The Law “On Digital Assets in the Republic of Kazakhstan” (3) came into force on April 1, 2023. De jure exchange is possible only within registered platforms in the AIFC Astana. There are also illegal exchanges. However, they are under pressure from the police. For example, in May 2023, illegally operating ABS exchange(4) was closed.
Regulators support local legal exchanges - exchanges should be carried out only through platforms registered in KZ. Starting in 2024, miners must exchange up to 75% of their capital on local trading platforms to support their operations.
At the beginning of 2022, 8 licenses (5) were issued. In the end of 2023 were 11, and in 2024 - 21 companies on the register (6). Crypto companies operating in KZ include Binance, Bitfinex, Bybit, Eurasia, and Upbit. Platforms licensed in the AIFC Astana have a right (7) to exchange and convert cryptocurrencies, deposit and withdraw fiat currencies, store crypto assets and exchange trading in cryptocurrencies. However, for a long time crypto exchange outside the AIFC remained prohibited. In November 2024 head of Kazakhstan National Bank (Central Bank) Timur Suleymanov claimed (8), that the government is going to legalize crypto exchange on the whole territory of Kazakhstan (not only AIFC).
The intention to legalize cryptocurrency exchange throughout Kazakhstan was confirmed in January 2025 by the country's president Tokayev: In the Address, I spoke about the need to change approaches to the circulation of digital assets. In our country, such assets can only legally circulate on the basis of the AIFC crypto exchanges. At the same time, according to experts, only 5% of Kazakhstani crypto investors use the Center's platform, the rest work in the so-called "gray zone". It is urgent to create an infrastructure for wider legal circulation of digital assets. Financial regulators should begin to form an appropriate legislative framework.
Also Kazakhstan has plans to issue its own stablecoin backed by national currency Tenge.