Tokayev announces special crypto zone in Kazakhstan

Kazakhstan intends to establish a special zone called CryptoCity, where cryptocurrency transactions will be allowed, President Kassym-Jomart Tokayev announced while delivering a speech during the Plenary Session of the Astana International Forum.

«We are planning to create a pioneering pilot zone called CryptoCity where cryptocurrencies might be used for purchasing goods, services and even beyond,» Tokayev said.

In late January, President Tokayev emphasized the need to develop infrastructure that enables the legal circulation of digital assets in Kazakhstan. Currently, the only way to conduct legal cryptocurrency transactions is through exchanges licensed by the Astana International Financial Centre (AIFC). However, experts estimate that only 5% of Kazakhstani crypto investors use these platforms, while the majority of them prefer to remain in the «gray zone.»

In late May, Kazakhstan’s National Bank revealed that it was working on amendments to the national legislation aimed at legalizing the operation of cryptocurrency exchange facilities in the country. These facilities will be authorized to conduct cryptocurrency exchange transactions for a fee. The regulator will also determine a list of assets available for purchase.

Additionally, the National Bank has initiated the establishment of a regulatory sandbox for testing technologies before hitting the market.

In 2024, Kazakhstanis illegally purchased cryptocurrencies worth $15 billion, according to the regulator’s data.