Based on the results of a pilot project that operated on the AIFC site with the participation of several crypto exchanges and second-tier banks, crypto exchanges and digital asset service providers are allowed to operate on the AIFC site from 2024.

The regulatory framework is represented by the AIFC rules on activities with digital assets (DAA) and on the “Procedure and mechanisms of interaction between an exchange of unsecured digital assets and (or) a participant of the Center, which has a license to carry out activities related to digital assets with a second-tier bank of the Republic of Kazakhstan”, as well as some other general acts. Also, AIFC legislation allows for the issuance of certain types of stablecoins.

The AIFC as the main regulatory body issues licenses to crypto exchanges (operators of digital asset trading platforms) and other participants of this market – brokers, investment managers, consultants. Currently, eight crypto exchanges are licensed in Kazakhstan, including Binance, Bybit, ATAIX Eurasia, Biteeu, CaspianEx, BigOne, Delta DA and Xignal&MT. All digital asset exchanges are also authorized to carry out custodial activities. Currently, 106 cryptocurrencies have been approved by the center.

Kazakhstan