Central Bank Clears QR Payments for Crypto Accounts
Kazakhstan is preparing to let cryptocurrency users replenish exchange-hosted accounts via QR codes at bank POS terminals, a move that expands regulated access to crypto while maintaining strict limits on how digital assets can be used. The plan was confirmed by the National Bank of Kazakhstan (NBK), which said the changes are part of a broader effort to legalize and supervise digital-asset circulation.
Under the upcoming rules, payments initiated through Kazakhstan’s national QR-code system will be routed to approved crypto service providers, enabling users to fund accounts at exchanges using familiar banking infrastructure. The NBK framed the update as a way to bridge banks, payment organizations, and digital-asset platforms-without endorsing crypto as a means of everyday payment.
What the New Framework Allows-and What It Doesn’t
The NBK clarified that the revised legislation will permit licensed providers to purchase, store, sell, and exchange digital financial assets (DFAs). In Kazakhstan’s legal language, DFAs include both secured tokens and unsecured decentralized cryptocurrencies such as Bitcoin.
In a statement to LS business news, the central bank said that expanding cooperation between DFA providers and banks will make it possible to introduce “new innovative crypto-fiat products.” Beyond QR-based top-ups, officials pointed to potential rollouts like crypto cards, crypto acquiring, and related services-all within a regulated perimeter.
However, authorities were explicit about what remains prohibited. Using cryptocurrencies for payments-for goods and services-will stay illegal, even as investing and trading are recognized as legitimate activities.
Regulations Due in March as Oversight Expands
The NBK is currently finalizing the bylaws governing digital-asset service providers, with adoption expected in March. Once in force, the central bank will assume responsibility for licensing, supervision, and financial monitoring across the crypto sector.
According to the regulator, the new rules are intended to ensure transaction transparency, control over individual transfers and liquidity flows, and protection of retail investors’ rights. The NBK added it will set transaction limits, publish a list of permitted cryptocurrencies, and impose investor qualification requirements through secondary regulation.
From Mining Hotspot to Regulated Crypto Market
Kazakhstan’s QR initiative fits into a steady liberalization of its crypto regime over recent months. In November, President Kassym-Jomart Tokayev signed legislation easing restrictions on digital-currency minting, reinforcing Kazakhstan’s status as a global mining hub. In mid-January, he approved two more laws targeting banking and financial markets that legalize crypto investing and trading nationwide.
These reforms extend crypto activity beyond the Astana International Financial Center (AIFC), where legal crypto services had previously been confined. Until recently, only AIFC-registered entities could legally offer crypto trading in the country.
Investor Protection-and Capital Flight-Top the Agenda
The NBK has emphasized that a regulated market will provide consumers with legal and accessible channels for crypto transactions while strengthening oversight. Crypto service providers have now been added to the list of entities subject to financial monitoring, and the central bank will also define standards for fiat-pegged stablecoins and other DFAs.
Still, officials acknowledge the risks. President Tokayev recently warned that attempts to siphon funds through cryptocurrencies persist, alleging misuse for tax evasion and money laundering. He went so far as to say Kazakhstan has become a global leader in capital flight-underscoring why regulators are pairing expanded access with tighter controls.
