Kazakhstan has announced plans to create its first nationwide licensed cryptocurrency exchange, marking a significant step in the development of the country's cryptocurrency infrastructure. The initiative, supported by the National Bank of Kazakhstan, aims to meet the growing demand for digital assets and strengthen the republic's position as a regional crypto hub.
The growing interest in cryptocurrencies among the population of Kazakhstan, as well as the active development of the mining industry, have made the issue of regulation and legalization of the crypto market especially relevant. According to the National Bank, about 1.5 million Kazakhs invest in cryptocurrencies, mainly through unregulated international platforms. This creates risks for users, including a lack of legal protection and high conversion fees.
The Chairman of the National Bank, Timur Suleimenov, emphasized: "The demand for cryptocurrency transactions is growing, and creating a national exchange will ensure security, transparency, and accessibility for citizens." The initiative also aligns with the 2023 "Digital Assets" law, which established the regulation of cryptocurrency exchanges within the Astana International Financial Centre (AIFC).
The new platform will operate under the strict supervision of the AIFC and the Financial Services Regulatory Committee (AFSA). Key features of the exchange include:
Licensing and Security: The exchange will fully comply with AFSA requirements, including the mandatory presence of a Money Laundering Reporting Officer (MRLO) and integration with second-tier banks to simplify fiat fund deposits and withdrawals.
National Currency Support: The platform will enable operations in tenge, reducing transaction costs for users.
Limited Asset List: Only 106 cryptocurrencies approved by the AIFC will be available on the exchange, minimizing risks associated with volatile or anonymous tokens.
P2P Trading: The platform will support regulated P2P trading, ensuring transaction security through pre-deposit of assets.
Additionally, the exchange will be oriented towards miners who are required to sell up to 75% of mined cryptocurrencies through licensed platforms starting from 2025. They will receive preferential conditions, including no storage fees for assets.
Establishing a national cryptocurrency exchange will strengthen Kazakhstan's position as one of the leaders in the Central Asian cryptocurrency market. The country already ranks third in the world in terms of mining volumes, making the development of digital asset trading infrastructure a logical step.
Experts note that a local exchange will attract both retail investors and institutional players, providing capital inflow into the economy. "Integration with second-tier banks such as Altyn Bank and Halyk Bank will simplify access to cryptocurrencies and reduce dependence on foreign platforms," comments Arutyun Poghosyan, CEO of ATAIX Eurasia.
However, analysts underline the need to address challenges related to the liquidity of local exchanges and competition with international platforms like Binance and Bybit, which already have AIFC licenses.
The national cryptocurrency exchange launch is scheduled for 2026, with preliminary testing in the AIFC's regulatory sandbox. As part of the preparation, the authorities intend to intensify measures to shut down illegal crypto exchanges, as already done in 2023, when about a thousand such platforms were blocked.
Major challenges include attracting a sufficient number of users, ensuring competitive fees, and integration with international financial systems. Nevertheless, successful project implementation could make Kazakhstan a model for other countries in the region in terms of cryptocurrency regulation.
The creation of a national licensed cryptocurrency exchange is an ambitious step that demonstrates Kazakhstan's commitment to digitalizing its economy and integrating into the global cryptocurrency market. The platform promises to be a safe and convenient tool for citizens, miners, and businesses, while simultaneously strengthening the country's position as a regional leader in blockchain technologies.