Kazakhstan is moving to tighten oversight of its crypto industry by introducing licensing for digital asset exchanges that convert cryptocurrencies to fiat.
The country’s central bank will spearhead this effort as part of new national regulations to bring transparency and legal structure to crypto-related activities.
Yerlan Ashykbekov, who heads the payment systems department at the National Bank of Kazakhstan, revealed the development during a recent media briefing. He said a new class of market participants — crypto exchange service providers — will be formally recognized and required to operate under a license issued by the National Bank.
These licensed entities will be authorized to carry out crypto-to-fiat exchange operations, with the central bank determining which digital currencies can be traded. Ashykbekov also noted that platforms issuing and circulating digital financial assets, including stablecoins, will fall under the central bank’s supervisory authority.
While crypto exchanges based in the Astana International Financial Centre (AIFC) will remain under a separate regulatory regime, the government plans to integrate AIFC platforms with the broader network of licensed operators under the new framework.
This regulatory overhaul comes in response to repeated calls from President Kassym-Jomart Tokayev, who has urged officials to build a robust legal infrastructure for the crypto sector. During a government session in January, Tokayev emphasized the need to shift Kazakhstan’s crypto activity out of the shadows, as many users still operate in legal ambiguity.
Additionally, Kazakhstan is positioning itself to become the leading cryptocurrency hub in Central Asia by easing regulatory restrictions and fostering blockchain innovation, according to Kanysh Tuleushin, the country’s first vice minister of digital development, innovation, and aerospace industry.
The new rules mark a significant step toward legitimizing Kazakhstan’s crypto economy and aligning with the government’s broader push to modernize financial services while ensuring regulatory compliance.
If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”
