Kazakhstan moves to legalize and regulate cryptocurrency exchange points
ASTANA. May 22 (Interfax) – The National Bank of Kazakhstan is set to formalize the legal operation of cryptocurrency exchange points, with oversight and licensing responsibilities assigned to the central bank, Yerlan Ashykbekov, director of the Department of Payment Systems at the National Bank, said on Thursday.
“A new category of market participants, providers of cryptocurrency exchange services, will be introduced under national jurisdiction. These entities will operate based on licenses issued by the National Bank and remain under its supervision. Their primary role will be to facilitate the exchange of cryptocurrencies for fiat currency. The list of cryptocurrencies available for trading through these platforms will be determined by the central bank,” Ashykbekov said at a briefing.
The move also establishes a clear legal status for operators of crypto exchange platforms, who will be required to obtain licenses and follow regulations set by the National Bank.
“The National Bank will regulate and supervise the activities of crypto exchange points and operators of digital financial asset platforms where such assets are issued and traded. This includes organizing oversight of stablecoins tied to monetary value,” Ashykbekov explained.
Cryptocurrency bourses operating within the Astana International Financial Center (AIFC) will remain under separate regulation by the AIFC’s financial regulator. However, coordination mechanisms are being put in place to ensure seamless interaction between licensed crypto exchange providers and AIFC-based exchanges, supporting the development of a cohesive digital market infrastructure.
Ashykbekov also said that regulations covering the issuance and circulation of digital financial assets, including requirements for issuers and investors, as well as standards for the underlying assets supporting these instruments, will be jointly overseen by the AIFC regulator and the National Bank.