Kazakhstan's approach, particularly the specialised legal regime of the AIFC, offers a compelling jurisdiction for crypto businesses. The structured regulatory framework, the AIFC's established rules on VASP banking, a National Bank fintech sandbox (launched in 2025), and the state's own commitment to the sector — including a National Strategic Crypto Reserve — provide fertile ground for digital asset ventures seeking a regulated yet dynamic ecosystem.

For businesses and investors navigating Kazakhstan's crypto asset sector, consider the following practical tips:

• VASPs Operations: VASPs can operate either nationwide — under a National Bank licence (unsecured digital asset exchange operators) or registration (digital asset trading platform and DFA platform operators) — or within the AIFC under AFSA's English-law-based regime with its established VASP banking arrangements. Choose the route that best matches your target market — domestic Kazakhstani users versus an internationally facing offering — and ensure your activities are aligned with the corresponding regulator's requirements.
• Innovative Banking Guidelines for VASPs: A standout feature of the AIFC is its dedicated rules enabling cooperation between digital asset firms and Kazakhstani second-tier banks, which facilitate bank account opening for Virtual Asset Service Providers. Nationally licensed operators also benefit from digital assets' formal place within the regulated financial system, which supports banking relationships outside the AIFC as well.

Our comprehensive report delves into Kazakhstan’s regulatory framework for crypto assets, highlighting:

1. Business Analysis

The report examines essential aspects of Kazakhstan's crypto asset regulatory framework, such as:

• Licensing Procedures: a detailed exploration of the procedural landscape for obtaining licences and registrations for crypto-related activities. Our insights are enriched by firsthand experience with the application process and associated requirements.
• Banking for VASPs: insights into the AIFC's rules facilitating Virtual Asset Service Providers' banking relationships, and a unique perspective on overcoming common challenges in banking access for crypto businesses.
• Mining Regulation: an examination of the regulatory framework for crypto mining companies in Kazakhstan, including the licensing process operated by the Ministry of Artificial Intelligence and Digital Development, available to individual entrepreneurs and legal entities, and the operational compliance requirements that apply to mining activity.

2. Compliance Guidance

Emphasising the importance of thorough preparation, the report offers detailed insights into compliance requirements, such as:

• AML Regulations: insights into AML and compliance frameworks, highlighting adherence to both national and international standards in the prevention of financial crimes.
• Taxation: an overview of taxation and financial planning considerations for crypto businesses operating within the jurisdiction, including the tax incentives envisaged by the July 2026 presidential decree.

3. Launch Roadmaps

Actionable steps and up-to-date strategies for establishing and operating your crypto project in Kazakhstan's regulatory environment, ensuring a smooth and compliant launch.

4. Expert Insights

Perspectives from industry experts with a deep understanding of global regulatory environments, offering guidance to navigate the complexities of Kazakhstan's crypto regulations.

Kazakhstan classifies digital assets into unsecured digital assets (cryptoassets such as Bitcoin and Ethereum) and digital financial assets (DFAs), which include money-backed stablecoins, tokenised real assets and digital forms of traditional financial instruments. Unsecured digital assets may circulate outside the AIFC through operators licensed or registered with the National Bank, while the AIFC provides a separate route under its own regulatory regime. Crypto is not legal tender and is not recognised as a means of payment, although crypto payment cards linked to wallets on licensed exchanges — with automatic conversion into tenge — are permitted under a National Bank project launched in 2025. Within the AIFC, the issuance of and activities involving digital assets are governed by AFSA's rules.

Kazakhstan treats stablecoins and tokenised real-world assets as part of its DFA framework rather than as standalone asset classes. DFAs are issued and circulate on registered DFA platforms and trading platforms, with licensing or registration obligations depending on the type of activity and the relevant regulator: the National Bank oversees stablecoins, ARDFM oversees other DFAs, and AFSA applies its own digital asset rules within the AIFC. The framework provides a structured legal route for RWA tokenisation, subject to capital, risk-management, AML/CFT and disclosure requirements. The July 2026 presidential decree further envisages the development of tokenised financial instruments and the use of stablecoins in cross-border settlements.

Crypto mining in Kazakhstan is legal, regulated and licensed. Licences are issued by the Ministry of Artificial Intelligence and Digital Development in two types — for miners operating their own mining data centres and for miners using the infrastructure of licensed data centres — and are available to individual entrepreneurs and legal entities. Mining is not classified as organising the circulation of digital assets. The July 2026 presidential decree adds an energy dimension, permitting associated petroleum gas and natural gas to be used for electricity generation for mining where those resources are not needed for state purposes. The AIFC does not provide special rules for mining activities within its jurisdiction.

Kazakhstan has yet to introduce regulation specifically addressing DAOs, indicating an area of potential future development.

Kazakhstan has no DeFi-specific regime. Regulation focuses on identifiable operators and licensed digital asset activities, so DeFi is likely to be regulated only where a real operator performs a licensed function.

Kazakhstan is not subject to comprehensive international sanctions. Businesses operating there, including Virtual Asset Service Providers, are nonetheless expected to maintain AML/CFT controls that address sanctions screening and counterparties' risk exposure.

Kazakhstan is not subject to comprehensive international sanctions. Businesses operating there, including Virtual Asset Service Providers, are nonetheless expected to maintain AML/CFT controls that address sanctions screening and counterparties' risk exposure.

Yes. Crypto is legal and regulated. It can be traded through exchange operators licensed by the National Bank of Kazakhstan or through AIFC exchanges licensed by AFSA.

Two regulators: the National Bank of Kazakhstan for the nationwide regime (in force since 1 May 2026) and AFSA for exchanges operating within the AIFC.

No. Crypto is not legal tender and is not recognised as a means of payment. Crypto payment cards that automatically convert digital assets into tenge at the moment of payment are permitted.

A comprehensive national regime for digital asset circulation entered into force. The National Bank began licensing unsecured digital asset exchange operators and registering digital asset trading platform and DFA platform operators, and the law introduced digital financial assets (DFAs) — stablecoins, tokenised real assets and digital financial instruments — as a regulated asset class.

Yes. Mining is a licensed activity open to individual entrepreneurs and legal entities, with licences issued by the Ministry of Artificial Intelligence and Digital Development.

A predictable English-law regime in the AIFC, dedicated VASP banking rules, a nationwide licensing route to the domestic market, and state support for the sector — including planned tax incentives for transactions through licensed infrastructure.