Kazakhstan to license crypto-to-fiat exchanges
National Bank officials will regulate crypto platforms, including those dealing with stablecoins.
Kazakhstan is moving to formally regulate cryptocurrency exchange services that convert digital assets into fiat. The National Bank will oversee licensing under new national rules.
Yerlan Ashykbekov, head of the bank’s payment systems department, confirmed that a new category of licensed crypto exchange providers is being introduced. These platforms will be authorised to carry out crypto-to-fiat operations.
The central bank will also define which cryptocurrencies can be bought or sold under the new framework. Licensed operators will fall under direct supervision by the National Bank, including those issuing and circulating stablecoins and other digital assets.
Exchanges based in the Astana International Financial Centre will remain under a separate regime, though the government aims to link both systems. The move aligns with President Kassym-Jomart Tokayev’s push to legalise crypto use and shift users out of the unregulated ‘grey zone.’
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