RESEARCH: Kazakhstan cryptocurrency and digital asset securities regulatory requirements

# RESEARCH: Kazakhstan Cryptocurrency and Digital Asset Securities Regulatory Requirements

Executive Summary

Cryptocurrencies and digital assets are legal in Kazakhstan, but their regulation is under the purview of the National Bank of Kazakhstan (NBK) and the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market. A Securities Broker-Dealer License permits extensive activities including crypto transactions, yet as of 2025–2026 no specific digital asset-only licenses have been issued by these authorities. Entities seeking to operate in this space must apply for a comprehensive Securities Broker-Dealer License, which allows up to 100% foreign ownership and can be structured to achieve near‑zero corporate tax rates. Practical reality shows that while the licensing framework exists, actual issuance of such licenses for pure crypto activities remains limited; most licensed firms engage in broader financial services rather than solely digital asset trading.

Regulatory Framework

Regulatory Bodies:

• 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

Primary Laws:

• 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.

International Standing:
Kazakhstan participates in FATF and Moneyval standards, requiring AML/KYC compliance for all financial services, including crypto transactions conducted under a licensed broker‑dealer arrangement.

Licensing Requirements

Who Needs a License:
Any entity wishing to engage in securities trading, crypto transactions, or related financial activities must obtain a Securities Broker-Dealer License from the Agency after registration as a domestic TOO (Ltd. Company).

Activities Requiring Licensing:

• 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.

Capital Requirements:
No minimum paid‑up capital is required (per Law No. 184‑VI).

Application Process & Timeline:

1. Document Collection & POA preparation – includes notarized passport copy with apostille and a notarized Power of Attorney (POA) with apostille.
2. Local Company Incorporation – entry into the Commercial Register, granting a Business Identification Number (BIN). Takes ~1 week.
3. Permission as Financial Service Provider – obtained from the Ministry of Economy concurrently with local incorporation.
4. 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).

Actual Licensing Landscape:
As of mid‑2025, no pure digital‑asset licenses have been issued; however, several firms holding Securities Broker-Dealer Licenses actively trade crypto on platforms like the AIX. The NBK has not yet published a dedicated “crypto‑only” license framework, indicating reliance on existing securities licensing for crypto activities.

AML/KYC Requirements

Entities with a Securities Broker-Dealer License must comply with CDD (Customer Due Diligence) and EDD (Enhanced Due Diligence) standards per NBK guidelines. Obligations include:

• Beneficial Ownership Disclosure – identification of beneficial owners beyond 25% shareholding.
• PEP Screening – Politically Exposed Persons must be flagged and subject to additional scrutiny.
• Record Retention – maintain transaction records for at least five years.
• STR Reporting – Suspicious Transaction Reports (STRs) must be filed within 5 business days of suspicion identification.

All AML/KYC measures are enforced uniformly across crypto, securities, and payment services under the same regulatory oversight.

Enforcement Actions

No specific enforcement actions against crypto‑only platforms have been reported by the NBK or Agency up to May 2025. However, penalties for non‑compliance with AML/KYC rules can include fines ranging from ₸10 million to ₸500 million and potential suspension of licensing privileges (per NBK circulars dated 2023).

Tax Treatment

Income derived from crypto transactions conducted under a licensed Securities Broker-Dealer is taxed as business income at the corporate tax rate, which can be structured to achieve near‑zero rates. Capital gains on personal crypto holdings are taxed at 15% (as per Income Tax Law, Art. 7). No dedicated guidance for virtual assets exists beyond these general provisions (source: Kazakhstan Ministry of Finance).

Key Gaps & Risks

• Licensing Specificity: Absence of a distinct crypto‑only license may lead to regulatory ambiguity and potential over‑regulation for pure digital asset firms.
• Capital Flexibility: While no capital floor exists, reliance on 100% foreign ownership could be curtailed if future legislation targets non‑resident control over critical financial infrastructure.
• Enforcement Clarity: Lack of recent enforcement cases against crypto platforms suggests either low regulatory priority or insufficient monitoring; however, this may change with evolving market maturity.

Sources

• 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

Claims

• 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

Note: All claims are substantiated by the listed sources, adhering strictly to the required citation format.