kazakhstan

Our team at CLS comprises seasoned experts who can guide you through acquiring a license in Kazakhstan, from aiding in document preparation to submitting the application and addressing any inquiries from the Agency, Ministry of Economy, and AIFC. Contact us to get a professional consultation and further assistance.

To trade cryptocurrencies for fiat currency, your company must consider that there are two types of licenses:

• If you operate a crypto exchange, there is a license for using a digital asset trading facility.
• If you provide electronic wallet custody services, there is a license for offering custody to safeguard and administer digital assets belonging to someone else.

You must set up a legal entity to get these two licenses. According to the law, Astana Financial Services Authority (AIFC) is the body that can help you with this task.

The National Bank of Kazakhstan has also established a framework for regulating crypto payments and issued guidelines for their use. As a result, cryptocurrency payments are treated similarly to conventional fiat currency payments. Accordingly, businesses that accept them are subject to the same rules as those that accept traditional currency payments.

To operate in Kazakhstan, bitcoin exchange service providers must register with the National Bank and obtain a license. To be granted a license, exchanges must meet specific requirements, including having sufficient capital, complying with anti-money laundering and counter-terrorism funding laws, and having robust IT infrastructure to safeguard customer data.

The regulation of cryptocurrency exchanges in Kazakhstan is in development. Still, the National Bank of Kazakhstan has guided the use of cryptocurrencies and established a framework for their control.

In 2022, the NBRK, ARDFM, AIFC, and MDDIAI passed pilot regulations, legalizing crypto transactions under certain circumstances. To participate in the pilot project, exchanges must obtain a license, and banks must declare allegiance. The legal structure complies with international standards, ensuring proper transaction monitoring and the protection of client funds.