Kazakhstan has enacted a law that confines public trading to digital financial assets explicitly approved by its central bank. This change, effective in early 2025, places the National Bank of Kazakhstan (NBK) at the centre of the country’s digital asset regime and alters how exchanges and investors operate within Kazakh borders. The new framework shifts the country from a more permissive stance toward a centrally controlled model of digital asset market access.
Overview of Kazakhstan’s New Crypto Regulation
The legislation formally designates the NBK as the primary regulator for digital assets, giving it broad supervisory authority over market participants. Under the law, trading is allowed only for assets that appear on the NBK’s official registry of approved digital financial assets (DFAs), which the bank will publish and update. This model creates a state-directed channel for which projects and tokens may be offered publicly.
Key Provisions of the Regulation
The law concentrates several powers in the NBK to control market access and conduct. These measures are presented as a package intended to bring digital assets into a formal compliance framework under central-bank supervision.
- Exclusive NBK authority to license cryptocurrency exchanges operating in Kazakhstan.
- Maintenance of an official registry of authorized digital financial assets (DFAs) permitted for public trading.
- NBK powers to set and enforce transaction limits for retail and institutional participants, and to delist assets or sanction non‑compliant platforms.
Impact on Investors and Exchanges
For local investors, the law introduces protections by limiting public trading to NBK‑approved DFAs, which the regulator intends to vet before market access. At the same time, this curation significantly narrows the range of tradable global cryptocurrencies and affects how users access decentralized finance and off‑exchange assets.
International platforms that previously engaged with Kazakh authorities must now obtain specific NBK licenses and align their product sets with the NBK’s whitelist of DFAs. Domestic exchanges face a formal licensing process and will need to implement robust KYC/AML procedures and adjust trading pairs to match the approved assets list.
Expert Analysis and Global Context
Observers describe Kazakhstan’s approach as a controlled adoption model: the state permits and channels innovation rather than banning it outright. Dr. Aisha Petrova characterises the policy as an attempt to capture blockchain benefits while shielding the domestic economy from related risks. This centralised gatekeeper role differs from more permissive or market‑driven regimes elsewhere.
The law offers legal clarity and compliance pathways for institutions, but it also means slower introduction of new assets to the market and potential consolidation among exchanges that can meet NBK requirements.
Timeline of Regulatory Evolution
Kazakhstan’s move to this strict regulatory stance was gradual and built on prior policy steps. Authorities first signalled intent to regulate the crypto sector in 2020, focusing initially on the mining industry and energy use. Pilot projects for a central bank digital currency, the digital tenge, began in 2021, and legislative drafts addressing trading and exchanges were considered in 2023 before the 2025 enactment.
Why this matters
If you run mining hardware or trade crypto from Russia, the NBK’s new regime changes how Kazakh markets function and what on‑ramps are available for local users. Even if you mine and sell coins abroad, licensed Kazakh exchanges will only list NBK‑approved DFAs, which narrows liquidity and may affect local on‑ramp options.
For cross‑border services and foreign exchanges, the law means tighter entry requirements and asset restrictions, which can alter where and how you sell mined coins or convert them to fiat. Monitoring the NBK registry becomes important to know which assets are tradable inside Kazakhstan and which platforms remain accessible.
What to do?
Take pragmatic steps to stay compliant and preserve flexibility while the market adapts. First, track the NBK’s published DFA registry and licensing announcements to understand which assets and platforms are officially allowed. Second, prioritise exchanges that obtain NBK licensing or clearly state compliance with the NBK approved list.
- Keep detailed records of coin sales and counterparties to simplify KYC/AML checks and tax reporting.
- Consider using licensed international venues that align offerings with the NBK’s registry, and avoid relying solely on unregulated P2P channels for high‑value trades.
- Prepare for tighter onboarding: ensure your identity documents and business information meet standard KYC requirements used by licensed platforms.
For historical context and earlier Kazakh rules, see the coverage of the 2023 law that addressed mining and digital asset circulation. To compare regulatory trends in the region, consult our article on cryptocurrency regulation in Russia.
Frequently Asked Questions
What cryptocurrencies can I trade in Kazakhstan now?
Only digital financial assets listed on the NBK’s official registry are permitted for public trading. The central bank will publish and update this list of approved DFAs, and licensed exchanges must restrict trading to those assets.
How does the law affect international exchanges like Binance or Bybit?
International exchanges must obtain a specific license from the NBK to operate legally in Kazakhstan and adapt their product suites to the NBK’s approved asset list. Platforms that do not comply risk being restricted or removed from the Kazakh market.
Can I still use decentralized wallets or DeFi protocols?
The law targets licensed exchanges and the public trading of assets; holding assets in a private wallet is not described as an outright ban. However, accessing unapproved assets through DeFi or unregulated channels may fall into legal gray areas and could face practical restrictions.
Is Kazakhstan banning cryptocurrency?
No. The law does not ban cryptocurrencies in general, but it creates a restrictive regime that allows only NBK‑approved DFAs to be traded publicly, moving the market from an open to a controlled model.
