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Central Asia

Kazakhstan

Crypto grew up inside the AIFC enclave; since May 2026 the National Bank also licenses onshore exchanges, stablecoins and tokens.

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USD 700MSize of the National Strategic Cryptoreserve
USD 10.58BTransaction volume of AIFC digital asset service providers in 2025
215,000Clients of AIFC digital asset service providers

Kazakhstan came to crypto through mining.

Cheap coal power drew miners after China's 2021 ban, and the state answered with the Law on Digital Assets of 6 February 2023, which made mining a licensed activity and pushed crypto trading into the Astana International Financial Centre (AIFC).

There the Astana Financial Services Authority (AFSA) runs a common-law style regime that licensed Binance Kazakhstan, Bybit, Intebix, ATAIX Eurasia and others.

By the end of 2025 AFSA supervised 9 digital asset service providers under its full regime and 19 more in its FinTech Lab, serving about 215,000 clients and USD 10.58 billion of transactions that year.

Read the full story

The turning point came in 2025.

President Tokayev's State of the Nation Address on 8 September 2025 called for a State Digital Assets Fund to hold a strategic crypto reserve and for crypto payments in the new Alatau City.

A law of 17 November 2025 opened mining to companies and entrepreneurs outside the AIFC, and the Law of 16 January 2026 rewrote the Digital Assets Law to create digital financial assets (DFAs), money-backed stablecoins and tokenised real assets, with the National Bank of Kazakhstan (NBK) as the onshore regulator.

The onshore regime took effect on 1 May 2026.

The NBK licenses crypto exchange operators and registers trading platforms and DFA platforms; stablecoin issuers need at least KZT 200 million of equity and 100% reserves before minting.

The Kazakhstan Stock Exchange became the first registered DFA and trading platform on 19 May 2026, and Pax Finance received the first crypto exchange licence on 30 June 2026; by 2 October 2026 the NBK had licensed four exchange operators.

A presidential decree of 7 July 2026 set the next stage: tokenised government bonds, stablecoins for cross-border payments, an approach to regulating DeFi and a planned income tax exemption for trades through Kazakh providers.

On 18 July 2026 the government approved strategic mining rules under which participating miners contribute to the National Strategic Cryptoreserve, which had reached USD 700 million by September 2026.

For builders, Kazakhstan now offers two doors: the AIFC for international exchanges, custody and fiat stablecoins under English-law style rules, and the NBK for tenge-facing exchanges, stablecoins and tokenised assets aimed at the domestic market.

The NBK sandbox has tested 34 projects, including a tenge stablecoin on Solana issued by Intebix in September 2025.

In September 2026 the government and the NBK approved a joint action plan of 65 measures, so expect more licences, bank-issued tokens and new laws on stablecoin payments to shape 2026 and 2027.

Who regulates

  • NBKNational Bank of Kazakhstan

    In charge of

    Kazakhstan's central bank. It sets monetary policy, issues the tenge, oversees payment systems and manages the assets of the National Fund.

    On crypto

    Since 1 May 2026 it licenses crypto exchange operators (four by October 2026, Pax Finance first) and registers trading and DFA platforms (KASE first). Stablecoin issuers need KZT 200 million equity and 100% reserves; its investment corporation manages the USD 700 million National Strategic Cryptoreserve.

    NBK website
  • AFSAAstana Financial Services Authority

    In charge of

    Independent financial regulator of the Astana International Financial Centre, a common law enclave in Astana. It authorises and supervises financial firms and markets operating in the AIFC.

    On crypto

    Licenses crypto exchanges, custody, dealing and fiat stablecoin issuers under the AIFC Rules on Digital Asset Activities, including Binance Kazakhstan and Bybit since September 2024. In 2025 it supervised 9 full licensees and 19 FinTech Lab firms with about 215,000 clients.

    AFSA website
  • ARDFMAgency for Regulation and Development of the Financial Market

    In charge of

    Kazakhstan's supervisor of banks, insurers, securities firms and other financial institutions outside the AIFC, reporting directly to the President.

    On crypto

    Under the January 2026 amendments it regulates digital financial assets other than stablecoins, and the banks and securities firms that issue or deal in them. Crypto exchanges, platforms and stablecoins sit with the NBK.

    ARDFM website
  • MAIDDMinistry of Artificial Intelligence and Digital Development

    In charge of

    The government ministry for digital development, artificial intelligence, communications and e-government services.

    On crypto

    Licenses digital mining under the 2023 Digital Assets Law, opened beyond the AIFC in November 2025; grid connection rules for miners come from the Ministry of Energy. It administers strategic miner status under Resolution No. 638 of July 2026, which sends 10% of net mined assets to the state crypto reserve.

    MAIDD website

What to watch

  • How many crypto exchange licences and platform registrations the NBK grants beyond the four exchange operators and KASE.
  • Bills due by the end of 2026 and early 2027 under Decree No. 1347: stablecoin payments, crypto custody, and an income tax exemption for trades via Kazakh providers.
  • Deployment of the USD 700 million National Strategic Cryptoreserve, about USD 200 million of it invested by September 2026, by the NBK Investment Corporation.
  • Uptake of strategic digital mining status under Government Resolution No. 638 and its contributions to the state reserve.
  • Launch of licensed tenge stablecoins under the NBK issuance rules and the Alatau City crypto payment pilot.

Quick answers

Who regulates crypto in Kazakhstan?

Four authorities shape crypto rules in Kazakhstan. NBK (National Bank of Kazakhstan): licenses crypto exchange operators and registers trading and DFA platforms outside the AIFC; regulates stablecoins. AFSA (Astana Financial Services Authority): authorises and supervises digital asset service providers, trading facilities and stablecoin issuers inside the AIFC. ARDFM (Agency for Regulation and Development of the Financial Market): regulates digital financial assets other than stablecoins, and the banks and securities firms that deal in them. MAIDD (Ministry of Artificial Intelligence and Digital Development): licenses digital mining and administers strategic digital miner status.

Do crypto exchanges need a licence in Kazakhstan?

Yes, under a dedicated regime. AFSA licenses exchanges in the AIFC; since May 2026 the NBK licenses onshore crypto exchange operators. The main licences are Unsecured digital asset exchange operator licence from NBK, held by 4 as of 5 Oct 2026; Digital asset trading platform operator registration from NBK, held by 1 as of 5 Oct 2026; and Digital financial asset platform operator registration from NBK, held by 1 as of 5 Oct 2026. Four Pillars rates exchange licensing in Kazakhstan as comprehensive (reviewed 5 Oct 2026).

Are stablecoins regulated in Kazakhstan?

Yes, under a dedicated regime. NBK rules from May 2026 require KZT 200M equity and 100% reserves; AIFC rules cover fiat stablecoins. The most recent official text is Rules for the issuance, placement, circulation and redemption of digital financial assets (National Bank of Kazakhstan (NBK), 10 Apr 2026, in force). Four Pillars rates its stablecoin regime in Kazakhstan as comprehensive (reviewed 5 Oct 2026).

How is crypto taxed in Kazakhstan?

Miners pay an electricity-based digital mining fee; other crypto income falls under the general Tax Code. Four Pillars rates tax clarity in Kazakhstan as partial (reviewed 5 Oct 2026).

Can real-world assets be tokenised in Kazakhstan?

Yes, though the regime is narrow or still phasing in. DFA platforms registered by the NBK since May 2026; KASE was first; sandbox pilots on real estate and gold. Four Pillars rates tokenisation and real-world assets in Kazakhstan as partial (reviewed 5 Oct 2026).

What changed most recently in Kazakhstan's crypto rules?

18 Jul 2026: Strategic digital mining rules approved. Government Resolution No. 638 lets approved miners contribute to the National Strategic Cryptoreserve. 7 Jul 2026: President signs decree on the digital asset industry. Decree No. 1347 created an NBK digital assets committee and ordered bills on stablecoin payments and income tax relief, and the issuance of tokenised government bonds.

What should companies watch next in Kazakhstan?

How many crypto exchange licences and platform registrations the NBK grants beyond the four exchange operators and KASE. Bills due by the end of 2026 and early 2027 under Decree No. 1347: stablecoin payments, crypto custody, and an income tax exemption for trades via Kazakh providers. Deployment of the USD 700 million National Strategic Cryptoreserve, about USD 200 million of it invested by September 2026, by the NBK Investment Corporation.

Timeline

  1. Strategic digital mining rules approved

    Government Resolution No. 638 lets approved miners contribute to the National Strategic Cryptoreserve.

  2. President signs decree on the digital asset industry

    Decree No. 1347 created an NBK digital assets committee and ordered bills on stablecoin payments and income tax relief, and the issuance of tokenised government bonds.

  3. NBK grants the first crypto exchange licence

    Astana-based Pax Finance may buy, sell and hold crypto, open exchange offices and install crypto ATMs.

  4. KASE becomes the first registered DFA platform

    The Kazakhstan Stock Exchange registered as both a DFA platform and a digital asset trading platform.

  5. Onshore licensing regime takes effect

    The NBK began licensing crypto exchange operators and registering trading and DFA platforms.

  6. Digital financial assets and stablecoins enter the law

    The financial market amendments law created DFAs, stablecoins and NBK-supervised service providers.

  7. Mining opened outside the AIFC

    Law No. 231-VIII on AI and digitalisation let companies and entrepreneurs across Kazakhstan mine under licence.

  8. First tenge stablecoin issued in the NBK sandbox

    AIFC exchange Intebix issued it on Solana with Mastercard and Eurasian Bank.

  9. President calls for a strategic crypto reserve

    The State of the Nation Address proposed a State Digital Assets Fund at the NBK Investment Corporation.

  10. National Bank launches its regulatory sandbox

    By September 2026 34 projects had passed testing, from tenge stablecoins to tokenised bonds and crypto QR payments.

  11. AFSA licenses Binance Kazakhstan and Bybit

    BN KZ Technologies and Bybit Limited received licences to run digital asset trading facilities and custody.

  12. Law on Digital Assets signed

    Law No. 193-VII made mining a licensed activity and took effect on 1 April 2023.

Cite this page: Four Pillars Asia Digital Asset Policy Center, “Kazakhstan crypto regulation”, reviewed 5 Oct 2026, https://policy.4pillars.io/kazakhstan. Free to reuse with attribution; also as markdown and JSON.

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