Kazakhstan to allow crypto exchanges to deal with fiat

Kazakhstan’s National Bank will begin licensing crypto exchange services that allow the conversion of crypto to fiat, establishing their legal status under new national rules.

Kazakhstan plans to bring crypto exchange operators under formal regulation, with the National Bank tasked with licensing those converting digital assets into fiat.

Yerlan Ashykbekov, head of the National Bank’s payment systems department, said during a recent briefing that a new category of participants is being introduced under Kazakhstan’s jurisdiction — providers of cryptocurrency exchange services, operating under a license and supervised by the National Bank.

He added that their functionality will include crypto-to-fiat exchange operations, and that the list of cryptocurrencies available for purchase or sale by such organizations will be established by the central bank.

According to Ashykbekov, the new legislation will formally define the legal status of crypto exchange operators. He also noted that the National Bank will supervise platform operators responsible for issuing and circulating digital financial assets, including stablecoins.

Crypto exchanges operating within the Astana International Financial Centre will continue to be governed by a separate regulatory regime. However, officials aim to create links between AIFC crypto platforms and the new network of licensed crypto exchange providers.

The move follows repeated calls from Kazakhstan President Kassym-Jomart Tokayev to legalize and expand the country’s crypto sector, urging regulators to develop a comprehensive legal framework for cryptocurrencies. At a government meeting in late January, Tokayev emphasized the urgency of creating infrastructure for the broader legal circulation of cryptocurrencies, noting that most users in Kazakhstan still operate in the “gray zone.”