Kazakhstan’s National Bank has launched a license to crypto exchange services that allow for the conversion from crypto to fiat and establishes its legal status under new national regulations.
Kazakhstan plans to bring Crypto Exchange operators under official regulations by the National Bank, responsible for the license to convert Digital Assets to FIAT.
Yerlan Ashykbekov, head of payment systems at the National Bank, said in a recent briefing that a new category of participants has been introduced under Kazakhstan’s jurisdiction.
He added that their functions include inter-crypto exchange businesses and that the list of cryptocurrencies that such organizations can use to purchase or sell will be established by the central bank.
According to Ashykbekov, the new law formally defines the legal status of crypto exchange operators. He also said the National Bank will oversee the platform operators responsible for issuing and circulation of digital financial assets, including Stablecoins.
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Crypto exchanges operating within the Astana International Financial Centre will continue to be governed by a separate regulatory regime. However, the authorities aim to create a link between the AIFC crypto platform and the new network of licensed crypto exchange providers.
The move follows repeated calls from Kazakh President Kasim Jomat Tokayev, which will legalize and expand the country’s crypto sector and encourage regulators to develop a comprehensive legal framework for cryptocurrency. At a government meeting in late January, Tokayev highlighted the urgency to create infrastructure for the broader legal distribution of cryptocurrencies, noting that most users of Kazakhstan still operate in the “gray zone.”
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