Kazakhstan Introduces Licensing for Crypto Exchanges

The National Bank of Kazakhstan has developed legislative amendments that establish the legal status of crypto exchange operators and introduce licensing for their activities. This was announced at a briefing for the media by Yerlan Ashykbekov, Director of the Payment Systems Department.

According to him, the proposals aim to introduce “systemic regulation” of digital asset circulation in the country.

Ashykbekov noted that the participants in the market have already been identified. To expedite its launch, the central depository and the Kazakhstan Stock Exchange are expected to be used as the infrastructural base.

The bill introduces a new category of participants within the general jurisdiction—cryptocurrency exchange service providers, who will operate under a license and be supervised by the central bank.

“Meanwhile, the activities of such crypto providers in the form of crypto exchanges within the jurisdiction of the AIFC are regulated separately and are not affected by these measures,” clarified the head of the department.

Functional interaction is envisaged among all these entities to “ensure an integrated infrastructure for the digital market,” added Ashykbekov.

In April, the central bank announced the introduction of cryptocurrency circulation regulation in the country through the creation of a nationwide licensed exchange.