Kazakhstan’s regulated cryptocurrency market has expanded more than 30-fold in just three years, as the Central Asian country continues building its domestic digital asset industry.
Transaction volume across the regulated market increased from approximately $320 million in 2023 to $10.5 billion by the end of 2025, according to figures presented by Yerkegali Yedenbayev, managing director of the Astana Financial Services Authority (AFSA).
Growth continued during 2026, with regulated platforms recording another $5.5 billion in transaction volume during the first half of the year.
AFSA oversees the Astana International Financial Centre (AIFC), which initially served as Kazakhstan’s primary regulated environment for cryptocurrency businesses.
Crypto Customer Base Expands Fivefold
Kazakhstan has also recorded significant growth in the number of people using regulated crypto services.
According to Yedenbayev, the sector’s customer base increased from approximately 53,000 clients in 2023 to 270,000 currently, representing more than a fivefold increase.
Previous estimates cited by the AFSA executive suggested Kazakhstan citizens hold approximately one million cryptocurrency wallets globally, meaning a substantial portion of their digital assets may still be held through overseas platforms.
The government has been attempting to bring more of that activity into the domestic regulated market.
In August, President Kassym-Jomart Tokayev signed a decree providing personal income tax relief for certain gains from digital asset transactions, a measure developed with participation from the AIFC, digital ministry and central bank.
The policy is intended to encourage Kazakhstan residents to move crypto holdings from foreign platforms to regulated domestic providers.
More Crypto Exchanges Receive Licenses
Kazakhstan initially became a major cryptocurrency market through Bitcoin mining, climbing into the world's leading mining jurisdictions after China's 2021 crackdown pushed miners abroad.
The rapid expansion created electricity shortages, prompting authorities to target illegal mining operations and introduce restrictions around energy consumption.
Kazakhstan subsequently turned its attention toward regulating other parts of the industry. The country adopted its “On Digital Assets” law in 2023, initially concentrating regulated cryptocurrency trading inside the AIFC.
The legislation was revised this spring, allowing digital asset service providers to operate beyond the fintech hub's narrower regulatory framework.
Since those changes, three cryptocurrency exchange operators have received licenses, National Bank of Kazakhstan Chairman Timur Suleimenov said during the government meeting.
Another five companies are currently seeking authorization, with AFSA indicating that international platforms are among those preparing to enter the market.
Binance Picks Kazakhstan for Regional Hub
The expansion follows Binance's decision to establish a regional settlement hub in Kazakhstan for international payments and transfers.
The planned infrastructure is expected to support customers across Central Asia, Commonwealth of Independent States markets and parts of Eastern Europe, strengthening Kazakhstan's ambitions to position itself as a Eurasian digital asset center.
Suleimenov said Kazakhstan has developed what he described as the region's first comprehensive regulatory framework for cryptocurrencies.
The National Bank has also designated the Kazakhstan Stock Exchange (KASE) as a digital asset operator tasked with developing additional market infrastructure.
Bitcoin ETFs Add to Kazakhstan’s Crypto Expansion
Kazakhstan's regulated crypto activity is extending beyond exchanges into investment products.
According to Suleimenov, KASE infrastructure has facilitated approximately 34,000 transactions worth 20.5 billion tenge, or around $45 million, involving exchange-traded funds tracking Bitcoin.
Another 650 transactions totaling approximately 1 billion tenge have involved other cryptocurrency ETFs.
Meanwhile, the country's three newly licensed crypto exchanges generated combined turnover of around 2 billion tenge, approximately $4.5 million, during their first two months of licensed operations.
Together, the numbers show how quickly Kazakhstan's regulated digital asset ecosystem is expanding beyond its original reputation as a Bitcoin mining destination.
With transaction volumes exceeding $10 billion, additional international exchanges seeking licenses and Binance developing regional settlement infrastructure, Kazakhstan is increasingly focusing on regulated trading, investment products and cross-border digital asset services as it pursues its ambition of becoming a major Eurasian crypto hub.
