Kazakhstan is moving toward legislative legalization and regulation of cryptocurrency activities, with plans to establish licensed crypto exchange platforms under the oversight of the National Bank.

Interfax reported on May 22 that Erlan Ashykbekov, Director of the Payment Systems Department at Kazakhstan’s National Bank, has announced at a briefing of the National Bank of Kazakhstan that a new category of participants — cryptocurrency exchange service providers — will be officially introduced within the country’s legal framework.  These providers will operate under a license and be supervised by the National Bank.

“A new participant category is being introduced within Kazakhstan’s jurisdiction — providers of cryptocurrency exchange services that will operate on the basis of a license and under the supervision of the National Bank.  Their functions will include exchanging cryptocurrencies for fiat currency. The list of cryptocurrencies available for purchase or sale by these organizations will be determined by the National Bank,” Ashykbekov told Interfax.

Nur.kz reported on May 22 that the law will establish the legal status of digital financial asset platform operators (crypto exchangers), whose activities will be regulated by the National Bank.  Meanwhile, cryptocurrency exchanges operating within the Astana International Financial Centre (AIFC) will be regulated separately.  Functional interaction between crypto exchange providers and AIFC crypto exchanges is planned to ensure a unified infrastructure for the digital asset market.

Ashykbekov emphasized that these measures aim to expand the regulated circulation of unsecured digital assets, reduce systemic risks, and protect consumers — all fostering safer investment opportunities.

Additionally, the National Bank is preparing a set of legislative amendments to form the legal basis for digital asset turnover in Kazakhstan.

Earlier, Majilis (Parliament) member Olzhas Kuspekov proposed creating a state digital reserve for cryptocurrencies under the National Bank.  He highlighted concerns about the involvement of some second-tier banks (BTBs) in servicing crypto transactions outside the legal framework.

“According to the Financial Monitoring Agency, transactions totaling over 4.2 billion tenge have passed through accounts of 10 BTBs.  Internal control mechanisms are often not applied.  Despite the legal ban, unlicensed crypto exchanges continue to operate, accessible via AppStore and PlayMarket, openly advertised including in mass events and social networks.  Chainalysis data show that in 2023, 86.2% of cryptocurrency turnover in Kazakhstan — about US$3.5 billion — passed through the illegal segment,” the lawmaker stated.