated with them.
But this approach carries its own risks: dependence on the issuer, possible token freezes, loss of wallet access and restrictions imposed by crypto exchanges.
Bitcoin is more commonly seen as a long-term investment than as a stable way to preserve purchasing power over shorter periods.
Kazakhstan also has a relatively well-developed banking system. As a result, cryptocurrencies are not so much replacing banks as becoming increasingly integrated with them.
Popular Cryptocurrency Exchanges
Popular Cryptocurrency Exchanges
One distinctive feature of Kazakhstan's market is the presence of locally regulated entities belonging to major international crypto exchanges.
Binance Kazakhstan. BN KZ Technologies Limited obtained a full AFSA licence in September 2024. The platform is expanding digital-asset trading, tenge transactions and banking integration.
Bybit Kazakhstan. Bybit's local entity operates under the AIFC regulatory framework. In 2025, Bybit Limited became the first participant to sign an AFSA memorandum on developing a system for paying regulatory fees in stablecoins.
ATAIX Eurasia. One of the country's prominent home-grown crypto exchanges. It obtained a full AFSA licence after taking part in the regulatory sandbox.
Intebix. A Kazakh crypto platform involved in developing crypto-to-fiat infrastructure and the EVO stablecoin pilot.
Bybit Kazakhstan. Bybit's local entity operates under the AIFC regulatory framework. In 2025, Bybit Limited became the first participant to sign an AFSA memorandum on developing a system for paying regulatory fees in stablecoins.
ATAIX Eurasia. One of the country's prominent home-grown crypto exchanges. It obtained a full AFSA licence after taking part in the regulatory sandbox.
Intebix. A Kazakh crypto platform involved in developing crypto-to-fiat infrastructure and the EVO stablecoin pilot.
People in Kazakhstan also use overseas exchanges alongside regulated local platforms. An exchange's international profile, however, does not guarantee that its operator is authorised to provide services in Kazakhstan.
Before choosing a platform, users should check the legal entity and its authorised activities in the AFSA register or the relevant National Bank registers.
Before choosing a platform, users should check the legal entity and its authorised activities in the AFSA register or the relevant National Bank registers.
Local Crypto Exchanges and Banks
Local Crypto Exchanges and Banks
Just a few years ago, access to banking was one of the industry's biggest challenges.
Financial institutions were wary of AML exposure, restricted transfers and were reluctant to open accounts for crypto businesses.
In 2022, the AIFC launched a pilot integrating licensed crypto exchanges with banking infrastructure.
Six crypto exchanges and eight banks participated in the AFSA pilot.
The exchanges included Binance Kazakhstan, Biteeu Eurasia, Top Line, Upbit Eurasia, Bybit and ATAIX Eurasia.
The trial involved approximately 52,800 customers and 63,000 transactions worth $239 million.
Financial institutions were wary of AML exposure, restricted transfers and were reluctant to open accounts for crypto businesses.
In 2022, the AIFC launched a pilot integrating licensed crypto exchanges with banking infrastructure.
Six crypto exchanges and eight banks participated in the AFSA pilot.
The exchanges included Binance Kazakhstan, Biteeu Eurasia, Top Line, Upbit Eurasia, Bybit and ATAIX Eurasia.
The trial involved approximately 52,800 customers and 63,000 transactions worth $239 million.
By 2026, integration had moved beyond simply funding exchange accounts.
On 10 February, Binance Kazakhstan and Mastercard unveiled Mastercard Move, a solution for transfers between cryptocurrency services and card infrastructure.
In April, Binance Kazakhstan and Alatau City Bank demonstrated a crypto-payment system in the presence of President Kassym-Jomart Tokayev.
The service began rolling out in May. In July, the partners announced that Binance Pay would be extended to merchants accepting payments through QR codes and bank terminals.
By 21 July, the system was available at approximately 5,000 merchants across Kazakhstan.
Actual adoption, however, remains far below its technical reach.
According to the government, the system had processed just over 100 transactions by September.
On 10 February, Binance Kazakhstan and Mastercard unveiled Mastercard Move, a solution for transfers between cryptocurrency services and card infrastructure.
In April, Binance Kazakhstan and Alatau City Bank demonstrated a crypto-payment system in the presence of President Kassym-Jomart Tokayev.
The service began rolling out in May. In July, the partners announced that Binance Pay would be extended to merchants accepting payments through QR codes and bank terminals.
By 21 July, the system was available at approximately 5,000 merchants across Kazakhstan.
Actual adoption, however, remains far below its technical reach.
According to the government, the system had processed just over 100 transactions by September.
Another important change in 2026 was the introduction of licensed crypto exchange businesses outside the AIFC.
The National Bank maintains a separate register of operators that exchange unbacked digital assets.
Kazakhstan is gradually addressing an old contradiction: legal crypto exchanges exist, but convenient ways of moving money between the banking and crypto systems have been in short supply.
The National Bank maintains a separate register of operators that exchange unbacked digital assets.
Kazakhstan is gradually addressing an old contradiction: legal crypto exchanges exist, but convenient ways of moving money between the banking and crypto systems have been in short supply.
Cryptocurrency in Business
Cryptocurrency in Business
Kazakh companies may use digital assets for authorised activities, but cryptocurrencies still do not have the status of national currency.
Businesses can:
Businesses can:
- Provide licensed cryptocurrency exchange, trading and custody services.
- Issue certain types of digital financial assets.
- Participate in regulated payment initiatives.
- Invest in authorised mining infrastructure.
- Work with tokenised financial instruments.
- Use crypto-to-fiat services within the limits of their regulatory authorisations.
Another emerging area is the integration of cryptocurrencies with traditional capital markets.
In June 2026, the Kazakhstan Stock Exchange admitted ETFs linked to Ethereum and Solana for trading.
Trading began on 23 June. The instruments are available only to qualified investors through authorised brokers that are KASE members.
BlackRock's ETHA provides spot exposure to Ethereum, while Volatility Shares' SOLZ uses Solana futures.
In September 2026, the Agency for Regulation and Development of the Financial Market announced plans for amendments that would facilitate tokenised bank deposits.
This marks another step towards connecting traditional financial products with blockchain infrastructure.
Many initiatives, however, remain at the pilot stage or are awaiting detailed regulations. The legal framework may permit a product without that product yet being widely available to consumers.
In June 2026, the Kazakhstan Stock Exchange admitted ETFs linked to Ethereum and Solana for trading.
Trading began on 23 June. The instruments are available only to qualified investors through authorised brokers that are KASE members.
BlackRock's ETHA provides spot exposure to Ethereum, while Volatility Shares' SOLZ uses Solana futures.
In September 2026, the Agency for Regulation and Development of the Financial Market announced plans for amendments that would facilitate tokenised bank deposits.
This marks another step towards connecting traditional financial products with blockchain infrastructure.
Many initiatives, however, remain at the pilot stage or are awaiting detailed regulations. The legal framework may permit a product without that product yet being widely available to consumers.
How to Start a Crypto Company in Kazakhstan
How to Start a Crypto Company in Kazakhstan
Entrepreneurs have several options for setting up a crypto business. The right route depends primarily on the type of activity.
Activity | Regulator | Minimum Capital |
Crypto exchanger outside the AIFC | National Bank | 50 million tenge |
Digital financial asset platform | National Bank | 100 million tenge |
Digital asset trading platform | National Bank | 200 million tenge |
Crypto exchange within the AIFC | AFSA | From $200,000, or enough to cover 12 months of operations if higher |
Capital requirements are published in the crypto exchanger register, the platform register, the trading platform register and the AFSA rules.
Setting up a cryptocurrency exchange in the AIFC also involves substantial regulatory fees. The one-off application fee is $98,000, and the fixed annual supervisory fee is $30,000, before additional charges.
Setting up a cryptocurrency exchange in the AIFC also involves substantial regulatory fees. The one-off application fee is $98,000, and the fixed annual supervisory fee is $30,000, before additional charges.
To establish a crypto company outside the AIFC, an applicant must:
- Register a Kazakh legal entity as a limited liability partnership (LLP) or joint-stock company (JSC).
- Provide the required capital.
- Prepare a business plan, internal policies and AML documentation.
- Demonstrate that the company's managers and owners meet regulatory requirements.
- Submit the documentation to the National Bank.
- Obtain a licence or complete the required registration, depending on the activity.
For some registration and approval procedures, regulators have 20 working days to review a complete application. Establishing the business, its infrastructure and banking arrangements takes additional time.
The AIFC operates a separate framework, including the FinTech Lab regulatory sandbox.
The sandbox allows companies to test new financial products under AFSA supervision, but participation is not equivalent to holding a permanent full licence.
The major shift in 2026 is that establishing a crypto company is no longer limited to AIFC participants. Entering the regulated market still requires substantial capital and a mature compliance framework.
The AIFC operates a separate framework, including the FinTech Lab regulatory sandbox.
The sandbox allows companies to test new financial products under AFSA supervision, but participation is not equivalent to holding a permanent full licence.
The major shift in 2026 is that establishing a crypto company is no longer limited to AIFC participants. Entering the regulated market still requires substantial capital and a mature compliance framework.
What Can You Buy With Crypto in Kazakhstan?
What Can You Buy With Crypto in Kazakhstan?
You cannot simply pay with Bitcoin or USDT at an ordinary shop, but regulated payment solutions now make it possible to buy goods and services using cryptocurrency.
A leading example is Crypto Pay, developed by Binance Kazakhstan and Alatau City Bank.
Customers scan a QR code at the terminal, select a cryptocurrency and confirm the payment. The digital assets are converted into tenge, and the merchant receives the national currency.
Merchants do not need their own crypto wallets.
A leading example is Crypto Pay, developed by Binance Kazakhstan and Alatau City Bank.
Customers scan a QR code at the terminal, select a cryptocurrency and confirm the payment. The digital assets are converted into tenge, and the merchant receives the national currency.
Merchants do not need their own crypto wallets.
In July 2026, Binance announced the rollout of the service to 5,000 retail locations.
It has not yet become a mainstream payment method. Government figures show that only a little over 100 transactions had been processed by September.
Another option is to sell cryptocurrency through a regulated platform before making a purchase.
It has not yet become a mainstream payment method. Government figures show that only a little over 100 transactions had been processed by September.
Another option is to sell cryptocurrency through a regulated platform before making a purchase.
For example, a USDT holder can convert their assets into tenge, withdraw the proceeds to a bank account and then buy a car or property.
For high-value purchases, the bank may request documents proving the source of funds.
Crypto is therefore gradually becoming a source of funds for everyday spending, even though the payment between buyer and seller still takes place through the traditional financial system.
For high-value purchases, the bank may request documents proving the source of funds.
Crypto is therefore gradually becoming a source of funds for everyday spending, even though the payment between buyer and seller still takes place through the traditional financial system.
Cryptocurrency in Cross-Border Business
Cryptocurrency in Cross-Border Business
International settlements are one of the areas Kazakhstan's government is prioritising in its digital-asset strategy.
The country has close economic ties with Russia, China, other Central Asian countries and the European Union.
For companies dealing with overseas counterparties, payment speed, access to bank transfers and compliance are particularly important.
Stablecoins could shorten international settlement times and reduce reliance on traditional correspondent banking networks.
That does not mean all companies are generally permitted to pay for goods and services in USDT in 2026.
The authorities are developing dedicated arrangements under their digital-asset development programme.
The country has close economic ties with Russia, China, other Central Asian countries and the European Union.
For companies dealing with overseas counterparties, payment speed, access to bank transfers and compliance are particularly important.
Stablecoins could shorten international settlement times and reduce reliance on traditional correspondent banking networks.
That does not mean all companies are generally permitted to pay for goods and services in USDT in 2026.
The authorities are developing dedicated arrangements under their digital-asset development programme.
In September 2026, Binance signed a memorandum with the National Bank of Kazakhstan to establish a regional settlement hub.
The project envisages using the infrastructure of a Category I payment organisation to facilitate international payments and money transfers.
At the time the memorandum was signed, however, the initiative was still being developed; it was not the launch of a fully operational settlement system.
The proposed model would rely on a regulated intermediary to carry out AML checks, receive digital assets, convert them and arrange for the proceeds to reach a company's bank account.
Crypto transfers do not, however, override sanctions obligations, foreign-exchange rules or source-of-funds checks.
On the contrary, licensed providers are expected to screen both customers and the transaction history of incoming digital assets.
The project envisages using the infrastructure of a Category I payment organisation to facilitate international payments and money transfers.
At the time the memorandum was signed, however, the initiative was still being developed; it was not the launch of a fully operational settlement system.
The proposed model would rely on a regulated intermediary to carry out AML checks, receive digital assets, convert them and arrange for the proceeds to reach a company's bank account.
Crypto transfers do not, however, override sanctions obligations, foreign-exchange rules or source-of-funds checks.
On the contrary, licensed providers are expected to screen both customers and the transaction history of incoming digital assets.
Stablecoins and the Digital Tenge
Stablecoins and the Digital Tenge
Kazakhstan is developing two forms of digital money in parallel: privately issued stablecoins and a central bank digital currency.
The Tenge-Pegged EVO Stablecoin
The Tenge-Pegged EVO Stablecoin
On 23 September 2025, the National Bank announced a pilot for the country's first tenge-pegged stablecoin.
The token is called EVO (KZTE).
The project brings together Intebix, Solana, Mastercard and Eurasian Bank under the National Bank's regulatory sandbox.
Its aim is to connect blockchain-based transfers with conventional financial infrastructure.
A tenge-pegged stablecoin could be used for approved crypto-to-fiat transactions, payment products and merchant services.
The pilot's launch does not mean that EVO is already available as a general-purpose payment instrument throughout the country.
The token is called EVO (KZTE).
The project brings together Intebix, Solana, Mastercard and Eurasian Bank under the National Bank's regulatory sandbox.
Its aim is to connect blockchain-based transfers with conventional financial infrastructure.
A tenge-pegged stablecoin could be used for approved crypto-to-fiat transactions, payment products and merchant services.
The pilot's launch does not mean that EVO is already available as a general-purpose payment instrument throughout the country.
The Digital Tenge
The Digital Tenge
The second initiative is the digital tenge.
It is a digital form of the national currency issued by the National Bank of Kazakhstan, rather than by a private company.
Testing has been under way since 2021. One focus is tracking how earmarked public funds are spent through programmable payments.
In February 2026, the National Bank published draft rules on issuing, circulating and redeeming the digital tenge.
On 29 April, the National Bank's Board adopted Resolution No. 42, which took effect on 19 July 2026.
The resolution governs the issuance, circulation and redemption of digital tenge, the opening and servicing of digital accounts, and interaction between platform participants.
In January 2026, the IMF published a technical assistance report on Kazakhstan's digital tenge, based on a 2024 mission.
The Fund recommended prioritising use cases and carefully assessing technological, operational and financial risks.
It is a digital form of the national currency issued by the National Bank of Kazakhstan, rather than by a private company.
Testing has been under way since 2021. One focus is tracking how earmarked public funds are spent through programmable payments.
In February 2026, the National Bank published draft rules on issuing, circulating and redeeming the digital tenge.
On 29 April, the National Bank's Board adopted Resolution No. 42, which took effect on 19 July 2026.
The resolution governs the issuance, circulation and redemption of digital tenge, the opening and servicing of digital accounts, and interaction between platform participants.
In January 2026, the IMF published a technical assistance report on Kazakhstan's digital tenge, based on a 2024 mission.
The Fund recommended prioritising use cases and carefully assessing technological, operational and financial risks.
Criteria | EVO (KZTE) | Digital Tenge |
Issuer | Private organisation | National Bank |
Instrument type | Stablecoin | CBDC |
Backing | Under issuance and reserve rules | Central bank liability |
Intended use | Crypto-to-fiat transactions and financial services | Payments and government settlements |
Status | Regulated pilot | Phased rollout |
The National Crypto Reserve
The National Crypto Reserve
Another initiative is the creation of a national crypto reserve.
In September 2026, National Bank governor Timur Suleimenov said that $700 million had been allocated to the reserve.
Deputy governor Binur Zhalenov clarified at a government briefing that $350 million had been earmarked in 2025 and another $350 million in 2026.
Not all of that money has yet been invested.
According to Zhalenov, around $200 million had been placed mainly with hedge funds that manage liquidity in cryptocurrency markets.
Depending on market conditions, these funds may invest in baskets of cryptoassets, including Bitcoin, Solana and other tokens.
In September 2026, National Bank governor Timur Suleimenov said that $700 million had been allocated to the reserve.
Deputy governor Binur Zhalenov clarified at a government briefing that $350 million had been earmarked in 2025 and another $350 million in 2026.
Not all of that money has yet been invested.
According to Zhalenov, around $200 million had been placed mainly with hedge funds that manage liquidity in cryptocurrency markets.
Depending on market conditions, these funds may invest in baskets of cryptoassets, including Bitcoin, Solana and other tokens.
At that point, the National Bank had not purchased Bitcoin directly.
The reserve is managed by the National Bank of Kazakhstan's National Investment Corporation.
Plans call for further contributions to the reserve, including from confiscated cryptoassets and strategic mining.
In July 2026, the government approved a special mechanism requiring strategic mining participants to transfer part of their mined assets to the state.
Cryptocurrencies are therefore no longer viewed solely as something to regulate, but also as a potential component of the state's investment strategy.
The reserve is managed by the National Bank of Kazakhstan's National Investment Corporation.
Plans call for further contributions to the reserve, including from confiscated cryptoassets and strategic mining.
In July 2026, the government approved a special mechanism requiring strategic mining participants to transfer part of their mined assets to the state.
Cryptocurrencies are therefore no longer viewed solely as something to regulate, but also as a potential component of the state's investment strategy.
Mining
Mining
Kazakhstan earned a place in Bitcoin history when Chinese miners relocated to the country in large numbers.
China banned industrial cryptocurrency mining in 2021, prompting some operators to move their equipment to neighbouring countries.
Kazakhstan appealed to them because of its relatively low electricity prices, established power infrastructure and proximity to Chinese equipment suppliers.
At the height of this migration, the country became the world's second-largest Bitcoin mining hub.
China banned industrial cryptocurrency mining in 2021, prompting some operators to move their equipment to neighbouring countries.
Kazakhstan appealed to them because of its relatively low electricity prices, established power infrastructure and proximity to Chinese equipment suppliers.
At the height of this migration, the country became the world's second-largest Bitcoin mining hub.
Source: chainbulletin
Success soon came with an energy cost.
The rapid expansion of mining data centres strained the power grid. The authorities began disconnecting illegal miners, conducting inspections and introducing special electricity charges.
The 2023 law established a licensing regime for digital mining and accreditation for mining pools.
By September 2026, government data showed that Kazakhstan had:
Success soon came with an energy cost.
The rapid expansion of mining data centres strained the power grid. The authorities began disconnecting illegal miners, conducting inspections and introducing special electricity charges.
The 2023 law established a licensing regime for digital mining and accreditation for mining pools.
By September 2026, government data showed that Kazakhstan had:
- 76 licensed miners;
- 5 accredited mining pools;
- approximately 470,000 registered pieces of mining equipment.
About 3,600 BTC were mined through local pools in 2025, four times the 2023 figure.
Tax and other fiscal revenues from the sector rose from 9 billion tenge in 2023 to 22.4 billion in 2025.
Tax and other fiscal revenues from the sector rose from 9 billion tenge in 2023 to 22.4 billion in 2025.
How Much Do Miners Pay for Electricity?
How Much Do Miners Pay for Electricity?
Kazakhstan imposes a special electricity-consumption charge on digital-asset mining.
Under Article 659 of the new Tax Code, the following rates apply:
Under Article 659 of the new Tax Code, the following rates apply:
Conditions | Charge per kWh |
Standard rate | 2 tenge |
Own renewable energy or off-grid generation, subject to statutory conditions | 1 tenge |
No licence or functioning electricity meters | 25 tenge |
Strategic Mining
Strategic Mining
On 18 July 2026, the government adopted Resolution No. 638, setting out the rules for strategic digital mining.
The new model aims to attract private investment into power infrastructure while adding to the national crypto reserve.
The project's total planned capacity is 300 MW.
The first 90 MW strategic mining project was launched on 12 September.
Under the rules, participants must transfer to the state 10% of the digital assets remaining after accounting for the specified costs of acquiring and transmitting electricity.
The new model aims to attract private investment into power infrastructure while adding to the national crypto reserve.
The project's total planned capacity is 300 MW.
The first 90 MW strategic mining project was launched on 12 September.
Under the rules, participants must transfer to the state 10% of the digital assets remaining after accounting for the specified costs of acquiring and transmitting electricity.
This is not a requirement to hand over 10% of all mined assets before expenses.
The authorities are also developing a 70/30 programme that allows investors to build new power stations or increase the capacity of existing facilities.
According to the government, 70% of the added capacity under the programme may supply miners and large electricity users, while the remaining 30% must feed the wider power grid.
The central risk has not changed: large mining operations compete with households and industry for electricity.
The authorities are therefore trying to turn cryptocurrency mining into a source of investment in new generation capacity, rather than an additional burden on the existing grid.
The authorities are also developing a 70/30 programme that allows investors to build new power stations or increase the capacity of existing facilities.
According to the government, 70% of the added capacity under the programme may supply miners and large electricity users, while the remaining 30% must feed the wider power grid.
The central risk has not changed: large mining operations compete with households and industry for electricity.
The authorities are therefore trying to turn cryptocurrency mining into a source of investment in new generation capacity, rather than an additional burden on the existing grid.
Scams and Public Scepticism
Scams and Public Scepticism
The crypto market's rapid growth has been accompanied by a proliferation of scams.
Common schemes include Ponzi operations, fake investment platforms, unlicensed exchangers and promises of guaranteed returns from crypto trading.
NBC TV is a telling example.
According to the FMA, the scheme's organisers recruited investors through a website and WhatsApp. Participants were offered investment packages costing between 11,000 and 160,000 tenge and promised income for watching short videos.
Advertised returns were as high as 5–10% per day.
The money was collected in personal bank accounts, converted into cryptocurrency through peer-to-peer (P2P) transactions and sent to crypto wallets.
Common schemes include Ponzi operations, fake investment platforms, unlicensed exchangers and promises of guaranteed returns from crypto trading.
NBC TV is a telling example.
According to the FMA, the scheme's organisers recruited investors through a website and WhatsApp. Participants were offered investment packages costing between 11,000 and 160,000 tenge and promised income for watching short videos.
Advertised returns were as high as 5–10% per day.
The money was collected in personal bank accounts, converted into cryptocurrency through peer-to-peer (P2P) transactions and sent to crypto wallets.
During the investigation, law enforcement seized 1,057,599 USDT, equivalent to approximately 528.5 million tenge.
Illegal crypto exchangers pose another challenge.
According to the FMA, the authorities closed 36 such operations in 2024 and announced the shutdown of another 130 in 2025.
Some exchangers are used to cash out criminal proceeds; others simply offer exchange services without the necessary authorisations or identity checks.
Illegal crypto exchangers pose another challenge.
According to the FMA, the authorities closed 36 such operations in 2024 and announced the shutdown of another 130 in 2025.
Some exchangers are used to cash out criminal proceeds; others simply offer exchange services without the necessary authorisations or identity checks.
For customers, these transactions carry extra risks, ranging from losing money to being unable to document the source of funds during a bank review.
Regulators are trying to shrink the informal market while making lawful alternatives available.
AFSA has published investor guidance on checking crypto platforms and avoiding scams.
Yet as long as there is demand for transactions without identity verification, illegal intermediaries are unlikely to disappear entirely.
Regulators are trying to shrink the informal market while making lawful alternatives available.
AFSA has published investor guidance on checking crypto platforms and avoiding scams.
Yet as long as there is demand for transactions without identity verification, illegal intermediaries are unlikely to disappear entirely.
Education and Talent
Education and Talent
Kazakhstan is investing not only in crypto trading but also in training professionals in blockchain, digital finance and Web3.
Astana and Almaty are the main centres of activity, home to universities, IT companies, technology accelerators and the local operations of international crypto exchanges.
Astana Hub plays an important role in supporting technology start-ups and educational initiatives.
The country's Solana developer community is also growing, with hackathons and smart-contract training programmes.
International crypto companies work with universities and government bodies.
Astana and Almaty are the main centres of activity, home to universities, IT companies, technology accelerators and the local operations of international crypto exchanges.
Astana Hub plays an important role in supporting technology start-ups and educational initiatives.
The country's Solana developer community is also growing, with hackathons and smart-contract training programmes.
International crypto companies work with universities and government bodies.
In September 2026, Binance signed agreements with the Ministry of Artificial Intelligence and Digital Development, the National Bank and the AIFC.
One area of cooperation is the creation of a Binance regional settlement hub for international payments and transfers.
Training AML and blockchain analytics specialists is another priority.
The Financial Monitoring Agency uses tools to trace cryptocurrency transactions in its investigations, while international organisations help strengthen law-enforcement capabilities.
Kazakhstan is thus developing two connected talent pools: professionals who build blockchain products and those who oversee their use.
One area of cooperation is the creation of a Binance regional settlement hub for international payments and transfers.
Training AML and blockchain analytics specialists is another priority.
The Financial Monitoring Agency uses tools to trace cryptocurrency transactions in its investigations, while international organisations help strengthen law-enforcement capabilities.
Kazakhstan is thus developing two connected talent pools: professionals who build blockchain products and those who oversee their use.
Kazakhstan's Place in the Crypto Industry
Kazakhstan's Place in the Crypto Industry
Kazakhstan's main contribution to the global crypto industry has been large-scale industrial mining and the establishment of a regulated crypto market in Central Asia.
In recent years, however, the country has been working to move beyond a model in which its chief selling point was access to electricity.
In recent years, however, the country has been working to move beyond a model in which its chief selling point was access to electricity.
Company or Project | Known For |
ATAIX Eurasia | Kazakh cryptocurrency exchange licensed by AFSA |
Intebix | Participant in crypto-to-fiat infrastructure and the EVO stablecoin project |
Binance Kazakhstan | Regulated exchange developing banking integration and crypto payments |
Bybit Kazakhstan | AIFC ecosystem participant involved in the stablecoin regulatory-fee initiative |
SkyBridge Digital Finance | First company to pay an AFSA regulatory fee using stablecoins |
Digital tenge | National central bank digital currency |
National crypto reserve | State investment initiative managed by National Bank entities |
EVO (KZTE) | First pilot tenge-pegged stablecoin |
Its experiment with paying regulatory fees in stablecoins is a revealing example.
In 2025, Bybit Limited became the first signatory to an AFSA memorandum on developing the necessary infrastructure.
The first actual payment, however, came from a different company: SkyBridge Digital Finance. AFSA announced this on 6 October 2025.
Under the scheme, a licensed intermediary accepts a stablecoin payment, converts it into fiat currency and transfers the funds to the regulator.
This was among the first examples of crypto infrastructure being used directly in dealings with a financial regulator.
Kazakhstan is gradually moving from industrial cryptocurrency mining towards the development of regulated financial products.
Even so, most of the best-known crypto businesses in its domestic market remain local arms of international companies rather than globally recognised blockchain ventures founded in Kazakhstan.
In 2025, Bybit Limited became the first signatory to an AFSA memorandum on developing the necessary infrastructure.
The first actual payment, however, came from a different company: SkyBridge Digital Finance. AFSA announced this on 6 October 2025.
Under the scheme, a licensed intermediary accepts a stablecoin payment, converts it into fiat currency and transfers the funds to the regulator.
This was among the first examples of crypto infrastructure being used directly in dealings with a financial regulator.
Kazakhstan is gradually moving from industrial cryptocurrency mining towards the development of regulated financial products.
Even so, most of the best-known crypto businesses in its domestic market remain local arms of international companies rather than globally recognised blockchain ventures founded in Kazakhstan.
Conclusions
Conclusions
We assess Kazakhstan's crypto market on a ten-point scale, where ten represents the level of leading crypto jurisdictions such as the UAE or Switzerland.
Average score: 7.3.
Kazakhstan has one of Central Asia's most developed crypto markets. It has experienced a major mining boom, grappled with the consequences and begun building a comprehensive regulatory framework for digital assets.
Unlike Serbia, where strict rules have constrained the domestic crypto market, Kazakhstan is trying to use regulation as a driver of growth. And unlike Georgia, the state plays a far more direct role in building infrastructure, from the digital tenge to the national crypto reserve and strategic mining.
The biggest achievement of 2026 was extending lawful cryptocurrency trading beyond the AIFC. Market participants gained new opportunities to launch exchanges, exchange services and financial products.
The main obstacles are the high cost of entering the regulated market, a persistent informal sector, electricity constraints and the lack of widespread, fully developed crypto payment use cases.
Banking integration, real-world asset tokenisation, regulated cross-border payments and strategic mining could drive growth in the years ahead.
The central paradox of Kazakhstan's market is that a country once known for mining Bitcoin for the rest of the world is now aiming higher: to build a system in which digital assets serve the domestic economy rather than simply flowing to foreign exchanges.
Kazakhstan has one of Central Asia's most developed crypto markets. It has experienced a major mining boom, grappled with the consequences and begun building a comprehensive regulatory framework for digital assets.
Unlike Serbia, where strict rules have constrained the domestic crypto market, Kazakhstan is trying to use regulation as a driver of growth. And unlike Georgia, the state plays a far more direct role in building infrastructure, from the digital tenge to the national crypto reserve and strategic mining.
The biggest achievement of 2026 was extending lawful cryptocurrency trading beyond the AIFC. Market participants gained new opportunities to launch exchanges, exchange services and financial products.
The main obstacles are the high cost of entering the regulated market, a persistent informal sector, electricity constraints and the lack of widespread, fully developed crypto payment use cases.
Banking integration, real-world asset tokenisation, regulated cross-border payments and strategic mining could drive growth in the years ahead.
The central paradox of Kazakhstan's market is that a country once known for mining Bitcoin for the rest of the world is now aiming higher: to build a system in which digital assets serve the domestic economy rather than simply flowing to foreign exchanges.
