Bitcoin, Ethereum, tokens - these words have long been on everyone's lips, but which of them can be legally bought in Kazakhstan, and under what rules? Since 1 May 2026, systematic regulation of digital asset circulation has been in force in the country: amendments to the law have come into effect that have enshrined the types of digital assets and the rules for their operators. At the same time, paying with cryptocurrency at a store is still not possible - it has not yet become a means of payment. Let us consider, in order, what this means for the investor.
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This material is for information purposes only and does not contain investment recommendations. Investments always involve the capital loss risk.
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What Are Digital Assets?
A digital asset is property in electronic form, which exists by virtue of cryptography and blockchain but is deemed neither money nor legal tender. This is essentially the definition given by the Digital Assets in the Republic of Kazakhstan Law dated 6 February 2023, No. 193-VII ZRK.
At this point, it is worth drawing distinctions straight away: “digital assets” and “cryptocurrency” are not the same thing - cryptocurrency is merely one of their varieties. Under the amendments effective from 1 May 2026, all digital property is divided into two groups:
● Unsecured Digital Assets - the familiar cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH) or Solana (SOL);
● Digital Financial Assets (DFA) - for example, stablecoins backed by money, or tokenised real assets: real estate, commodities or securities converted into digital form.
An example makes it simpler: Bitcoin is an unsecured digital asset because its price is determined solely by supply and demand. Stablecoins pegged to the US dollar work differently - the issuer holds a reserve in US dollars or government bonds and undertakes to exchange the token for US dollars at approximately one to one. A tokenised bond or an interest in a real estate is another example of a DFA: it is the same traditional asset, except that the rights thereto are recorded on the blockchain rather than in an ordinary register or depository.
In the rest of this article, we speak mainly about cryptocurrency - it is what the investors are interested in most often.
What Is Cryptocurrency?
Cryptocurrency is an unsecured digital asset: no commodity and no obligation of any company stands behind it, and it is not issued by the government. All transactions are recorded on the blockchain - a distributed ledger maintained by the participants of the network rather than by a bank or another intermediary.
How cryptocurrency differs from ordinary money
● It is not issued by the National Bank, and the government does not guarantee it as a means of settlement - unlike tenge or US dollar.
● Records of transactions are held simultaneously by many independent participants of the network rather than in the closed database of a bank or payment system.
● In Kazakhstan, cryptocurrency is not recognised as legal tender. Although regulated crypto cards are already operating in the country: upon payment, the digital asset is automatically sold, and the settlement with the seller is effectuated in tenge.
Why cryptocurrency prices may fluctuate sharply
● Many coins have a limited emission - however much they are wanted, more than a certain quantity will never exist, so the price reacts sharply to demand.
● The market reacts acutely to news: decisions of regulators, large transactions by well-known holders, and events on global exchanges can move the price significantly within minutes or hours.
● Many coins lack the liquidity of large stocks or ETFs - so even a not-very-large trade can noticeably move the quotations.
That is precisely why cryptocurrency is regarded as a highly volatile risky asset: swings of tens of per cent within a few days are commonplace for it, which cannot be said of most traditional securities.
A vivid example: from its all-time high of around USD 69,000 in November 2021, bitcoin fell by approximately 75% to the USD 16,000 mark by November 2022. A drawdown of a comparable scale in large equity indexes is a rarity even in crisis years.
How Digital Assets Are Regulated In Kazakhstan
Regulation has developed in stages. The foundational Digital Assets in the Republic of Kazakhstan Law has been in force since 1 April 2023. From 18 January 2026, amendments under Law No. 231-VIII came into effect: among other things, they repealed the requirement under which at least 75% of digital assets mined in Kazakhstan had to be sold through AIFC-licenced exchanges.
The next major stage began on 1 May 2026, when the new system of licencing and registration of digital asset service providers outside the AIFC came into operation. Also from 1 May, the provision of Law No. 259-VIII adopted on 16 January 2026 came into force: it abolished the separate article of the foundational law on digital asset exchanges and incorporated the regulation of such platforms into the general system of licencing and registration.
The regulation has only just come into operation, so the details may still be refined - before a transaction, it is best to check the current rules on the website of the National Bank of the Republic of Kazakhstan.
The first licences outside the AIFC have already been issued: by August 2026, the National Bank had licenced several digital asset exchange operators, including the company AUSU, and granted the Kazakhstan Stock Exchange (KASE) the status of an operator of a digital asset trading platform and a digital financial asset platform. The market is still small - in the first couple of months, the turnover of the licenced operators amounted to around KZT 2 billion - but it is no longer theoretical.
Which operations are regulated
● Exchange of unsecured digital assets for money and back - through exchange operators holding a licence of the National Bank of the Republic of Kazakhstan.
● Trading in digital assets - through trading platform operators that have undergone registration; the issuance and circulation of DFAs - through DFA platform operators. The DFAs, other than stablecoins, are regulated by the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market.
● Digital mining - a separate area, for which licencing has been in force for a longer time.
● Digital assets custody and opening of crypto wallets for clients.
What requirements may be imposed on platforms and market participants
● Licence of the National Bank of the Republic of Kazakhstan - for operators exchanging unsecured digital assets; registration - for operators of digital asset trading platforms and DFA platforms.
● Client identification (KYC) and compliance with AML/CFT requirements.
● Informing clients of the risks of digital assets before they begin trading.
Separately from the nationwide regulation, there is the AIFC regime: companies incorporated in that financial centre may obtain a licence for digital asset services from the Astana Financial Services Authority (AFSA) – the independent AIFC regulator.
What a Crypto Exchange Is
A crypto exchange is a platform where cryptocurrency is bought, sold and exchanged, in the same way as shares on a stock exchange. Unlike a transaction directly between two people, an exchange takes on an intermediary role: it matches the orders of buyers and sellers, provides liquidity and usually holds the clients' assets until they are withdrawn.
In Kazakhstan, such platforms are already operating not only on paper. Within the AIFC perimeter, for example, the Kazakhstan exchange ATAIX Eurasia and the local legal entities Binance Kazakhstan and Bybit Kazakhstan hold a full AFSA licence. They are not the same thing as the global platforms: they operate as separate companies under AFSA supervision, rather than under a licence of the parent brand.
Incidentally, Freedom Finance Global signed a memorandum of understanding with Binance Kazakhstan in December 2025 - the parties are exploring the possibility of integrating Binance solutions into the Freedom brokerage platform, so that clients can trade digital assets without leaving their familiar interface.
What to check before using an exchange platform
● Legal status - whether the platform holds a licence or registration with the National Bank of the Republic of Kazakhstan or, if it operates within the AIFC, the corresponding AFSA authorisation.
● Whether the service deals with users from Kazakhstan, and on what terms.
● What fees apply - for transactions, top-ups, and withdrawals.
● How the account can be topped up and money withdrawn - in tenge, in foreign currency, or directly in cryptocurrency.
● How client assets are held - whether they are segregated from the funds of the platform itself.
● What documents are required for identification.
● Whether there are restrictions - on transaction amounts, the range of assets, or client categories.
We deliberately do not provide a rating of the “best” crypto exchanges here: the terms and status of platforms change too quickly, and an honest comparison would require a separate, continuously updated methodology. Before choosing a platform, check the official registers of licenced participants on the websites of the National Bank of the Republic of Kazakhstan and AIFC/AFSA.
How to Buy Cryptocurrency in Kazakhstan
In brief, the recommended course of action is as follows:
1. Verify the legal status of the purchase method - whether the platform holds a licence, registration or an AFSA authorisation, depending on its type and jurisdiction.
2. Choose a suitable platform according to the criteria set out in the section above.
3. Complete identification.
4. Study the fees and the rules for top up and withdrawals.
5. Assess the risks - volatility, custody, possible changes in legislation.
6. Only then decide - independently and with due consideration.
There is also a simpler route - buying cryptocurrency not through a separate wallet but directly from a brokerage account. For clients of Freedom Investments, as part of digital asset transactions, it is possible to top up and withdraw from the account directly in cryptocurrency - BTC, ETH, SOL, TON and a number of other assets - without mandatory conversion into US dollars or tenge. The services are provided under licence AFSA-A-LA-2020-0019.
If managing a wallet independently and holding the private keys is not something you want to do, there is another option - to buy not the cryptocurrency itself but units of an exchange-traded fund. On the Astana International Exchange (AIX) , in partnership with the management company Fonte Capital Ltd, the Fonte Bitcoin ETF (BETF) and the Fonte Solana ETF (SETF) - funds backed by actual Bitcoin and Solana held with a licenced custodian - are traded. The units can be bought through an ordinary Freedom brokerage account, like any other security on AIX - no separate crypto wallet needs to be opened.
The funds also differ from each other: BETF is physically backed by bitcoin, while in SETF, a part of the fund's assets participates in Solana staking - the rewards received in SOL are reinvested into the fund and may increase its net assets. This is an example of how the wrapper of an ordinary exchange-traded fund can provide access to mechanics which, in the case of direct ownership of cryptocurrency, would have to be arranged independently.
Before buying the units of a fund or transferring cryptocurrency to the account, a brokerage account must first be opened and funded - the available methods and points to note are described in the article “How to Open and Top Up a Brokerage Account Online”. To clarify: an ordinary top up in tenge or foreign currency is not the same thing as a funding directly in cryptocurrency discussed above.
We also note: any transactions with digital assets should be carried out only through lawful, verified channels; otherwise, the risks increase sharply.
How Digital Assets Differ From Securities
Digital assets and conventional securities are different classes of instruments, and it cannot be said that one of them is unambiguously “better”: everything depends on the objectives, the investment time horizon and the level of risk you are ready to accept.
| Parameter | Digital Assets / Cryptocurrency | Conventional Securities |
| Economic substance | A digital object on the blockchain; an unsecured digital asset (cryptocurrency) does not evidence any claims against an issuer | They evidence proprietary rights: an interest in the capital of a company (share) or a debt obligation of the issuer (bond) |
| Rights of the holder | As a rule, no rights to dividends, participation in management or a share in the issuer's assets (the exception is certain DFAs with an underlying asset) | The right to dividends or coupon income, a share in the assets upon liquidation, and, for shares, the right to vote at shareholders' meetings |
| Regulation | The Republic of Kazakhstan Digital Assets Law has been in force since 1 April 2023; the updated regulatory system has been in force since 1 May 2026. Unsecured digital assets are not deemed legal tender | Securities market law, supervision by the regulator and the exchanges (KASE/ Agency for Regulation and Development of the Financial Market, AIX/AFSA) |
| Volatility | As a rule, significantly higher: the price may change substantially within a single day | Varies by issuer and class of securities; on average lower than for cryptocurrencies |
| Method of custody | A crypto wallet: non-custodial, where the private key is held by the owner, or custodial, where the keys are held by the service provider | Held in a brokerage account and in the depository, access through the broker |
| Key risks | Volatility, the risk of losing access to the asset or wallet, operational and technological risks, the risk of an unreliable platform, changes in regulation | Market risk, issuer risk (default), liquidity risk |
| Source of potential income | Change in the market price; for certain assets - rewards for staking | Dividends or coupon income, as well as a change in the market price of the security |
Key Risks of Digital Assets
High volatility
The price of a cryptocurrency can change noticeably within a single day or even an hour. Such swings can both multiply an invested amount and wipe it out - and the fact that a coin has grown in the past guarantees nothing for the future.
Risk of losing access to assets
With self-custody, access to cryptocurrency rests on the private key or seed phrase of the wallet. Lose them - and the assets are most likely lost forever: access cannot usually be restored with a passport. With custodial custody, the keys are held by the platform, so the risk is merely shifted: you become dependent on platform’s access procedures, security and resilience.
Operational and technological risks
Platforms outage, smart contract vulnerabilities, exchange hacks - these are all part of everyday crypto market life. Above all, transactions are irreversible: if a transfer is sent to the wrong address - whether by accident or at the hands of fraudsters - it is usually impossible to recover the funds.
The risk of dealing with an unreliable platform
Exchanger that hold no licence and unverified services are a source of unnecessary risk: there may be no elementary segregation of client funds from the platform's proprietary funds at all, and withdrawal of funds may simply never arrive.
A telling case is the collapse of the FTX exchange in 2022: the platform was among the largest in the world until it transpired that client funds had been used for other purposes. The exchange went bankrupt, and users around the world lost access to their funds for a long time. That is precisely why it is important that client assets are segregated from the platform’s proprietary assets.
Changes in regulation
Systemic rules for digital assets in Kazakhstan have only just come into force, and the details may still change. Any adjustment to the legislation may affect where and how a particular asset can be bought, held, and sold.
What an Investor Should Consider Before a Transaction
Before buying a digital asset, it is worth answering a few questions honestly:
● Do I understand how this asset works at all?
● Do I understand what its price depends on?
● Have I verified on what lawful basis the platform operates?
● Do I know all the fees - for the transaction, top ups and withdrawals?
● Do I understand how the asset is held and what will happen if I lose access to the wallet?
● Am I prepared for the investments to fall sharply in value?
● Am I not buying the asset with borrowed money?
● Does the service I am dealing with promise a guaranteed return?
Red Flags and Promises Not To Be Trusted
Even among services that appear legitimate, there are those that operate dishonestly. You should be on your guard if you are promised or offered:
● guaranteed returns on investments in digital assets;
● a rapid doubling or manifold multiplication of your capital;
● “buy right now”, otherwise the favourable terms will expire;
● opaque fees that only become apparent after the fact;
● minimal intelligible information about the company, its registration and its licence;
● to transfer money or cryptocurrency directly to a stranger.
A promise of guaranteed returns on investments in digital assets is a serious red flag. The market return on cryptocurrencies and other exchange-traded instruments is not guaranteed.
The scheme is usually the same: first - a promise of stable income and an attractive presentation, then - difficulties with withdrawing funds and, in the end, the disappearance of the organisers. That is exactly how OneCoin was structured - a project that called itself a cryptocurrency, promised investors guaranteed returns and collected billions of US dollars from people around the world, while having neither a real blockchain nor any real value behind the token.
Frequently Asked Questions
Is cryptocurrency permitted in Kazakhstan?
Yes. The foundational Digital Assets in the Republic of Kazakhstan Law has been in force since 1 April 2023, and since 1 May 2026, the updated regulatory system has come into effect. Buying, holding and selling cryptocurrency is not prohibited, while paying for goods and services with it is not permitted - it has not been recognised as legal tender. Outside the AIFC, providers operate under a licence or registration issued by the National Bank, while within the AIFC - under the corresponding AFSA authorisations.
Where can cryptocurrency be bought in Kazakhstan?
From licenced digital asset exchange operators, on registered trading platforms, as well as from brokers that provide digital asset transactions within the AIFC. Before choosing a platform, be sure to verify its legal status.
Is tax payable on the sale of cryptocurrency?
Yes. Upon the sale of a digital asset, income is deemed to be the positive difference between the sale price and the acquisition price. From 2026, a progressive IIT scale applies to property income: 10% on the amount of capital gains within 8,500 MCI and 15% on the amount of the excess. Income from transactions with digital assets is declared by an individual independently using Form 270.00. Moreover, owners of digital assets are required to file Form 270.00 even if no sale has taken place. The filing deadline for the tax return is no later than 15 September of the year following the reporting year. Current rates and rules are best verified on the website of the State Revenue Committee (SRC).
How does buying through a brokerage account differ from buying on a separate exchange or from an exchanger?
In the case of direct ownership of cryptocurrency, the method of custody depends on the chosen service. In a non-custodial wallet, you are responsible yourself for the private key and the seed phrase; on a custodial exchange or with another provider, the keys are held by the service. At Freedom, digital assets in a crypto account are recorded and held in digital wallets administered by the company, while units of an exchange-traded fund are bought and held as ordinary securities - through the brokerage and depository infrastructure. This removes part of the operational burden of holding keys but does not eliminate the market risks.
What happens to the assets if the exchange or platform where they are held goes bankrupt?
It depends on how exactly the assets were held. If the platform operated under a licence and segregated client funds from its proprietary funds, the affected investors have a better chance of recovering the assets through a bankruptcy procedure. If there was no segregation - as in the story of the collapse of the FTX exchange in 2022 - recovering the investments is far more difficult and sometimes impossible. No guarantee scheme analogous to insurance on bank deposits exists for digital assets, which is why choosing a platform with a licence and a proven reputation is, in essence, the investor's principal protection.
Sources and Useful Materials
● Digital Assets in the Republic of Kazakhstan Law dated 6 February 2023, No. 193-VII ZRK
● National Bank of the Republic of Kazakhstan - information statement regarding the introduction of systematic regulation of digital asset circulation from 1 May 2026
● Law of the Republic of Kazakhstan dated 17 November 2025, No. 231-VIII, “On Amendments to Certain Laws of the Republic of Kazakhstan on Matters of Artificial Intelligence and Digitalisation”
● Law of the Republic of Kazakhstan dated 16 January 2026, No. 259-VIII, “On Amendments to Certain Laws of the Republic of Kazakhstan on Matters of the Regulation and Development of the Financial Market, Communications and Bankruptcy”
● State Revenue Committee of the Ministry of Finance of the Republic of Kazakhstan - clarifications regarding tax returns related to digital assets and income from their sale
● State Revenue Committee of the Ministry of Finance of the Republic of Kazakhstan - clarifications regarding rates of individual income tax applied from 2026 to income subject to self-taxation by individuals