Kazakhstan Officially Licenses Fiat Currency Trading on Cryptocurrency Exchanges
Astana, May 21, 2025 – Kazakhstan is taking a major step towards legitimizing the cryptocurrency market as the National Bank of Kazakhstan announced plans to officially license cryptocurrency exchange service providers, allowing conversion between cryptocurrencies and fiat currencies under new national regulations.
The announcement was made during a recent press conference chaired by Yerlan Ashykbekov, head of the National Bank’s payment systems department. Accordingly, Kazakhstan will officially recognize a new type of organization – licensed cryptocurrency exchange service providers that are subject to direct supervision by the National Bank.
Legalization and strict supervision
These entities will be allowed to conduct direct exchanges between cryptocurrencies and fiat currencies, and the list of cryptocurrencies allowed for trading will be established and controlled by the National Bank, Mr. Ashykbekov said. This is a move to move digital currency-related activities out of the “gray zone” and into a transparent legal framework.
The new law also clarifies the legal status of domestic cryptocurrency exchanges. In addition, platforms for issuing and circulating digital financial assets, including stablecoins, will also be included in the supervision of the National Bank.
Linking with the Astana Financial Center
Currently, exchanges operating within the Astana International Financial Center (AIFC) are still subject to a separate regulatory regime, but Kazakhstani authorities are aiming to establish a connection between the network of newly licensed exchanges and platforms within the AIFC to create a comprehensive and interoperable crypto ecosystem.
A positive signal from the government
The move is in line with the strategic vision of President Kassym-Jomart Tokayev, who has repeatedly called for the development of a comprehensive legal framework for cryptocurrencies in Kazakhstan. At a government meeting in late January this year, President Tokayev stressed the importance of building a legal and technical infrastructure to promote the legal and safer circulation of cryptocurrencies in the national economy.
“We need to get out of the gray area and provide a clear legal environment for users and investors in the cryptocurrency sector,” Tokayev said at the meeting.
The future of cryptocurrency in Kazakhstan
With this policy change, Kazakhstan is asserting its position as one of the leading countries in Central Asia in legalizing and regulating the digital asset market. Along with the policy of attracting cryptocurrency mining activities, the country hopes to build a leading blockchain and fintech center in the region, attracting investment and increasing transparency for the entire industry.
