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Is crypto legal in Kazakhstan? Rules & regulation (2026)

Crypto is regulated in Kazakhstan.

Kazakhstan operates a comprehensive, in-force digital-assets regime under Law No. 193-VII, which distinguishes 'unsecured digital assets' (cryptoassets) from 'digital financial assets' (DFAs, including money-backed stablecoins and tokenised assets). A major 2026 tranche of amendments came into force on 1 May 2026, extending licensing of unsecured-crypto exchange operators and registration of trading-platform / DFA-platform operators from the AIFC bubble to the whole country under NBK supervision. Presidential Decree of 7 July 2026 layered on tax incentives for regulated crypto activity, a stablecoin cross-border-payments track and further liberalisation of mining, cementing the country's 'regulated crypto hub' stance.

Last verified Official sources first · MethodologyCompare Kazakhstan with other countries

Legal framework

Law of the Republic of Kazakhstan No. 193-VII 'On Digital Assets in the Republic of Kazakhstan' (in force 1 April 2023; comprehensively amended effective 1 May 2026), applied on a dual track by (i) the National Bank of Kazakhstan (NBK) on the mainland and (ii) the Astana Financial Services Authority (AFSA) inside the Astana International Financial Centre (AIFC), whose AFSA Rulebook on Digital Asset Activities has been in force since 1 January 2024.

Status by sub-area

  • Stablecoins

    In force

    Money-backed stablecoins are formally recognised in Law 193-VII as one category of 'digital financial asset' (DFA); their issuance and circulation require use of NBK-registered DFA-platform operators (mainland) or AFSA-authorised infrastructure (AIFC), and a July 2026 presidential decree adds a dedicated stablecoin cross-border payments framework.

  • Exchanges / VASP

    In force

    Crypto exchanges/VASPs must be either licensed by AFSA inside the AIFC or, since 1 May 2026, licensed by the NBK on the mainland as 'unsecured digital asset exchange operators'; a nationwide register of digital-asset service providers is maintained and exchanges must meet capital, AML/CFT and market-integrity requirements.

  • Token Offerings

    In force

    The AIFC has had a dedicated Security Token Offering (STO) framework in force since 1 January 2024 (part of the AIFC Market Rules), covering prospectus/disclosure, admission to trading and secondary trading of security tokens; issuance and public offering of unsecured digital assets remain prohibited outside the AIFC.

  • Custody

    In force

    'Providing Custody' is a distinct regulated activity in the AIFC, with client-asset segregation, safeguarding and prudential requirements set by AFSA; on the mainland custody by digital-asset service providers is included in the licensable/registerable perimeter under the NBK from 1 May 2026.

  • DeFi

    Partial

    Kazakhstan has no dedicated DeFi regime; instead, activities carried out through DeFi protocols/front-ends are captured only to the extent they fall within Law 193-VII's licensed/registered service-provider perimeter, and unlicensed circulation of unsecured digital assets remains prohibited, giving the NBK and AFSA a broad enforcement lever against unregulated DeFi offerings.

    Still pending: Dedicated DeFi regulatory framework still pending; activities captured only through Law 193-VII licensing

  • Tax

    In force

    Crypto income has traditionally been taxable in Kazakhstan (personal income tax for individuals, corporate income tax for legal entities), while AIFC financial-service providers enjoy long-standing tax exemptions to 1 January 2066; the July 2026 presidential decree adds an in-force policy of exempting individuals' income from crypto transactions conducted through licensed domestic platforms.

Key points: crypto & digital assets in Kazakhstan

  1. Dual-track framework (AIFC + mainland)

    Inside the AIFC, AFSA licenses Digital Asset Trading Facilities and custody providers under the 2024 Rulebook on Digital Asset Activities; outside the AIFC, the NBK now licenses unsecured-crypto exchange operators and registers DFA/trading-platform operators after the 1 May 2026 amendments to Law 193-VII.

    nationalbank.kz afsa.aifc.kz

  2. Legal status of crypto

    Unsecured digital assets (BTC, ETH etc.) are NOT recognised as legal tender, financial instruments or financial assets in Kazakhstan; they may only be issued, traded and custodied through licensed/registered infrastructure, and the NBK maintains a list of approved cryptocurrencies eligible for domestic circulation.

    nationalbank.kz nationalbank.kz

  3. AFSA licensing and prudential requirements

    AIFC crypto licences cover 'Operating a Digital Asset Trading Facility' and 'Providing Custody'; providers must meet AFSA capital, AML/CFT, market-integrity and admission-to-trading rules, and only tokens on AFSA's approved list (incl. major assets like BTC, ETH and Toncoin) may be traded.

    afsa.aifc.kz aifc.kz

  4. July 2026 presidential decree – tax and stablecoins

    President Tokayev's decree of 7 July 2026 exempts individual income from digital-asset transactions conducted through Kazakhstan's regulated platforms from personal income tax (conditional on disclosure of foreign-venue holdings) and directs the government to build a legal channel for stablecoin-based cross-border trade settlements.

    qazinform.com cryptobriefing.com

  5. State crypto reserve (Alem Crypto Fund)

    In 2025 Kazakhstan created the state-backed Alem Crypto Fund under the Ministry of AI and Digital Development, managed by Qazaqstan Venture Group inside the AIFC, seeded first with BNB in partnership with Binance Kazakhstan and targeted at USD 500 m–1 bn.

    cointelegraph.com astanatimes.com

  6. International alignment

    In the October 2025 IOSCO thematic review of crypto-asset markets, the AIFC's AFSA framework was recognised as fully aligned with all ten IOSCO Priority Recommendations for crypto and digital-asset market oversight.

    astanatimes.com

Timeline of decisions

  1. Decision
    Kazakhstan court bars Coinbase, five others from unlicensed crypto services in Astana International Financial Centre

    CoinDesk Policy

Sources

  1. nationalbank.kz/en/news/informacionnye-soobshcheniya/19193
  2. nationalbank.kz/en/page/digital-assets-legal-framework
  3. afsa.aifc.kz/afsa-announces-new-rulebook-on-digital-asset-activities-3/
  4. afsa.aifc.kz/regulated-activities/operating-a-digital-asset-trading-facility/
  5. afsa.aifc.kz/security-token-offering-framework-takes-effect-at-aifc-jurisdiction-o
  6. aifc.kz/news/security-token-offering-framework-takes-effect-at-aifc-jurisdict
  7. aifc.kz/wp-content/uploads/2024/06/mar_v12_01.01.2025_zs-1.pdf
  8. qazinform.com/news/head-of-state-inks-decree-to-boost-digital-asset-industry-in-kaz
  9. cryptobriefing.com/kazakhstan-crypto-decree-tax-stablecoin/
  10. bakermckenzie.com/en/insight/publications/2026/01/kazakhstan-new-banking-law-signals-ma
  11. elibrary.imf.org/view/journals/002/2024/095/article-A001-en.xml
  12. cointelegraph.com/news/kazakhstan-state-backed-crypto-fund-bnb-binance
  13. aifc.kz/news/astana-financial-services-authority-approved-toncoin-for-trading
  14. astanatimes.com/2025/12/kazakhstans-crypto-market-surges-to-6-8-billion-as-aifc-expan

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Orientation, not legal advice: verify against the primary sources linked above. Last verified 17 Jul 2026. Methodology & how to cite · State of Technology Regulation 2026