Kazakhstan’s digital asset market is continuing its transition from pilot projects towards regulated and licensed activity. This was announced by the Chairman of the National Bank of Kazakhstan at a Government meeting.
The Kazakhstan Stock Exchange (KASE) has been granted the status of an operator of a digital financial asset platform and a digital asset trading platform.
At present, three licensed operators of exchange for unsecured digital assets are operating, while a further five companies are undergoing licensing. Infrastructure is also being developed for the custody of digital assets and their use in payments.
Non-bank payment providers are becoming involved in digital asset transactions. Crypto cards, crypto QR payments and crypto acquiring are already available in Kazakhstan.
The next stage is expected to involve expanding the capabilities of licensed providers and using stablecoins issued in Kazakhstan to pay for goods and services, support import and export transactions, and facilitate cross-border transfers.
By the end of 2026, projects are expected to be implemented to tokenise Iconic Tower, with a value of up to USD 50 million, and the Birlik logistics centre, with a value of up to USD 10 million.
The projects will be implemented through the National Bank’s regulatory sandbox and KASE infrastructure.
A Joint Action Plan for the Development of the Digital Asset Industry has been developed. Its stated objectives include directing capital from foreign and unregulated platforms into Kazakhstan’s regulated framework, developing payments and capital markets, financing the real sector, protecting investors and exporting digital financial services.
Further efforts are also planned to strengthen cooperation between the national regulatory framework, the AIFC and Alatau City. A Committee on Digital Assets and Payment Systems will be established under the National Bank.
Kazakhstan currently has 76 licensed miners and five accredited mining pools. Through mining pools, the state receives regular reporting on the digital assets being mined.
At the same time, the regulated crypto-exchange segment continues to expand: trading volume increased from USD 320 million in 2023 to USD 10.58 billion in 2025, while the number of users rose from 53,000 to 215,000.
The development of regulated infrastructure creates new opportunities for companies operating in digital assets, payments and tokenisation.
In particular, the development of licensed providers, crypto-fiat services and stablecoins may make it easier to use digital assets for payments, cross-border transactions and business financing.
At the same time, companies planning to operate in the digital asset sector need to take into account the requirements of the relevant licensing and regulatory framework, as well as the distinctions between the national regulatory regime, the AIFC and Alatau City.
REVERA Kazakhstan can assist companies planning to operate in the digital asset sector, including by:
assessing opportunities to operate through the AIFC, the national regulatory regime and Alatau City
