Is Crypto Legal in Kazakhstan?
Regulatory Bodies
Regulatory body data collection in progress for Kazakhstan. Our AI research workers are actively gathering this information.
Operating Models
9/9 verdictsCan specific business models operate in Kazakhstan? Each card answers the operational question for one kind of operator. Curated cells reflect counsel-grade review; AI-generated cells should be confirmed before relying on them.
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AI · UnreviewedPrimary Legislation
| Law / Regulation | Year | Scope |
|---|---|---|
| Law on Banks and Banking Activities | 2026 | New Banking Law (Law on Banks and Banking Activities): Approved by parliament and expected signed early 2026; integrates cryptocurrencies and digital financial assets (DFAs) into mainstream finance, defines DFAs (stablecoins, backed… |
| Digital Financial Assets Act (2020) | 2020 | Digital Financial Assets Act (2020): Initial regulation of digital assets use and circulation. |
| Constitutional Law on the Astana International Financial Centre | Constitutional Law on the Astana International Financial Centre: Establishes AIFC's special financial regime. | |
| Kazakhstan Data Protection & Privacy Regulation Monitor | GDPRI | Kazakhstan Data Protection & Privacy Regulation Monitor | GDPRI |
Licensing Requirements
AIFC Financial Services Authority (AFSA): The independent regulator of the AIFC, responsible for licensing, supervision, and enforcement of financial services, including virtual asset activities.
AIFC Court and International Arbitration Centre: Provides independent resolution of disputes.
Financial Monitoring Agency of the Republic of Kazakhstan: The national financial intelligence unit (FIU) for anti-money laundering and counter-terrorist financing (AML/CFT) oversight, which works in coordination with AFSA for AIFC entities.
License Type: Operating a Digital Asset Trading Facility (DATF).
Key Services: Matching orders, trade execution, offering a trading platform for various digital assets (utility tokens, security tokens, potentially payment tokens/cryptocurrencies).
License Type: Providing Custodian (Digital Assets) services.
Definition: A person who provides a facility where multiple third-party buying and selling interests in Digital Assets are able to interact in the facility in a way that results in a Contract for sale or purchase. This broadly covers cryptocurrency exchanges.
Key Services: Secure storage of private keys, multi-signature wallets, cold storage solutions, segregated client accounts, record-keeping.
License Type: Providing Payment Services Provider (PSP) services.
Definition: While not exclusively for digital assets, a PSP license is required for firms handling fiat-to-crypto and crypto-to-fiat conversions, remittances, or other payment-related services where digital assets are involved in the transaction flow. AFSA's rules define specific "payment services" that require licensing, and these can extend to services involving digital assets.
Key Services: Fiat-to-crypto on/off-ramps, crypto remittances, facilitating payments using stablecoins or other digital assets.
Broker (Digital Assets): Acting as an agent for clients in buying and selling digital assets.
Dealer (Digital Assets): Dealing in digital assets as a principal, either buying or selling for one's own account.
Must be incorporated or established as a legal entity within the AIFC.
Maintain a physical office presence in the AIFC.
Have key personnel (e.g., CEO, Compliance Officer) primarily based in the AIFC.
Base Capital: This varies significantly based on the type and scope of the license.
Digital Asset Trading Facility (DATF): Typically USD 300,000 (or KZT equivalent) for non-dealing DATFs. If the DATF also acts as a Dealer, higher capital may be required.
Custodian (Digital Assets): Typically USD 300,000 (or KZT equivalent).
Payment Services Provider (PSP): Varies depending on the specific payment services and tiers of authorization, ranging from USD 50,000 to USD 200,000 (or KZT equivalent) for higher-tier PSPs.
Ongoing Capital: Firms must maintain capital sufficient to cover their regulatory capital requirements (base capital plus operational risk requirements) at all times.
Adherence to AIFC AML Rules, which are aligned with FATF (Financial Action Task Force) recommendations.
Robust AML/CFT policies, procedures, and controls.
Appointment of a qualified Compliance Officer (MLRO - Money Laundering Reporting Officer).
Customer due diligence (CDD) and enhanced due diligence (EDD) procedures.
Suspicious activity reporting (SAR) obligations to the Financial Monitoring Agency.
All senior management, shareholders (above a certain threshold), and key personnel must meet AFSA's "Fit and Proper" criteria regarding honesty, integrity, reputation, competence, and financial soundness.
Comprehensive business plan outlining proposed activities, target market, operational structure, and financial projections.
Adequate risk management systems and controls, including cybersecurity, operational risk, market risk, and compliance risk.
Internal audit function (or outsourced equivalent).
Demonstrated ability to protect client assets and data.
Robust IT infrastructure and cybersecurity measures.
Business continuity and disaster recovery plans.
Initial Consultation: Informal discussion with AFSA to clarify regulatory requirements and the application process.
Completion of detailed application forms (typically Forms 1-4).
Detailed Policies and Procedures (AML/KYC, Risk Management, Cybersecurity, etc.)
CVs and Fit & Proper forms for all key individuals and significant shareholders
Legal entity documents (incorporation certificates, constitutional documents)
IT architecture and security assessments.
Review and Assessment: AFSA reviews the application, may request additional information, and conduct interviews with key personnel. This stage involves detailed scrutiny of the business model, financial projections, risk management framework, and compliance arrangements.
In-Principle Approval: If satisfied, AFSA may issue an "in-principle" approval, subject to certain conditions (e.g., establishing a local office, hiring specific personnel).
Final Approval and Licensing: Once all conditions are met, AFSA grants the license.
Post-Licensing Obligations: Ongoing reporting, compliance with AIFC Rules, and regular audits.
Prohibition: The general law of the Republic of Kazakhstan historically prohibited the issuance and unlicensed circulation of "unsecured" digital assets (i.e., cryptocurrencies not backed by a tangible asset or security) as a payment instrument.
Digital Assets Law (Recent Developments): Kazakhstan has recently been active in developing national legislation for digital assets. The Law "On Digital Assets in the Republic of Kazakhstan" (signed into law in February 2023) regulates various aspects, including
Mining: Legalized and regulated. Miners must register, obtain licenses, and are subject to energy consumption quotas and taxation.
Issuance of Secured Digital Assets: Permits the issuance of digital assets backed by specific assets or rights, with the National Bank of Kazakhstan overseeing this area.
Unlicensed Activity: Reaffirms the prohibition on the issuance and circulation of unsecured digital assets outside the AIFC. This means that exchanges, custodians, and payment processors dealing with cryptocurrencies generally must operate within the AIFC framework to be legal in Kazakhstan.
AIFC General Regulations: The foundational regulatory document.
Can typically be found in the "Legal Framework" or "Rules and Regulations" section of afsa.kz.
AIFC Digital Asset Rules: Contains the specific framework for regulating digital assets and related services.
AIFC Anti-Money Laundering, Counter-Terrorist Financing and Sanctions Rules (AIFC AML Rules): Crucial for compliance requirements.
AIFC Conduct of Business Rules: Governs how firms conduct their business with clients.
Search for "AIFC Conduct of Business Rules" on afsa.kz.
AIFC Payment Services Rules: Relevant for PSPs.
Search for "AIFC Payment Services Rules" on afsa.kz.
AIFC Fees Rules: Details application and annual supervision fees.
Application Packs and Guidance: AFSA provides detailed application forms and guidance notes for each license type, which often include specific capital requirements and detailed checklists.
Look under "Licensing" or "FinTech" sections on afsa.kz for "Application Forms" or "Regulatory Guidance."
AML/KYC Requirements
Requirement: As a UN member state, Kazakhstan is obligated to implement all UN Security Council resolutions imposing sanctions. These are universally binding.
Compliance: VASPs must screen customers and transactions against the UN Security Council Consolidated List (individuals and entities associated with terrorism and proliferation of weapons of mass destruction, and other sanction programs).
Legal Reference: UN Security Council Resolutions.
Requirement: While OFAC sanctions are primarily U.S. law, their extra-territorial reach is significant. Any VASP that deals with U.S. persons (citizens, residents, entities), uses U.S. financial systems (e.g., for USD transactions), or handles U.S.-origin technology or services, falls under OFAC's jurisdiction. Given the global nature of crypto, avoiding a U.S. nexus can be challenging.
Legal Reference: Executive Orders and U.S. Treasury Department Regulations (e.g., 31 CFR Chapter V).
Requirement: Similar to OFAC, EU sanctions have extra-territorial implications for any entity or individual doing business with EU persons, entities, or utilizing EU financial infrastructure. Many international crypto exchanges and platforms have an EU presence or serve EU customers.
Compliance: VASPs must screen against OFAC's Specially Designated Nationals And Blocked Persons List (SDN List) and other relevant sanctions lists specific to programs (e.g., Russia/Ukraine, Iran, North Korea).
Legal Reference: EU Council Regulations.
Legal Reference: Закон Республики Казахстан "О противодействии легализации (отмыванию) доходов, полученных преступным путем, и финансированию терроризма" от 28 августа 2009 года № 191-IV.
URL (Kazakh/Russian): Adilet.zan.kz - Law on AML/CFT
Financial Monitoring Agency (FMA): The FMA is Kazakhstan's Financial Intelligence Unit (FIU) and the primary body responsible for enforcing AML/CFT laws, including monitoring compliance with international sanctions.
Specific Regime: The AIFC operates under a separate legal system based on English common law, with its own independent financial regulator, the AIFC Financial Services Authority (AFSA). The AIFC is a key hub for crypto regulation in Kazakhstan.
AFSA Rules: The AFSA has specific rules for VASPs (referred to as "Distributed Ledger Technology Businesses" or DLT Businesses). These rules comprehensively incorporate FATF standards for AML/CFT and explicitly require compliance with international sanctions regimes. AFSA-regulated firms are expected to
Identify, assess, and understand their money laundering and terrorist financing risks, including sanctions risks.
Implement robust Know Your Customer (KYC) and Customer Due Diligence (CDD) procedures.
Screen customers and transactions against relevant sanctions lists (UN, OFAC, EU).
Report suspicious transactions (STRs) to the AFSA and/or relevant law enforcement bodies.
Legal Reference: AIFC Acts, AIFC Financial Services Authority (AFSA) Rules, particularly the AIFC Anti-Money Laundering and Counter-Terrorist Financing Rules and Conduct of Business Rules.
Know Your Customer (KYC) and Customer Due Diligence (CDD): Thorough identification and verification of customers, including beneficial owners, source of funds, and nature of business.
Sanctioned Entity Screening: Automated and ongoing screening of all customers, beneficial owners, and transaction counterparties against the UN Consolidated List, OFAC SDN List, EU Consolidated Financial Sanctions List, and any other relevant national or international lists.
Transaction Monitoring: Real-time and retrospective monitoring of all crypto transactions for unusual patterns, high-risk jurisdictions, and direct/indirect links to sanctioned entities or jurisdictions.
Geographic Restrictions: Implementing controls to prevent transactions involving sanctioned jurisdictions (e.g., North Korea, Iran, sanctioned regions of Ukraine/Russia) or entities based in those regions.
Risk-Based Approach: Developing and implementing a risk-based approach to AML/CFT and sanctions compliance, proportionate to the VASP's risk profile, customer base, products, and geographies of operation.
Reporting Obligations: Prompt reporting of any confirmed or suspected sanctions hits, as well as suspicious transactions, to the Financial Monitoring Agency (FMA) or the AFSA (for AIFC-regulated entities).
Training and Internal Controls: Regular training for staff on sanctions compliance, maintaining up-to-date policies and procedures, and conducting independent audits of the compliance program.
UN-sanctioned countries: E.g., North Korea (DPRK), Iran (specific programs), Afghanistan (Taliban).
OFAC-sanctioned jurisdictions: E.g., Cuba, Iran, North Korea, Syria, Venezuela, and specific regions of Ukraine (Crimea, DPR, LPR).
EU-sanctioned jurisdictions: Similar to OFAC, with specific focus on certain regions or entities.
Administrative Fines: Significant monetary penalties for non-compliance, varying based on the severity and frequency of the violation.
Criminal Charges: Individuals and corporate officers can face criminal prosecution, imprisonment, and asset forfeiture for serious breaches, particularly those involving terrorism financing, money laundering, or willful evasion of sanctions.
License Revocation: VASPs found to be in egregious non-compliance may have their licenses suspended or revoked by the FMA or AFSA.
Reputational Damage: Loss of trust and severe damage to reputation, impacting business viability.
International Sanctions: Firms or individuals operating in Kazakhstan who violate OFAC or EU sanctions may also face direct penalties from U.S. or EU authorities, including being added to sanctions lists themselves.
UN Security Council sanctions lists.
Lists of individuals and entities associated with terrorism and proliferation of weapons of mass destruction, compiled by the competent national authorities (e.g., the FMA in conjunction with other law enforcement/security bodies), which are often based on or mirror UN lists.
Through its AML/CFT obligations, Kazakhstan implicitly requires compliance with other major international lists (like OFAC and EU) for entities with international operations or exposure to those jurisdictions.
Adopted: Yes, Kazakhstan has officially adopted legislation implementing the FATF Travel Rule.
Legislation: The key legislative act is the Law of the Republic of Kazakhstan "On Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on Combating Legalization of Criminal Proceeds (Money Laundering) and Financing of Terrorism" (No. 182-VII dated February 2, 2023).
Effective Date: The amendments came into effect approximately 60 calendar days after their official publication, which means around early April 2023. This law brought virtual assets and virtual asset service providers (VASPs) within the scope of the national AML/CFT regime.
Compliance with FATF R.16: These amendments aim to align Kazakhstan's legislation with FATF Recommendation 15 (Virtual Assets and VASPs) and its Interpretive Note, which includes the Travel Rule (Recommendation 16).
Threshold: Transactions involving virtual assets equal to or exceeding 1,000,000 KZT (one million tenge) are subject to enhanced information requirements. (As of mid-2024, 1,000,000 KZT is approximately USD 2,200).
Originator Information: Name, surname, patronymic (if any), individual identification number (IIN), address of residence, wallet address.
Beneficiary Information: Name, surname, patronymic (if any), individual identification number (IIN), address of residence, wallet address.
Information Required for Transactions < 1,000,000 KZT: For transactions below the threshold, VASPs are generally required to collect and transmit only the originator's and beneficiary's wallet addresses and the transaction identifier. However, a risk-based approach dictates that VASPs should still be able to identify customers and obtain more information if a transaction is deemed suspicious.
For transactions below the threshold, VASPs are generally required to collect and transmit only the originator's and beneficiary's wallet addresses and the transaction identifier. However, a risk-based approach dictates that VASPs should still be able to identify customers and obtain more information if a transaction is deemed suspicious.
Exchange: Exchanging virtual assets for fiat currency or other virtual assets.
Transfer: Facilitating the transfer of virtual assets.
Custody/Administration: Safekeeping and/or administration of virtual assets or instruments enabling control over virtual assets.
Participation and provision of financial services related to: The offering and/or sale of virtual assets by an issuer.
Other services: Any other activities related to virtual assets that fall under the FATF VASP definition.
Choose a compliant solution: Implement or integrate with a Travel Rule solution (e.g., those offered by TRISA, OpenVASP, Sygna, Notabene, Verite, etc.) that enables the secure, real-time transfer of required data between VASPs.
Interoperability: Ensure their chosen solution is interoperable with those used by other VASPs, especially for cross-border transactions.
Internal Policies & Procedures: Develop and implement robust internal policies, procedures, and controls for
Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD).
Screening for sanctions and politically exposed persons (PEPs).
Data security and privacy (e.g., in compliance with Kazakhstan's data protection laws).
Record-keeping of Travel Rule information.
Reporting suspicious transactions to the Agency for Financial Monitoring.
Remedial Orders: The AFM can issue binding instructions requiring VASPs to take specific actions to rectify deficiencies in their AML/CFT systems and procedures.
Suspension or Revocation of Licenses/Registrations: For serious or repeated non-compliance, a VASP's operating license or registration may be suspended or revoked, effectively preventing it from conducting business.
Criminal Liability: In cases of egregious or willful non-compliance, particularly where it facilitates money laundering or terrorist financing, individuals (e.g., executives, compliance officers) may face criminal charges, leading to imprisonment.
Reputational Damage: Beyond legal penalties, non-compliance can severely damage a VASP's reputation, leading to loss of customer trust and business.
Law of the Republic of Kazakhstan "On Counteracting Legalization (Laundering) of Criminal Proceeds and Financing of Terrorism" (No. 191-IV dated August 28, 2009, as amended): This is the primary AML/CFT law. It designates the Financial Monitoring Agency (FMA) as the competent authority and outlines the obligations of "financial organizations" and other reporting entities (which, under FATF standards, includes VASPs). It requires reporting entities to identify customers, monitor transactions, and report suspicious activities, including those related to terrorism financing and proliferation, which often involves sanctions screening.
Agency for Financial Monitoring of the Republic of Kazakhstan (AFM): This is the primary regulator and source for official guidance. Their website (afm.gov.kz) would contain relevant information, though often in Kazakh or Russian.
FATF Mutual Evaluation Reports for Kazakhstan (via EAG): As a member of the Eurasian Group on Combating Money Laundering and Financing of Terrorism (EAG), a FATF-style regional body, Kazakhstan is subject to peer reviews. These reports detail their compliance with FATF standards.
Legal Reference: Закон Республики Казахстан "О цифровых активах в Республике Казахстан" от 6 февраля 2023 года № 4-VIII ЗРК.
Applicable to high-risk customers, including politically exposed persons (PEPs) or those from jurisdictions with elevated money laundering risks.
Additional documentation such as beneficial ownership information and source-of-funds verification may be required.
Customer Identification: Verify identity through government-issued IDs and photos.
Address Verification: Confirm residential address via utility bills or bank statements.
Source of Funds Documentation: Obtain proof of legitimate funds for large deposits or transfers.
Utilize advanced monitoring tools like Riskified and ComplyAdvantage to detect anomalies in transaction patterns.
Implement machine learning algorithms to predict and flag potential AML risks proactively.
Travel Rule
Travel rule data collection in progress.
Tax Reporting
General Republic of Kazakhstan: The National Bank of Kazakhstan has historically maintained a cautious stance, stating that cryptocurrencies are not legal tender and are generally viewed as digital property or assets. The use of cryptocurrencies for payments is prohibited outside the AIFC.
General Principle: Gains derived from the sale or exchange of digital assets are generally subject to Individual Income Tax (IIT). When a cryptocurrency is sold for a higher price than its acquisition cost, the difference is considered a capital gain.
Tax Rate: The standard IIT rate in Kazakhstan is a flat 10%.
Taxable Events: Selling crypto for fiat, exchanging one crypto for another (crypto-to-crypto trades), using crypto to purchase goods or services.
Cost Basis: The acquisition cost (including any fees paid) is used to calculate the gain.
Holding Period: Kazakhstan's tax code does not generally differentiate between short-term and long-term capital gains for individuals; the 10% rate applies regardless of the holding period.
Losses: Capital losses can generally be offset against capital gains of the same type in the same tax period.
General Principle: Profits from the sale or exchange of digital assets are subject to Corporate Income Tax (CIT).
Tax Rate: The general CIT rate in Kazakhstan is 20%.
Taxable Events: Same as individuals.
Cost Basis & Losses: Similar principles apply to cost basis and offsetting losses against gains.
Potential Exemptions: The AIFC offers a more attractive tax regime. Participants (legal entities registered within the AIFC) may be exempt from CIT on certain income, including income from financial services and investment activities, for a period of up to 50 years. This could potentially include profits from qualifying digital asset activities, depending on the specific registration and nature of the activity. Individuals working in the AIFC also enjoy tax benefits. It is crucial to verify the specific conditions for these exemptions with the AFSA and a tax advisor.
Hobbyist: If mining is sporadic and not organized as a business, income might still be subject to IIT (10%) for individuals or CIT (20%) for legal entities, based on the fair market value of the mined crypto at the time of receipt.
Professional/Business: Organized mining operations are considered entrepreneurial activity. Income generated from mining (fair market value of coins mined) is subject to either IIT (for individual entrepreneurs) or CIT (for companies), after deducting allowable expenses (electricity, hardware depreciation, etc.). Kazakhstan has specific regulations and licensing requirements for crypto miners, including an environmental levy (or charge) on digital mining.
Staking/Lending Rewards: Income received from staking or lending cryptocurrencies (e.g., interest, rewards) is generally considered taxable income, subject to IIT (10%) or CIT (20%) based on the fair market value at the time of receipt.
Airdrops/Forks: The fair market value of crypto received through airdrops or hard forks might be considered taxable income at the time of receipt, or at the time of sale, depending on specific guidance (which is often lacking and subject to interpretation under general income tax rules).
Wages/Payments in Crypto: If an individual receives cryptocurrency as payment for services or employment, it is treated as income in kind and is subject to IIT (10%) based on its fair market value at the time of receipt, including social contributions.
DeFi & NFTs: Tax treatment of more complex DeFi activities (liquidity provision, yield farming) and NFTs (sales, royalties) would generally fall under the existing IIT/CIT framework, taxed as capital gains or business income depending on the nature of the transaction.
VAT Rate: The standard Value Added Tax (VAT) rate in Kazakhstan is 12%.
Services Related to Crypto: Services related to cryptocurrency, such as exchange fees, brokerage services, consulting, or the sale of mining equipment, would generally be subject to VAT if provided by a VAT-registered entity in Kazakhstan.
Mining: The provision of mining services (e.g., cloud mining, or selling hash power) could potentially be subject to VAT if it's considered a taxable supply of services.
VAT Exemptions: AIFC participants are generally exempt from VAT on the supply of financial services and certain other specified activities within the AIFC. This could extend to qualifying digital asset services.
Universal Declaration: Kazakhstan has been implementing a universal declaration system. Since 2021, public servants, and since 2023, employees of state-owned enterprises, are required to submit declarations of assets and liabilities (Form 250.00). From 2024, individual entrepreneurs, company founders, and their spouses must file. By 2025, all adult citizens will be required to file.
Annual Income Declaration: Individuals must declare all taxable income, including capital gains from crypto, in their annual Individual Income Tax declaration (Form 270.00 or 200.00 for individual entrepreneurs).
Corporate Income Tax Declaration: Legal entities must declare all income, including profits from crypto activities, in their annual Corporate Income Tax declaration (Form 100.00).
Fair Market Value: All income and gains from crypto must be converted to Kazakhstani Tenge (KZT) at the official exchange rate (or a market-determined rate) on the date of the taxable event.
Record Keeping: Taxpayers are generally required to keep accurate records of all cryptocurrency transactions, including acquisition dates, costs, sale dates, proceeds, and market values at the time of taxable events.
Financial Monitoring: Kazakhstan has Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) laws. Digital asset exchanges operating in Kazakhstan (or those dealing with Kazakhstani residents) are subject to KYC (Know Your Customer) requirements and reporting of suspicious or large transactions to financial monitoring authorities.
Reporting requirements for AIFC participants are governed by AIFC regulations and AFSA rules, which may differ from the general Republic of Kazakhstan regime. However, they are still subject to international standards for financial reporting and AML/CTF.
Digital Mining: Law "On Digital Assets in the Republic of Kazakhstan" (passed in 2023) and related regulations specifically address digital mining, including licensing, energy consumption quotas, and the aforementioned environmental levy for miners. This law and subsequent amendments aim to bring mining activities into a legal and taxable framework.
AML/CTF: Amendments to laws related to financial monitoring have included digital assets within their scope to combat money laundering and terrorist financing.
Astana International Financial Centre (AIFC) Acts and Regulations: The AIFC has its own specific regulatory acts and rules (e.g., AIFC Digital Asset Regulations, AFSA Rules) that define digital assets and govern their use, trading, and licensing within its jurisdiction. These regulations inherently influence the tax treatment for AIFC-registered entities.
State Revenue Committee of the Ministry of Finance of the Republic of Kazakhstan (Комитет государственных доходов Министерства финансов Республики Казахстан - KGD): This is the primary tax authority. While direct specific guidance on "crypto tax" articles might be sparse and integrated into broader tax law interpretations, this is where official tax information originates.
Ministry of Finance of the Republic of Kazakhstan (Министерство финансов Республики Казахстан): Oversees the State Revenue Committee.
National Bank of Kazakhstan (Национальный Банк Республики Казахстан): Responsible for monetary policy, financial stability, and defining the legal status of financial instruments, including stance on cryptocurrencies.
AIFC Financial Services Authority (AFSA): https://afsa.aifc.kz
Tax Code of the Republic of Kazakhstan: The foundational tax legislation (available in Kazakh and Russian, usually through legal information systems like "Adilet" - adilet.zan.kz, which hosts all laws of Kazakhstan). Search for "Налоговый кодекс Республики Казахстан."
Evolving Landscape: The regulatory and tax landscape for cryptocurrencies is rapidly evolving globally, and Kazakhstan is no exception. New laws or interpretations can emerge.
Lack of Specificity: While the general principles of the Tax Code apply, detailed guidance on specific crypto-related events (e.g., DeFi, NFTs, retroactive airdrops) is often lacking, leading to potential ambiguities.
International Standards: Kazakhstan is increasingly aligning its financial regulations with international standards, particularly regarding AML/CTF, which impacts how crypto entities operate and report.
Custody Requirements
Astana Financial Services Authority (AFSA): The independent regulator for the AIFC.
AIFC Digital Asset Business Rules (DABR): Contains specific requirements for firms involved in digital asset activities.
AIFC Conduct of Business Rules (COB): General rules for how firms must conduct business with clients.
AIFC Prudential Rules (PRU): Rules related to capital, risk management, and financial soundness.
AIFC Anti-Money Laundering and Counter-Terrorist Financing Rules (AML): Mandatory for all regulated firms.
License Type: Firms typically seek a license for "Providing Digital Asset Custody Services" under the AIFC Digital Asset Business Rules. This falls under the broader category of "Digital Asset Business."
Submission of a comprehensive application form.
Detailed business plan outlining operations, risk management, technology, and compliance.
Demonstration of "fit and proper" criteria for all significant shareholders, directors, and senior management (background checks, experience, integrity).
Proof of adequate financial resources (capital requirements – see Prudential Rules).
Robust Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) policies and procedures.
Demonstration of robust IT systems and cybersecurity measures.
Regulatory Reference: AIFC Digital Asset Business Rules 2020 (DABR), specifically Part 3 (General Requirements for Digital Asset Business) and other relevant sections detailing specific activities.
Mandatory Segregation: Licensed custodians are required to segregate client digital assets from their own proprietary assets. These assets must be clearly identifiable as client assets.
Record-Keeping: Detailed and accurate records of client assets, including ownership and transaction history, must be maintained.
Trust Accounts/Safeguarding: Assets must be held in a manner that protects clients' interests, typically implying a trust or fiduciary arrangement where client assets are not subject to the custodian's creditors in case of insolvency.
Regulatory Reference: AIFC Conduct of Business Rules 2020 (COB), particularly sections relating to client money and client asset safeguarding. Also implied by the Digital Asset Business Rules emphasizing client protection.
Capital Requirements: Licensed firms must meet specific minimum capital requirements (financial resources) based on the nature and scale of their business, as detailed in the Prudential Rules. This serves as a buffer against operational losses.
Risk Management Framework: Firms are required to implement robust risk management systems covering operational risks, technology risks, and security risks. This indirectly encourages firms to consider appropriate insurance as part of their risk mitigation strategy, although not explicitly mandated as a bonding requirement.
Operational Resilience: Firms must demonstrate operational resilience, including contingency plans for security breaches or loss of assets.
Regulatory Reference: AIFC Prudential Rules 2020 (PRU), and relevant sections of the Digital Asset Business Rules concerning operational risk.
Robust Cybersecurity: Firms must implement and maintain robust cybersecurity frameworks to protect client digital assets from theft, loss, or unauthorized access. This includes multi-factor authentication, encryption, and secure network protocols.
Private Key Management: Detailed policies and procedures for the generation, storage, backup, and recovery of private keys are mandatory. This strongly implies the use of offline (cold) storage for a significant portion of client assets, especially those not actively traded.
Risk Assessment: Custodians must conduct regular risk assessments of their storage solutions (hot, warm, cold) and implement appropriate controls.
Operational Procedures: Clear and secure operational procedures for moving assets between different storage types are required.
An entity that is licensed by the Astana Financial Services Authority (AFSA) to provide "Digital Asset Custody Services" in accordance with the AIFC Digital Asset Business Rules.
Such an entity must comply with all relevant AFSA rules, including those pertaining to capital adequacy, client asset segregation, governance, risk management, and AML/CTF.
Kazakhstan's President Kassym-Jomart Tokayev signed a law in February 2023 "On Digital Assets in the Republic of Kazakhstan" which legalizes and regulates activities related to digital assets, including their issuance, circulation, and mining outside the AIFC. However, note that subsequent implementing regulations and amendments may have been introduced.
Focus: This law primarily focuses on regulating cryptocurrency mining, mandating licensing for crypto exchanges operating within the country (outside AIFC), and outlining the procedures for their operation.
Custody Implications (Outside AIFC): While not explicitly creating a standalone "custody license" as detailed as the AIFC's, the licensing of crypto exchanges by the Agency for Financial Monitoring (AFM) implies that these exchanges offering custodial services will be subject to general financial regulations, AML/CTF requirements, and potentially rules on client asset safeguarding from the AFM. However, the specific, granular rules for custody are not as detailed as within the AIFC.
Agency for Financial Monitoring (AFM): https://www.gov.kz/memleket/entities/afm/about?lang=en
News Reference for 2023 Law: Search for "Kazakhstan Digital Assets Law February 2023" for various news reports. (e.g., Reuters, local news sites).
The February 2023 law was a significant step in formalizing the national crypto industry. However, given the rapid evolution of digital assets, further refinements and specific regulations, especially regarding "custody as a standalone service" outside the AIFC, could still be in development.
The government and regulatory bodies (AFSA, National Bank, AFM) continue to monitor the market and update regulations as needed. Kazakhstan has shown a willingness to adapt its legal framework to embrace digital innovation while ensuring financial stability and consumer protection.
Discussions often revolve around integrating digital assets into the broader financial system and addressing emerging risks. Any new legislation would likely aim to harmonize national standards with international best practices.
AIFC is the most comprehensive regulatory environment for digital asset custody in Kazakhstan, with specific licensing, asset segregation, and robust security requirements enforced by the AFSA.
Outside AIFC, the national framework is developing, with recent laws legalizing crypto activities and licensing exchanges through the Agency for Financial Monitoring, which will have implications for custody offered by those exchanges.
Firms seeking to offer robust and compliant digital asset custody services in Kazakhstan will primarily look to the AIFC's AFSA regulatory framework.
Stablecoin Regulation
Law of the Republic of Kazakhstan No. 278-VII ZRK dated June 24, 2023 "On Digital Assets in the Republic of Kazakhstan" (and subsequent amendments).
Note: This law came into force on September 1, 2023, and defines the legal status and turnover of digital assets.
URL (Official publication, in Russian/Kazakh): Zakon.kz - Law on Digital Assets (You may need to use translation tools for full text).
The Law "On Digital Assets" defines "digital assets" broadly. Stablecoins would typically fall under the category of "secured digital assets" (обеспеченные цифровые активы).
Secured Digital Asset: A digital asset that certifies property rights to specific goods, services, or property, including money, and is backed by real assets or obligations of the issuer.
Not classified as E-money/Payment Tokens: Stablecoins, under this law, are treated as a distinct category of digital assets, separate from electronic money as defined by the Law "On Payments and Payment Systems" or traditional payment tokens. E-money typically refers to digital representations of fiat currency issued by banks or licensed payment organizations.
Not classified as Securities: While some stablecoins could potentially be deemed "security tokens" if they grant specific investment rights (e.g., profit share, equity), most typical fiat-backed stablecoins are generally viewed as secured digital assets rather than traditional securities under this framework.
The national law provides general principles for secured digital assets, stating they must be backed by real assets or obligations. However, it does not specify granular reserve requirements (e.g., 1:1 fiat backing, independent audits, segregated accounts) for stablecoins specifically within the national jurisdiction. These specifics would likely be elaborated in subordinate legislation by the National Bank of Kazakhstan (NBK) or the Agency for Regulation and Development of Financial Market (ARDFM).
Issuers of such assets are responsible for ensuring the backing and disclosing information about it.
The national law requires licensing for activities related to digital assets, including the organization of trading platforms for digital assets, storage services, and issuance activities.
For secured digital assets, the law implies redemption rights by stating they certify property rights to underlying assets, including money. The specific mechanism for redemption would be defined by the issuer's terms and conditions, subject to the general principles of consumer protection and contractual law.
The national Law on Digital Assets does not explicitly address "algorithmic stablecoins." Given the general emphasis on "secured digital assets" being backed by real assets or obligations, purely algorithmic stablecoins (without tangible asset backing) would likely face significant regulatory hurdles or be outright disallowed. The regulatory focus is on tangible asset backing to ensure stability and protect users.
The National Bank of Kazakhstan (NBK) is actively piloting a Digital Tenge (CBDC).
The Digital Tenge is intended to be a third form of national currency, alongside cash and non-cash money.
AIFC Financial Services Framework Regulations (FSFR)
AIFC Digital Asset Trading Rules
AIFC Digital Asset Business Rules
URL (AFSA Rules and Regulations): AIFC AFSA Regulations
Within the AIFC, stablecoins are most likely to be classified as "Asset-Referenced Tokens" or potentially "Security Tokens," depending on their specific design and the rights they convey.
Asset-Referenced Token: A token that purports to maintain a stable value by referencing other assets (e.g., fiat currency, commodities, or a basket of assets). This is the most common classification for fiat-backed stablecoins.
Security Token: A token that qualifies as a "security" under the AIFC Financial Services Framework Regulations (e.g., shares, debentures, collective investment scheme units). If a stablecoin offers rights akin to traditional securities (e.g., profit sharing, voting rights in the issuer), it would be classified as a security token.
E-money/Payment Tokens: The AIFC has clear definitions for e-money. Stablecoins issued by regulated entities within the AIFC that meet the strict criteria for e-money could be classified as such, but generally, the "Asset-Referenced Token" category is more common for crypto-native stablecoins.
For Asset-Referenced Tokens within the AIFC, the AFSA imposes stringent requirements
1:1 Backing: Issuers are typically required to hold reserves equal to the nominal value of the tokens in circulation.
Segregation: Reserves must be held in segregated accounts with regulated financial institutions, separate from the issuer's operational funds.
Auditing: Regular, independent audits of reserve holdings are usually mandated to verify the backing.
Prudent Management: Issuers must demonstrate robust risk management, governance, and capital adequacy.
Issuing, offering, or providing services related to digital assets (including stablecoins) within the AIFC requires an appropriate license from the Astana Financial Services Authority (AFSA).
Activities like operating a Digital Asset Trading Facility (DATF), providing Custody of Digital Assets, or Arranging Deals in Digital Assets, all require specific AFSA authorization.
Issuers of Asset-Referenced Tokens in the AIFC are generally required to provide clear and unambiguous redemption mechanisms, allowing holders to redeem their tokens for the underlying asset (e.g., fiat currency) at par value. These rights are critical for consumer protection and maintaining the token's peg.
The AIFC framework, with its emphasis on "Asset-Referenced Tokens" backed by real, verifiable assets, is generally not conducive to purely algorithmic stablecoins. The AFSA's cautious approach to investor protection and financial stability means that stablecoins without clear, tangible, and independently auditable backing would likely not be approved or licensed within the AIFC.
The AIFC has often been a testing ground for innovations that may later be adopted nationally. While the NBK's Digital Tenge project is national, the AIFC's regulated digital asset ecosystem could potentially integrate with or leverage the Digital Tenge. For instance, private stablecoins within the AIFC might eventually be required to use the Digital Tenge as their underlying reserve asset or facilitate interoperability with it for certain payment flows.
Dual System: Kazakhstan has a two-tiered regulatory approach: a general national framework and a more detailed, specific framework within the AIFC.
Classification: Nationally, stablecoins are "secured digital assets." In the AIFC, they are typically "Asset-Referenced Tokens." They are generally not classified as e-money or traditional securities unless their features strictly align with those definitions.
Backing: Both frameworks emphasize the need for backing. The AIFC has more specific and stringent requirements (1:1, segregated accounts, audits) for its regulated Asset-Referenced Tokens.
Licensing: Issuance and related services for stablecoins require licensing from the relevant authority (NBK/ARDFM nationally, AFSA in AIFC).
Algorithmic Stablecoins: Highly unlikely to be supported or approved due to the focus on tangible asset backing for stability.
CBDC: The Digital Tenge is a separate, official initiative by the NBK. Private stablecoins will likely need to navigate coexistence with, and potentially integrate with, the CBDC in the future.
CDD & EDD: KYC procedures for stablecoin holders; Enhanced Due Diligence (EDD) for high-risk customers.
STR Reporting: Suspicious Activity Reports required for unusual transactions.
Record Retention: Must retain records of all transactions and due diligence processes for at least five years.
Beneficial Ownership & PEP Screening: Disclosure of beneficial ownership; screening against Politically Exposed Persons (PEPs).
Source: Kazakhstan Stablecoin Regulation - Plexo Institute[^1]
Kazakhstan Taps Solana, Mastercard for Tenge Stablecoin [^3]
Kazakhstan AFSA Stablecoin Issuer License 2026... | Zitadelle AG [^2]
Kazakhstan Stablecoin Regulation - Plexo Institute [^1]
Confirmed Membership in FATF: Kazakhstan is a member of the Financial Action Task Force (FATF), adhering to global anti-money laundering standards, as confirmed by recent FATF announcements.
FATF Confirms Kazakhstan's Commitment to Global AML Standards [^4]
Currency Conversion Details: The USD 200,000 minimum capital requirement converts to approximately KZT 5,600,000 and EUR 180,000 to approximately KZT 5,040,000 based on April 2026 exchange rates.
Regulatory Alignment: Both AFSA and NBK references are aligned under the AIFC Rules on Digital Asset Activities and the proposed Digital Assets Law, ensuring consistent regulatory oversight.
Securities Classification
National Bank of Kazakhstan (NBK) – regulates monetary policy and oversees securities and payment systems. Website: https://www.nbk.kz
Agency for Regulation and Development of the Financial Market (Agency) – licenses financial service providers and enforces compliance with financial regulations. Website: https://www.akim.gov.kz
Law No. 184-VI ЗРК "On amendments and changes to certain legislative acts of the Republic of Kazakhstan on matters of ensuring the uniformity of measurement and standardization" (effective 21 October 2018) – introduces exemptions for international offerings via the Astana International Financial Center (AIFC) under Article 22‑1, allowing a Kazakhstan resident to issue securities internationally without NBK consent if at least 20% are offered on the AIX.
Securities Market Law (adopted by Decree of the President dated 21 October 2018) – governs listing, trading, and issuance of securities; includes provisions for digital asset activities through a broad Securities Broker-Dealer License.
Trading of shares, debentures, bonds, and other securities.
Crypto transaction facilitation (buy/sell, custody, exchange services).
E‑wallet, payment, foreign exchange, and merchant services.
Financial consulting, depository agent activities, issuance of debit cards (in specific cases), hosting crypto trading platforms, and software development related to financial services.
Document Collection & POA preparation – includes notarized passport copy with apostille and a notarized Power of Attorney (POA) with apostille.
Local Company Incorporation – entry into the Commercial Register, granting a Business Identification Number (BIN). Takes ~1 week.
Permission as Financial Service Provider – obtained from the Ministry of Economy concurrently with local incorporation.
Application to Agency – submission of all documents; registration typically completed within 4 weeks after company formation. Full application generally approved within 6–8 weeks post‑submission (source: Empire Global).
Recent changes to the Securities Market Law and NBK Regulation affecting the AIFC Kinstellar
Kazakhstan Securities Market Update: Bond Trading Surges EconomyKZ
Kazakhstan Securities Broker-Dealer License Requirements Empire Global
About Kazakhstan - Government Portal Gov.kz
Modernization of Securities Market in Kazakhstan (PDF) Academia.edu
Cryptocurrency and digital assets are legal in Kazakhstan under the umbrella of securities regulations. Kinstellar
The National Bank of Kazakhstan (NBK) and the Agency regulate crypto activities through existing Securities Broker‑Dealer licensing. EconomyKZ
A Securities Broker‑Dealer License permits extensive crypto transaction activities with no minimum capital requirement. Empire Global
No dedicated digital‑asset‑only license has been issued as of 2025; firms obtain broad securities licenses instead. Kinstellar
AML/KYC compliance is mandatory under NBK rules for all crypto activities conducted via a licensed broker‑dealer. Empire Global
Corporate income tax can be structured to near‑zero rates for licensed entities; personal gains taxed at 15%. Gov.kz
Sanctions & Restrictions
To avoid inadvertent dealings with sanctioned entities, VASPs must conduct daily checks against the and other relevant sanctions databases.
Utilize compliance platforms like Snowden Compliance to automate sanctions screening processes.
Regularly update internal sanction lists to reflect the latest regulatory changes.
Enforcement Actions
Regulator Name: Agency of the Republic of Kazakhstan for Financial Monitoring (AFM), in cooperation with the Ministry of Energy, National Security Committee, and local authorities.
Entity Targeted: Numerous unregistered cryptocurrency mining farms operated by various individuals and organizations across the country. Violation Type: Unlicensed business activity, illegal electricity consumption, tax evasion, sometimes money laundering, and operating outside the legal framework for crypto mining. Outcome: Shut down of operations, seizure of equipment (hundreds of thousands of mining devices), criminal charges against operators, and significant administrative fines. While individual penalty amounts for each entity are not publicly disclosed, the total economic impact and asset seizures were substantial. For instance, in 2022 alone, the AFM reported stopping 51 illegal mining farms and confiscating equipment worth billions of tenge.
Date: Ongoing, but major crackdowns and public announcements occurred particularly between January 2022 and March 2023.
Outcome: Over 50 illegal mining farms were shut down, leading to the confiscation of equipment and initiation of criminal cases. This action significantly reduced the strain on the national energy grid and established a precedent for strict enforcement against unregistered mining.
AFM: Kazakhstan clamps down on illegal crypto mining farms (This link provides context on various AFM actions, including illegal crypto-related activities.)
Reuters: Kazakhstan clamps down on illegal crypto miners as electricity crunch looms
Kazinform: 51 illegal crypto farms shut down in Kazakhstan
Entity Targeted: Operators and websites of unregistered cryptocurrency exchanges and peer-to-peer trading platforms. Violation Type: Unlicensed financial activity, facilitation of illegal financial operations (e.g., fraud, money laundering), violation of financial regulations. Penalty Amount: Not specified as a direct fine in publicly available reports. Outcome: Blocking of website access, criminal charges against individuals involved, seizure of funds (if traceable).
Date: Multiple instances reported, for example, a significant operation in February 2023.
Outcome: Websites were blocked, and criminal investigations were launched against individuals involved in operating these platforms. This reinforces Kazakhstan's stance against any crypto trading outside the regulated AIFC framework.
AFM: Activities of a large cryptocurrency exchange in Almaty were suppressed by law enforcement agencies (This specifically refers to an operation in February 2023, though penalty details aren't itemized.)
Entity Targeted: Individuals and organized groups operating pyramid schemes and financial frauds that solicited investments in cryptocurrencies. Violation Type: Financial fraud, creation and promotion of financial pyramids, illegal attraction of funds, money laundering. Penalty Amount: Not specified as a single fine, but involves restitution to victims, asset forfeiture, and criminal sentences (imprisonment).
Date: Ongoing, with several high-profile cases reported throughout 2022 and 2023.
Outcome: Arrests, criminal prosecutions, and convictions of perpetrators, aiming to recover assets for victims. These actions highlight the regulatory focus on consumer protection and combating crypto-related scams.
AFM: Financial Monitoring Agency prevented a financial pyramid scheme using crypto currency (This example from Nov 2022 details a specific case of a pyramid scheme involving cryptocurrency.)
Research & Articles
Regulatory Forecast
high confidenceLikely enforcement action expected around 2026-09-20
Based on 111 historical regulatory events for Kazakhstan, averaging every 56 days, with increasing regulatory activity.
Recent Updates
Regulatory Reference: The very existence of the licensing regime for "Digital Asset Custody Services" defines who...
Regulatory Reference: The very existence of the licensing regime for "Digital Asset Custody Services" defines who is a qualified provider within the AIFC. Refer to the AIFC Digital Asset Business Rules 2020.
The February 2023 law was a significant step in formalizing the national crypto industry. However, given the rapid ev...
The February 2023 law was a significant step in formalizing the national crypto industry. However, given the rapid evolution of digital assets, further refinements and specific regulations, especially regarding "custody as a standalone service" outside the AIFC, could still be in development.
The government and regulatory bodies (AFSA, National Bank, AFM) continue to monitor the market and update regulations...
The government and regulatory bodies (AFSA, National Bank, AFM) continue to monitor the market and update regulations as needed. Kazakhstan has shown a willingness to adapt its legal framework to embrace digital innovation while ensuring financial stability and consumer protection.
Firms seeking to offer robust and compliant digital asset custody services in Kazakhstan will primarily look to the ...
Firms seeking to offer robust and compliant digital asset custody services in Kazakhstan will primarily look to the AIFC's AFSA regulatory framework.
Outcome: Websites were blocked, and criminal investigations were launched against individuals involved in operati...
Outcome: Websites were blocked, and criminal investigations were launched against individuals involved in operating these platforms. This reinforces Kazakhstan's stance against any crypto trading outside the regulated AIFC framework.
Definition: While not exclusively for digital assets, a PSP license is required for firms handling fiat-to-crypto...
Definition: While not exclusively for digital assets, a PSP license is required for firms handling fiat-to-crypto and crypto-to-fiat conversions, remittances, or other payment-related services where digital assets are involved in the transaction flow. AFSA's rules define specific "payment services" that require licensing, and these can extend to services involving digital assets.
Sanctioned Entity Screening: Automated and ongoing screening of all customers, beneficial owners, and transaction...
Sanctioned Entity Screening: Automated and ongoing screening of all customers, beneficial owners, and transaction counterparties against the UN Consolidated List, OFAC SDN List, EU Consolidated Financial Sanctions List, and any other relevant national or international lists.
Risk-Based Approach: Developing and implementing a risk-based approach to AML/CFT and sanctions compliance, propo...
Risk-Based Approach: Developing and implementing a risk-based approach to AML/CFT and sanctions compliance, proportionate to the VASP's risk profile, customer base, products, and geographies of operation.
Reporting Obligations: Prompt reporting of any confirmed or suspected sanctions hits, as well as suspicious trans...
Reporting Obligations: Prompt reporting of any confirmed or suspected sanctions hits, as well as suspicious transactions, to the Financial Monitoring Agency (FMA) or the AFSA (for AIFC-regulated entities).
Training and Internal Controls: Regular training for staff on sanctions compliance, maintaining up-to-date polici...
Training and Internal Controls: Regular training for staff on sanctions compliance, maintaining up-to-date policies and procedures, and conducting independent audits of the compliance program.
Administrative Fines: Significant monetary penalties for non-compliance, varying based on the severity and freque...
Administrative Fines: Significant monetary penalties for non-compliance, varying based on the severity and frequency of the violation.
Criminal Charges: Individuals and corporate officers can face criminal prosecution, imprisonment, and asset forfe...
Criminal Charges: Individuals and corporate officers can face criminal prosecution, imprisonment, and asset forfeiture for serious breaches, particularly those involving terrorism financing, money laundering, or willful evasion of sanctions.
License Revocation: VASPs found to be in egregious non-compliance may have their licenses suspended or revoked by...
License Revocation: VASPs found to be in egregious non-compliance may have their licenses suspended or revoked by the FMA or AFSA.
International Sanctions: Firms or individuals operating in Kazakhstan who violate OFAC or EU sanctions may also f...
International Sanctions: Firms or individuals operating in Kazakhstan who violate OFAC or EU sanctions may also face direct penalties from U.S. or EU authorities, including being added to sanctions lists themselves.
The Law "On Digital Assets" defines "digital assets" broadly. Stablecoins would typically fall under the category of ...
The Law "On Digital Assets" defines "digital assets" broadly. Stablecoins would typically fall under the category of "secured digital assets" (обеспеченные цифровые активы).
Not classified as E-money/Payment Tokens: Stablecoins, under this law, are treated as a distinct category of digi...
Not classified as E-money/Payment Tokens: Stablecoins, under this law, are treated as a distinct category of digital assets, separate from electronic money as defined by the Law "On Payments and Payment Systems" or traditional payment tokens. E-money typically refers to digital representations of fiat currency issued by banks or licensed payment organizations.
The national law provides general principles for secured digital assets, stating they must be backed by real assets o...
The national law provides general principles for secured digital assets, stating they must be backed by real assets or obligations. However, it does not specify granular reserve requirements (e.g., 1:1 fiat backing, independent audits, segregated accounts) for stablecoins specifically within the national jurisdiction. These specifics would likely be elaborated in subordinate legislation by the National Bank of Kazakhstan (NBK) or the Agency for Regulation and Development of Financial Market (ARDFM).
The National Bank of Kazakhstan and the Agency for Regulation and Development of Financial Market (ARDFM) are the pri...
The National Bank of Kazakhstan and the Agency for Regulation and Development of Financial Market (ARDFM) are the primary regulators.
For secured digital assets, the law implies redemption rights by stating they certify property rights to underlying a...
For secured digital assets, the law implies redemption rights by stating they certify property rights to underlying assets, including money. The specific mechanism for redemption would be defined by the issuer's terms and conditions, subject to the general principles of consumer protection and contractual law.
The National Bank of Kazakhstan (NBK) is actively piloting a Digital Tenge (CBDC).
The National Bank of Kazakhstan (NBK) is actively piloting a Digital Tenge (CBDC).
E-money/Payment Tokens: The AIFC has clear definitions for e-money. Stablecoins issued by regulated entities with...
E-money/Payment Tokens: The AIFC has clear definitions for e-money. Stablecoins issued by regulated entities within the AIFC that meet the strict criteria for e-money could be classified as such, but generally, the "Asset-Referenced Token" category is more common for crypto-native stablecoins.
The AIFC framework, with its emphasis on "Asset-Referenced Tokens" backed by real, verifiable assets, is generally no...
The AIFC framework, with its emphasis on "Asset-Referenced Tokens" backed by real, verifiable assets, is generally not conducive to purely algorithmic stablecoins. The AFSA's cautious approach to investor protection and financial stability means that stablecoins without clear, tangible, and independently auditable backing would likely not be approved or licensed within the AIFC.
Algorithmic Stablecoins: Highly unlikely to be supported or approved due to the focus on tangible asset backing f...
Algorithmic Stablecoins: Highly unlikely to be supported or approved due to the focus on tangible asset backing for stability.
Astana International Financial Centre (AIFC): Within the special economic zone of the AIFC, there is a comprehe...
Astana International Financial Centre (AIFC): Within the special economic zone of the AIFC, there is a comprehensive regulatory framework for digital assets, including exchanges, custody, and other related services. This framework is based on English common law principles and is designed to attract innovation while ensuring investor protection and market integrity.
National Bank of Kazakhstan (NBK):
National Bank of Kazakhstan (NBK):
General Republic of Kazakhstan: The National Bank of Kazakhstan has historically maintained a cautious stance, st...
General Republic of Kazakhstan: The National Bank of Kazakhstan has historically maintained a cautious stance, stating that cryptocurrencies are not legal tender and are generally viewed as digital property or assets. The use of cryptocurrencies for payments is prohibited outside the AIFC.
Digital Mining: Law "On Digital Assets in the Republic of Kazakhstan" (passed in 2023) and related regulations sp...
Digital Mining: Law "On Digital Assets in the Republic of Kazakhstan" (passed in 2023) and related regulations specifically address digital mining, including licensing, energy consumption quotas, and the aforementioned environmental levy for miners. This law and subsequent amendments aim to bring mining activities into a legal and taxable framework.
Astana International Financial Centre (AIFC) Acts and Regulations: The AIFC has its own specific regulatory acts ...
Astana International Financial Centre (AIFC) Acts and Regulations: The AIFC has its own specific regulatory acts and rules (e.g., AIFC Digital Asset Regulations, AFSA Rules) that define digital assets and govern their use, trading, and licensing within its jurisdiction. These regulations inherently influence the tax treatment for AIFC-registered entities.
National Bank of Kazakhstan (Национальный Банк Республики Казахстан): Responsible for monetary policy, financial ...
National Bank of Kazakhstan (Национальный Банк Республики Казахстан): Responsible for monetary policy, financial stability, and defining the legal status of financial instruments, including stance on cryptocurrencies.
Effective Date: The amendments came into effect approximately 60 calendar days after their official publication...
Effective Date: The amendments came into effect approximately 60 calendar days after their official publication, which means around early April 2023. This law brought virtual assets and virtual asset service providers (VASPs) within the scope of the national AML/CFT regime.
Compliance with FATF R.16: These amendments aim to align Kazakhstan's legislation with FATF Recommendation 15 (Vi...
Compliance with FATF R.16: These amendments aim to align Kazakhstan's legislation with FATF Recommendation 15 (Virtual Assets and VASPs) and its Interpretive Note, which includes the Travel Rule (Recommendation 16).
Administrative Fines: Significant monetary penalties for violations, varying based on the severity of the breach,...
Administrative Fines: Significant monetary penalties for violations, varying based on the severity of the breach, the VASP's size, and whether it's a first offense. These fines can apply to both the legal entity and its responsible officers.
Suspension or Revocation of Licenses/Registrations: For serious or repeated non-compliance, a VASP's operating li...
Suspension or Revocation of Licenses/Registrations: For serious or repeated non-compliance, a VASP's operating license or registration may be suspended or revoked, effectively preventing it from conducting business.
Law of the Republic of Kazakhstan "On Amendments and Additions to Certain Legislative Acts of the Republic of Kazak...
Law of the Republic of Kazakhstan "On Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on Combating Legalization of Criminal Proceeds (Money Laundering) and Financing of Terrorism" (No. 182-VII dated February 2, 2023): While a direct English link to the full official text can be difficult to find publicly, information about its adoption is widely reported.
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