Kazakhstan

{
  "analysis_text": "Kazakhstan has established itself as one of the most structured cryptocurrency jurisdictions in Central Asia, operating under a \u0027Allowed-Regulated\u0027 status. The regulatory environment is characterized by a unique dual-jurisdiction system. For several years, the Astana International Financial Centre (AIFC) served as the sole legal sandbox and operational zone for cryptocurrency trading, operating under English Common Law principles and regulated by the Astana Financial Services Authority (AFSA). Major global exchanges, including Binance and Bybit, obtained licenses here to offer services to Kazakhstani residents.\n\nThe framework significantly evolved with the \u0027Law on Digital Assets\u0027 (effective April 2023), which formalized the definitions of secured and unsecured digital assets. This law initially prohibited the circulation of unsecured digital assets (cryptocurrencies like Bitcoin) outside the AIFC, effectively creating a monopoly for the financial center. However, in November 2025, President Kassym-Jomart Tokayev signed pivotal amendments that ended this monopoly, allowing licensed entities to offer crypto trading services in the wider national jurisdiction under the supervision of the National Bank of Kazakhstan. This move aims to bring the \u0027grey\u0027 market into the regulated fold and integrate crypto more deeply into the national financial system.\n\nRetail investor protection is a cornerstone of the Kazakhstani approach. The AFSA enforces strict limits on retail trading to mitigate risk. \u0027Retail Clients\u0027 who do not provide proof of income are limited to investing approximately $1,000 per month. Those who verify their income and assets can invest up to $100,000 per year, subject to caps based on their net worth (5%) or annual income (10%). These limits are strictly enforced by licensed platforms through mandatory KYC/AML procedures.\n\nMining regulation is equally stringent. Kazakhstan, once a global mining hub, now requires miners to be licensed and report their activities. A critical provision of the 2023 law mandates that miners must sell a significant portion of their mined digital assets on local, licensed exchanges (rising to 75% in 2025). This policy is designed to ensure liquidity within the domestic market and prevent capital flight. Tax compliance is also enforced, with individuals required to file Form 240 for capital gains, taxed at a flat rate of 10%.",
  "confidence_level": "High",
  "executive_summary": "Retail cryptocurrency trading is legal and heavily regulated in Kazakhstan, primarily operating through the Astana International Financial Centre (AIFC) and recently expanded to the national jurisdiction. As of late 2025, the country employs a dual regulatory framework where the Astana Financial Services Authority (AFSA) licenses exchanges within the AIFC, while the National Bank of Kazakhstan oversees newly authorized crypto-exchange service providers in the wider economy. Retail investors face specific investment limits based on income verification, and miners are subject to mandatory requirements to sell a portion of their yield on local licensed exchanges.",
  "grounding_urls": [
    {
      "resolved_url": "https://www.lightspark.com/knowledge/is-crypto-legal-in-kazakhstan",
      "title": "lightspark.com",
      "url": "https://vertexaisearch.cloud.google.com/grounding-api-redirect/AUZIYQHSSCc9Q-p0Y-DiyG58-G3upxBfoTEgSXhVUpV1ULYPIrgFIZOo8T4GI1yp_ABuuwj3y56gHLAdB7Ld8f4nHZeKBaahIvLsqws79c8qvJS4mBr4dxsDerJaAFrLDyHw8XZHgaTflPQWqFvzb9iY9icwWteC0R_xQ_5cIeYAng=="
    },
    {
      "resolved_url": "https://www.morganlewis.com/pubs/2023/02/kazakhstan-introduces-new-regulation-of-digital-assets",
      "title": "morganlewis.com",
      "url": "https://vertexaisearch.cloud.google.com/grounding-api-redirect/AUZIYQEcKU23QwoAcI39KY0bxdVfmfyrh7w6AJdpUzEGrY7RZApIziIEzwR2ZzmCbtOevGIaThit9N6bd4GKCYyVXu0YQKrVmGbRm1Nof5VnDio8IrU4I9XRcpHlJfNsAw4Avy8ism6tYfpBXDX1z0uSnfzxsgOqGH9X5cxojttLH29xza2f9tuSbSSUi-Z_104cTm-uJ1AQa4eBuDSQ"
    },
    {
      "resolved_url": "https://www.binance.com/en/square/post/19048197751361",
      "title": "binance.com",
      "url": "https://vertexaisearch.cloud.google.com/grounding-api-redirect/AUZIYQHKakjRQCplOkBFLJGRvdmd7yvWS_EvsCL-MmPDxYbu6KZxHVe4bFkDv8zTrI7txEsCbM3hXrxg5E818zv52B8edQdxJ_hiUqyuY13VdbFNA-eUeilA6INaWKyoZwsjsZtZC4KEPmXqAXeZbWamRTkQ"
    },
    {
      "resolved_url": "https://kazakhstan.revera.legal/en/info-centr/news-and-analytical-materials/292-regulirovanie-majninga-i-oborot-kriptovalyut-v-respublike-kazaxstan/",
      "title": "revera.legal",
      "url": "https://vertexaisearch.cloud.google.com/grounding-api-redirect/AUZIYQEm0C0f-4iqrnjxrrMKjgwrelLfVHyoNy4fJHBAU7GaGugEN-roaXb5iKYk_SbsoEoWtmEHmTwZAZYfupvsCdRIKC6N9lzYySw3m6KNVQxdcgDRKNjsOxbKJ0jnqITltIuG2eRM_bTeTPSe9bW1jQk6SJM22lhcyKW1-Ox2N6WgGRW6rt8RX5Mt6dZV5H9wp55UNnflG9wN4qEFiANzLxfZinhUhDs6b_zPn2PCWP-Rx_-OVXIz0OhIsnfz9GpYALKD9ghRe9D0FMqSF4bdbj-0"
    },
    {
      "resolved_url": "https://news.bitcoin.com/kazakhstan-imposes-purchase-limits-on-retail-crypto-investors/",
      "title": "bitcoin.com",
      "url": "https://vertexaisearch.cloud.google.com/grounding-api-redirect/AUZIYQHhQi4qoY1r9i0LntJIob5U2Mw2y2VvDGMxWVTwNltPpcIcx8pQRWkJbarFwOLj9mdgRqFmcJs61qUHwVG3fomF6J7PZNfRpzqGDBYdk5SLGq_ao4yG1FrFgO9jl1ubbXaXrQfF9hslGAhT70Mz8l5eCJao1KhNfdWRV4IV5bZrLj7Odygd3yhchWsBuMZNohI-oA=="
    },
    {
      "resolved_url": "https://afsa.aifc.kz/aifc-introduces-limits-for-retail-clients-on-buying-and-trading-of-digital-assets-in-aifc-authorised-digital-asset-trading-facilities/",
      "title": "aifc.kz",
      "url": "https://vertexaisearch.cloud.google.com/grounding-api-redirect/AUZIYQH9emSfZMOPnNqV1z33kt7s3OdaMUDnQ4MKwaL5DsVQ2jxWTHLiWmj1CkXxeag9BGBbZsBjy4IYVtAKGWPuCkojnVsqCdjyRL48Sm89182dG3QcvtrJjvKP1Nibgir0yq961nXR20ia1mjjnHCIoxUpqXw4fOxpdi8yBp5Xu9vCBtGS-Gz3iQg4OQylvgqnZn8tgeFh5_bTz_NgXgdG4xjyGS4YlM-557Tjj-eLlRbKiRP7OKdq6C37AA5NqxyjUceqc3aR4sfl7KKTElSS_FnVTNrzaJ3P2w=="
    },
    {
      "resolved_url": "https://caspiannews.com/news-detail/kazakhstan-lifts-restrictions-on-cryptocurrency-mining-trading-2025-11-17-36/",
      "title": "caspiannews.com",
      "url": "https://vertexaisearch.cloud.google.com/grounding-api-redirect/AUZIYQFgCFMM9Y8VcTvr4OpQjjLl7AwbJY2n7WD-X9cQ_3je12wJahwiFqq3hJtZWO9Y--o4ok8jRxcOVJQh1gdg_5dVLjv1DHEFPYyoRgKXMz0ejAOaPgOXa-DvSyvl5KE08g8Z-cr0dkiD0T_UC-bJB1XfZZ4fmveC1a5AJBfEsI-z1THKIamesE1RG37J0jukKmHxGv1d2tOIqE76oWxgqQRZto9OTOg7Qg4rSQwM"
    },
    {
      "resolved_url": "https://chambers.com/articles/new-in-the-regulation-of-digital-assets-in-kazakhstan",
      "title": "chambers.com",
      "url": "https://vertexaisearch.cloud.google.com/grounding-api-redirect/AUZIYQEKeCdVbTkgzJ5ibhXcknoZiMFsijv3HSPKowXslDOtgwmZ9AD05hk70oaHZm1kE94VJciyFX0ZuEHzyE-IQa3VLmj4LKmybyqsxZtmASJ4s-TQNjBW2EHLijplcQ5l8Hq_KXZdxqsrfvNEatUm4fJVcBcrp9Z5vsF9WDPmnyko2obC77WszH8m3OrIJ3LM"
    }
  ],
  "status": "Allowed-Regulated",
  "structured_data": {
    "confidence_level": "High",
    "detailed_analysis": "Kazakhstan has established itself as one of the most structured cryptocurrency jurisdictions in Central Asia, operating under a \u0027Allowed-Regulated\u0027 status. The regulatory environment is characterized by a unique dual-jurisdiction system. For several years, the Astana International Financial Centre (AIFC) served as the sole legal sandbox and operational zone for cryptocurrency trading, operating under English Common Law principles and regulated by the Astana Financial Services Authority (AFSA). Major global exchanges, including Binance and Bybit, obtained licenses here to offer services to Kazakhstani residents.\n\nThe framework significantly evolved with the \u0027Law on Digital Assets\u0027 (effective April 2023), which formalized the definitions of secured and unsecured digital assets. This law initially prohibited the circulation of unsecured digital assets (cryptocurrencies like Bitcoin) outside the AIFC, effectively creating a monopoly for the financial center. However, in November 2025, President Kassym-Jomart Tokayev signed pivotal amendments that ended this monopoly, allowing licensed entities to offer crypto trading services in the wider national jurisdiction under the supervision of the National Bank of Kazakhstan. This move aims to bring the \u0027grey\u0027 market into the regulated fold and integrate crypto more deeply into the national financial system.\n\nRetail investor protection is a cornerstone of the Kazakhstani approach. The AFSA enforces strict limits on retail trading to mitigate risk. \u0027Retail Clients\u0027 who do not provide proof of income are limited to investing approximately $1,000 per month. Those who verify their income and assets can invest up to $100,000 per year, subject to caps based on their net worth (5%) or annual income (10%). These limits are strictly enforced by licensed platforms through mandatory KYC/AML procedures.\n\nMining regulation is equally stringent. Kazakhstan, once a global mining hub, now requires miners to be licensed and report their activities. A critical provision of the 2023 law mandates that miners must sell a significant portion of their mined digital assets on local, licensed exchanges (rising to 75% in 2025). This policy is designed to ensure liquidity within the domestic market and prevent capital flight. Tax compliance is also enforced, with individuals required to file Form 240 for capital gains, taxed at a flat rate of 10%.",
    "executive_summary": "Retail cryptocurrency trading is legal and heavily regulated in Kazakhstan, primarily operating through the Astana International Financial Centre (AIFC) and recently expanded to the national jurisdiction. As of late 2025, the country employs a dual regulatory framework where the Astana Financial Services Authority (AFSA) licenses exchanges within the AIFC, while the National Bank of Kazakhstan oversees newly authorized crypto-exchange service providers in the wider economy. Retail investors face specific investment limits based on income verification, and miners are subject to mandatory requirements to sell a portion of their yield on local licensed exchanges.",
    "important_considerations": [
      "Retail Investment Limits: Unverified retail investors are capped at ~$1,000/month. Verified investors can trade up to $100,000/year (capped at 10% of annual income or 5% of net worth).",
      "Mining Restrictions: Miners must sell 75% of their mined crypto on licensed local exchanges (effective 2025).",
      "Taxation: Individuals must report capital gains on Form 240; gains are taxed at 10%.",
      "Fiat Channels: Bank transfers to crypto exchanges are only permitted for licensed entities; \u0027grey\u0027 P2P is actively discouraged/blocked.",
      "Dual Jurisdiction: Distinct rules apply depending on whether the entity is registered in the AIFC (English common law framework) or mainland Kazakhstan (Civil law)."
    ],
    "key_regulatory_pillars": [
      "Astana Financial Services Authority (AFSA) - Primary regulator for the AIFC special economic zone",
      "National Bank of Kazakhstan - Regulator for crypto-exchange operators outside the AIFC (as of late 2025)",
      "Agency for Regulation and Development of the Financial Market (ARDFM) - Oversees financial stability and consumer protection aspects",
      "Ministry of Digital Development, Innovation, and Aerospace Industry - Competent authority for digital mining regulation",
      "Mandatory Licensing - All exchanges must hold a \u0027Digital Asset Trading Facility\u0027 license (AIFC) or equivalent national license"
    ],
    "landmark_legislation": [
      {
        "date_enacted": "2023-04-01",
        "identifier": "No. 193-VII ZRK",
        "name": "Law on Digital Assets in the Republic of Kazakhstan",
        "summary": "The foundational framework defining digital assets, regulating mining activities, and initially restricting unsecured digital asset circulation to the AIFC. It mandated miners to sell a percentage of crypto on local exchanges.",
        "url": "https://adilet.zan.kz/eng/docs/Z2300000193"
      },
      {
        "date_enacted": "2025-11-18",
        "identifier": null,
        "name": "Amendments on Artificial Intelligence and Digitalization (Ending AIFC Monopoly)",
        "summary": "Recent legislation signed by President Tokayev permitting crypto mining and trading outside the AIFC, effectively ending the AIFC\u0027s exclusive control and creating a unified national regulatory regime under National Bank oversight.",
        "url": null
      },
      {
        "date_enacted": "2024-01-01",
        "identifier": "AIFC Rules No. AFSA-Q-OA-2023-0003",
        "name": "AIFC Digital Asset Activities Rules",
        "summary": "Detailed rules for exchanges operating within the AIFC, including capital requirements, custody rules, and retail investor limits.",
        "url": "https://afsa.kz/"
      }
    ],
    "notes_and_comments": "The analysis reflects the regulatory state as of December 2025. The distinction between \u0027Secured\u0027 (tokens/securities) and \u0027Unsecured\u0027 (cryptocurrencies like BTC) digital assets is critical in Kazakh law. Most retail trading rules apply specifically to \u0027Unsecured Digital Assets\u0027.",
    "primary_sources": [
      {
        "date": "2023-02-06",
        "key_quote": "The circulation of unsecured digital assets is prohibited in the territory of the Republic of Kazakhstan, except for the territory of the Astana International Financial Centre.",
        "source_type": "law_text",
        "title": "Law of the Republic of Kazakhstan on Digital Assets",
        "url": "https://adilet.zan.kz/eng/docs/Z2300000193"
      },
      {
        "date": "2025-12-12",
        "key_quote": "List of firms with license type \u0027Operating a Digital Asset Trading Facility\u0027.",
        "source_type": "regulator",
        "title": "AFSA Public Register of Authorised Firms",
        "url": "https://publicreg.myafsa.com/"
      },
      {
        "date": "2021-11-05",
        "key_quote": "A retail client can now only invest up to US$1,000 per month without providing proof of income or assets.",
        "source_type": "regulator",
        "title": "AIFC Retail Client Limits Notice",
        "url": "https://afsa.kz/"
      }
    ],
    "remaining_uncertainties": [
      "Specific licensing requirements for the new \u0027national\u0027 crypto-exchange service providers under the National Bank are not yet fully detailed in public English documentation.",
      "The practical timeline for the full implementation of the November 2025 amendments ending the AIFC monopoly remains to be seen."
    ],
    "secondary_sources": [
      {
        "date": "2025-11-18",
        "key_quote": "Kazakhstan has enacted a new law permitting crypto mining and trading beyond the Astana International Financial Center (AIFC), effectively ending the AIFC\u0027s exclusive control over crypto sales.",
        "source_type": "news",
        "title": "Kazakhstan Ends AIFC Monopoly, Eases Crypto Mining Regulations",
        "url": "https://phemex.com/news/kazakhstan-ends-aifc-monopoly-eases-crypto-mining-regulations"
      },
      {
        "date": "2025-06-12",
        "key_quote": "In Kazakhstan, it is legal to trade cryptocurrencies only on licensed AIFC exchanges: Binance, Bybit, ATAIX Eurasia...",
        "source_type": "analysis",
        "title": "Bybit Kazakhstan Regulatory Overview",
        "url": "https://www.bybit.com/en-KZ/"
      }
    ],
    "status": "Allowed-Regulated"
  }
}