President Kassym-Jomart Tokayev sees the need to streamline legal circulation of digital assets in Kazakhstan through expansion of corresponding infrastructure. He shared this idea during a cabinet meeting on Jan. 28.
As the president noted, transactions with cryptocurrencies are currently allowed only on licensed platforms within the Astana International Financial Centre (AIFC). However, according to various experts, only 5% of Kazakhstani cryptocurrency investors use AIFC-approved platforms, while most prefer to operate in the gray zone.
«The task of creating an infrastructure for broader legal circulation of digital assets is urgent. Financial regulators must step in to shape the necessary legal framework,» Tokayev stated.
In mid-November, Timur Suleimenov, the head of Kazakhstan’s National Bank, announced plans on legalization of cryptocurrency exchanges. At the time, he cited the experiences of neighboring countries, Kyrgyzstan and Uzbekistan, where the issuance and circulation of digital assets are allowed nationwide. According to Suleimenov, these countries outperform Kazakhstan in cryptocurrency trading volume by several times, suggesting their practices are worth adopting.
As of the beginning of the year, eight cryptocurrency exchange platforms have been licensed in Kazakhstan: Binance, Bybit, ATAIX Eurasia, Biteeu, CaspianEx, BigOne, Delta DA and Xignal&MT. These platforms feature over 50,000 registered users, with a trade volume exceeding $240 million.
Two types of digital assets operate in Kazakhstan: backed (backed with goods or services) and unbacked (tokens for participating and supporting consensus in the blockchain system). In Kazakhstan, the turnover of unbacked assets is allowed only within the AIFC platforms.
