Kazakhstan has unveiled a new crypto trading regime that could reshape how digital assets are handled in one of the world’s emerging blockchain hubs.
Under the updated rules, only crypto assets approved by the National Bank of Kazakhstan will be allowed to be traded on exchanges based in the country. All crypto platforms that want to operate locally must now secure regulatory approval before they can list assets or engage with customers. Regulators will also decide which tokens are safe for trading and ensure ongoing oversight.
The changes were adopted through amendments to Kazakhstan’s banking and digital asset laws that are designed to bring greater financial stability and clearer legal footing to the fast-evolving crypto market. Digital assets were formally recognized as a regulated economic category under recent legislation, which aims to support fintech growth and innovation while tightening controls on risk.
“Crypto exchanges and infrastructure participants are now subject to financial monitoring,” the government said in an official statement outlining the reforms.
New Classification and Regulatory Framework
Under the updated legal framework, Kazakhstan has defined Digital Financial Assets (DFAs) as a regulated asset class. These assets are grouped into three types:
- Stablecoins backed by fiat money, such as those pegged to major currencies.
- Asset-backed tokens tied to financial instruments, property rights or physical goods.
- Digital financial instruments issued electronically on licensed platforms.
This formal classification aligns crypto with more traditional securities and financial products, and it requires trading platforms and token issuers to operate under national licensing rules. The National Bank will oversee which cryptocurrencies can be offered for trading, helping to ensure investor protection and to prevent money laundering.
Move Toward Legal Clarity and Market Oversight
The move marks a shift from the era when much of Kazakhstan’s crypto activity operated outside formal regulation. Authorities have been aggressive in enforcing compliance. In 2024, Kazakhstan shut down dozens of unlicensed crypto exchanges and confiscated assets linked to illicit operations, part of a broader crackdown on illegal trading and money laundering networks.
Officials have also introduced a centralized register to track crypto wallets associated with criminal activity, a step backed by the Financial Action Task Force’s recommendations on combating financial crime.
Integration With Traditional Finance and Innovation
Kazakhstan is not limiting itself to restrictions. The country is advancing projects that integrate digital finance with the broader economy.
Last year, the National Bank launched a pilot stablecoin called Evo (KZTE), pegged to the national currency, the tenge, and built on the Solana blockchain with support from Mastercard and Eurasian Bank. This initiative aims to bridge crypto markets with conventional payment systems and expand digital payment options.
Meanwhile, the government has continued developing its digital tenge, a central bank digital currency now recognized as legal tender, which enhances financial inclusion and supports programmable payment systems.
Kazakhstan’s digital finance strategy also includes pilots for real-world tokenization projects, such as digital tokens for property investment, and proposals for unified QR crypto payments through banking infrastructure.
Crypto Mining and Market Evolution
Kazakhstan first rose as a global crypto mining hub after China’s 2021 crackdown pushed miners abroad, though energy and regulatory challenges later reduced its share of global hashing power. The new law clarifies that crypto mining is a recognized activity, separate from trading, and that miners are no longer forced to sell a mandated portion of their output through licensed exchanges.
Balancing Innovation With Risk Management
The new rules reflect Kazakhstan’s broader goal of balancing innovation with sound financial oversight. By steering crypto trading into licensed and regulated venues, authorities seek to foster legal certainty for investors and institutions alike. Unregulated crypto activity will increasingly fall outside the law, leaving participants at risk of enforcement.
For global investors and industry stakeholders watching Central Asia’s evolving digital finance landscape, Kazakhstan’s approach signals that crypto markets can coexist with structured regulation, provided safeguards are in place and oversight is robust.
