Mining cryptocurrencies in Kazakhstan
Main article: Cryptocurrency mining in Kazakhstan
2025
Kazakhstan Ministry of Digital Development announces creation of state cryptocurrency reserve
The Ministry of Digital Development of Kazakhstan is working on the creation of a state cryptocurrency reserve for prompt response to changes in the global financial system. This became known on May 22, 2025.
According to Italic, representatives of the Ministry of Ministry of Digital Development confirmed this information and noted that potential sources of the formation of a cryptocurrency reserve are currently being determined. The purpose of such a reserve may be to store part of state assets in cryptocurrency, participate in the digital economy and support the development of this industry.
The ministry compared the future cryptocurrency reserve with the National Fund of the Republic of Kazakhstan, which accumulates revenues from the raw materials sector and is used to stabilize the economy and savings for the future. A cryptocurrency reserve can perform a similar function in a digital dimension.
When creating a crypto reserve, the ministry relies on the experience of Switzerland, Singapore and the UAE, where they actively use tokenized assets to improve financial stability and attract investment. Neighboring Kyrgyzstan has similar experience.
The timing of the project and its public discussion are still unknown. The initiative is under development between government agencies. It is also unclear which cryptocurrencies Kazakhstan will use as reserve and whether they will be acquired at the expense of budget funds.
The deputy of the Mazhilis Olzhas Kuspekov proposed to consider the creation of a state digital reserve in cryptocurrency at the National Bank for storing crypto assets seized during criminal cases. Deputy Chairman of the National Bank Berik Sholpankulov said that the creation of a special fund of seized crypto assets is not required.[1]
National Bank of Kazakhstan allowed the work of cryptocurrency exchangers
The National Bank of Kazakhstan has introduced a new category of market participants - providers of cryptocurrency exchange services, which will operate on the basis of a license and under the supervision of the regulator. This was announced on May 22, 2025 by the director of the department of payment systems of the National Bank Yerlan Ashykbekov.
According to Interfax, their functionality will include cryptocurrency exchange operations for fiat money. The list of cryptocurrencies available for purchase or sale by such organizations will be established by the National Bank of Kazakhstan. The legislation enshrines the legal status of operators of crypto-exchange platforms, the licensing of which will be carried out by the National Bank.
The National Bank is assigned to the regulation and licensing of the activities of crypto exchangers for the exchange of cryptocurrencies, control and supervision over them. The regulator also receives powers on the activities of operators of the platform of digital financial assets, on the basis of which these assets are issued and circulated. The National Bank will organize control over the issue and turnover of stablecoins certifying rights to money.
The activities of crypto exchanges in the jurisdiction of the Astana International Financial Center will be regulated separately. There is a functional interaction between cryptocurrency exchange providers and AIFC crypto exchanges to ensure a holistic digital market infrastructure.
The joint competence of the financial regulation agency and the National Bank includes the regulation of the issue and turnover of digital financial assets. This includes the definition of requirements for issuers and investors of CFA, for the quality of the underlying asset, which acts as collateral for the issue of CFA.
The new measures are aimed at expanding control over unsecured digital assets and protecting consumers. Regulation will help improve access to financing for businesses and reduce transaction costs. Digital financial assets will become part of the country's existing financial system.[2]
2024
Introduction of a ban on the transfer of funds to foreign crypto exchanges
The Agency for Regulation and Development of Kazakhstan the Financial Market (ARRFR) has published a document prohibiting the country's banks from transferring to foreign cryptocurrency exchanges. Credit institutions will be required to automatically reject payments and transfers of customers to exchanges of digital assets that are not members of the Astana International Financial Center (). AIFC This restriction also applies to transfers in favor of electronic and for Internet casino persons under 21 years of age.
The document provides for tightening control over customers with more than five payment cards. For them, a limit is introduced on transactions: no more than three payments or transfers totaling up to ₸100 thousand per month in favor of digital exchanges unregistered in the AIFC.
When a client performs a one-time operation with an AIFC participant providing services for managing a digital asset platform in the amount of over $1,000, the bank is obliged to conduct an enhanced check of the origin of the client's funds. This includes monitoring and studying transactions with client money, as well as preventing illegal withdrawal of funds abroad, including offshore.
In Kazakhstan, cryptocurrency exchanges can legally function only on the territory of the AIFC - a special economic zone in the capital of the country, created to attract investment. At the time of publication of the project, the AIFC has 10 crypto exchanges, including Onyx Trade Ltd., Neyco Ltd., Swiftex.io Limited and others.
Experts note that these measures are aimed at strengthening control over the movement of funds in the cryptocurrency sector and preventing possible abuse. The new rules are expected to help reduce the risks of money laundering and financing illegal activities through cryptocurrency transactions.[3]
To prison or to the exchange: How to trade cryptocurrency in Kazakhstan?
According to the current legislation of Kazakhstan, the possibility of legal trading in cryptocurrency and stablecoins exists only on official sites - exchanges and brokers licensed at the AIFC. This was announced in July 2024 inbusiness.kz. Since April 2024, R2R operations have been allowed at these sites, and such transactions are protected by current legislation.
According to the deputy of the Mazhilis Ekaterina Smyshlyaeva, the number of citizens involved in cryptocurrency operations and operations with digital assets, the provision of which is not recognized in national jurisdiction, is growing. However, it is not possible to verify the legality of these operations, since they are more often carried out at unofficial sites - P2P exchangers, whose activities in the country are illegal.
Since the beginning of 2024, 12 criminal cases related to cryptocurrency have been initiated under Article 214 of the Criminal Code of the Republic of Kazakhstan on illegal entrepreneurial activity, of which 11 are in production by July 2024, one case has been sent to court. As the experience of the past period shows, mainly the attention of law enforcement agencies is attracted by illegal crypto exchanges and exchanges operating without appropriate permits.
In Kazakhstan, a secured digital asset certifies the right to material, intellectual services and assets, with the exception of money and securities. It can be used as an investment instrument, a digital certificate of property rights or an obligation in a project.
According to Ekaterina Smyshlyaeva, in the future a number of proposals are being considered on the introduction of licensing and legalization of crypto exchanges, connecting them to the financial monitoring system. The mechanism of protection against the risks of criminal prosecution of ordinary citizens who are not organizers of the exchange, but simply use the service with legal capital, is discussed with experts and regulators.[4]
Through the postal operator "Kazpost" now you can send money to crypto exchanges
On July 22, 2024, it became known that the national postal operator of Kazakhstan "Kazpost" received official permission to carry out fiat transactions with digital assets. This innovation opens up new opportunities for citizens of the country to acquire cryptocurrency through a state postal operator. Read more here
"Both lost and earned." The head of the Ministry of Ministry of Digital Development of Kazakhstan told how he bought cryptocurrencies
On July 12, 2024, the Minister of Digital Development, Innovation and Aerospace Industry of Kazakhstan Zhaslan Madiev shared his experience of investing in cryptocurrencies. At a briefing, the head of the department spoke about his successes and failures in the digital asset market. Read more here.
Cryptocurrency of Pavel Durov legalized in Kazakhstan
On June 28, 2024, the AIFC Committee on the Regulation of Financial Services (AFSA) of Kazakhstan officially approved the Toncoin cryptocurrency, founded by Pavel Durov, for trading on licensed platforms of the Astana International Financial Center (AIFC). The decision marks an important step in legalizing and integrating the digital asset into the country's financial system. Read more here.
2023
Kazakhstan blocks Coinbase crypto exchange
Since mid-September 2023, the site of the Coinbase cryptocurrency exchange has ceased to open without a VPN in Kazakhstan. Almost two months later, the Ministry of Culture and Information of the Republic officially confirmed the blocking of the resource.
Binance launches cryptocurrency trading platform in Kazakhstan
On June 21, 2023, Binance announced the launch of a local crypto exchange in Kazakhstan. The Binance Kazakhstan platform at the first stage will offer local users services for the exchange and conversion of currencies, the entry and withdrawal of fiat funds, as well as the storage of crypto assets. Read more here.
Arrest of Russian property for operations with cryptocurrencies
In Kazakhstan, in February 2023, the property of a Russian was arrested for operations with cryptocurrencies. The security forces claim that the amount of funds illegally raised by the man amounted to $400,000 (180 million tenge).
According to court orders, the suspect's real estate in the amount of 85 million tenge was seized, including digital assets placed on the Binance crypto exchange.
2022
Bank cards with payment in cryptocurrency are launched in Kazakhstan
In October 2022, it became known about the launch of crypto-currency cards in Kazakhstan. This is a joint project of the Eurasian Bank and the Intebix crypto exchange. Read more here.
Binance crypto exchange received approval to work in Kazakhstan
In August 2022, the Binance crypto exchange received approval to work in Kazakhstan. The relevant document was issued by the Astana Financial Services Authority (AFSA), the regulatory body that oversees the Astana International Financial Center (AIFC). Read more here.
2021: Kazakhstan banks start opening accounts for cryptocurrency companies
At the end of July 2021, it became known about the launch in Kazakhstan of a pilot project to open bank accounts for cryptocurrency companies. Some credit institutions will be allowed to work with digital assets, but the names of the banks are not specified.
According to the Association of Blockchain and Data Center Industry, we are talking about allowing banks to open accounts for legal entities representing services for the purchase and sale of cryptocurrencies and registered on the basis of the Astana International Financial Center (AIFC). The pilot project will last a year.
With this project, the government will be able to assess the risks and benefits of digital assets. By the end of July 2021, their turnover in Kazakhstan is prohibited.
According to the President of the Association Alan Dordzhiev, the Central Bank of Kazakhstan previously issued a document related to risk control, where it was said about the ban on servicing and opening accounts for cryptocurrency companies. Subsequently, they decided to adjust this, he noted.
There are several reasons for the government to take a step towards cryptocurrency, said Sergey Putra, senior coordinator for relations with government agencies of the Association of Blockchain and Data Center Industry in Kazakhstan.
First of all, because the country is concentrated from 6 to 8 percent of the world mining volume. Also, some Kazakhstanis are already quite actively trading in various digital assets. The deals, according to the expert, are estimated at millions of dollars. Another reason is fraud. There are cases when our fellow citizens instead of cryptocurrency buy a "dummy."
 | The global premise is that crypt revolutions are quite large amounts of finance, they are billions of dollars of daily revolutions around the world. And even if Kazakhstan takes some share of the interest, even better is one percent of this turnover, this is serious money that will come to the country in the form of investments, will remain here in the form of taxes, in the form of jobs, salaries. This is a very big industry that Kazakhstan is still bypassing, "Putra said.[5] |  |
Notes
- ↑ Kazakhstan plans to create a cryptocurrency reserve
- ↑ National Bank of Kazakhstan legalizes crypto exchanges
- ↑ Banks of Kazakhstan will be banned from transferring money to foreign crypto exchanges
- ↑ To prison or to the stock exchange: is it possible to legally trade cryptocurrency in Kazakhstan?
- ↑ Banks in Kazakhstan will be allowed to open cryptocurrency accounts for companies
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