ASTANA, May 24, 2025 – The National Bank of Kazakhstan (NBK) has announced plans to legalize and license cryptocurrency exchanges for the country's citizens, expanding regulation beyond the Astana International Financial Centre (AIFC). This move marks a new phase in establishing a digital financial ecosystem in Kazakhstan aimed at increasing the transparency and security of crypto asset operations.
According to the statement by Yerlan Ashykbekov, Director of the NBK's Payment Systems Department, the National Bank will oversee the activities of crypto exchanges by issuing licenses for exchanging cryptocurrencies for fiat money. The list of crypto assets available for purchase and sale will be determined by the regulator, allowing the creation of a controlled and safe environment for users.
“We aim to create a full-fledged digital financial ecosystem that will provide Kazakhstan’s citizens with access to cryptocurrencies within a transparent and regulated process,” noted Ashykbekov.
Previously, cryptocurrency transactions in Kazakhstan were only permitted within the AIFC, which operated as a special zone with a unique legal regime. Expanding licensing beyond the AIFC opens new opportunities for businesses and citizens, making the cryptocurrency market more accessible.
One of the key goals of the new regulation is to minimize the risks associated with money laundering and the financing of illegal activities. Licensed crypto exchanges will be required to comply with strict Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements. Experts believe this will increase trust in Kazakhstan's cryptocurrency market and attract more institutional investors.
Additionally, licensing will allow citizens to officially exchange cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and others for the national currency – tenge. This could stimulate the growth of digital assets' popularity among the population, especially amid a global rise in interest in cryptocurrencies.
The decision to license crypto exchanges beyond the AIFC reflects Kazakhstan's ambition to take a leading position in blockchain technology and digital finance in the region. Analysts note that Kazakhstan has already established itself as a major cryptocurrency mining hub due to affordable electricity and favorable climatic conditions. The introduction of regulated exchanges could further solidify the country's position as an attractive hub for crypto business.
However, experts emphasize that the success of the initiative will depend on a balanced regulatory approach. Excessive requirements could deter small and medium businesses, while insufficient control could increase fraud risks. “Kazakhstan needs to find a golden mean to support innovation while protecting users’ interests,” says cryptocurrency market analyst Alexei Ivanov.
Kazakhstan’s initiative may influence other Central Asian countries where cryptocurrency regulation is still in its early stages. For instance, Uzbekistan has launched a pilot project to create the HUMO digital token linked to government bonds, demonstrating growing interest in blockchain technology in the region.
The introduction of licensed crypto exchanges in Kazakhstan could serve as a catalyst for developing the regional crypto market, attracting international platforms and investors. It could also facilitate Kazakhstan's integration into the global digital financial ecosystem.
The decision by the National Bank of Kazakhstan to license crypto exchanges beyond the AIFC is an important step in the country's digital economy development. It aims to increase cryptocurrency accessibility for citizens, strengthen market trust, and attract investments. The success of this initiative will depend on the effective implementation of regulation and the authorities’ ability to adapt to rapidly changing realities of the crypto industry.