# Kazakhstan: Financial and Crypto Licences — AFSA, the National Bank and Alatau City > Three perimeters in one country: AFSA DATF licences in the AIFC, the National Bank framework live since 1 May 2026 and the Alatau City zone — which door is yours. Author: Dana Berzeg — Attorney-at-law, Family Office (https://wiki.private.law/en/authors/berzegova) Last modified: 2026-08-14T13:13:00.000Z Canonical: https://wiki.private.law/en/kazakhstan-crypto-licenses Topics: banking Jurisdictions: kazakhstan Product tags: crypto, banking, compliance Semantic tags: crypto, banking, compliance --- By 2026 Kazakhstan runs three regulatory perimeters for financial and crypto business, each with its own law, regulator and entry logic. Astana hosts the AIFC — a common-law enclave with the AFSA regulator and a tax regime until 2066. Outside the centre, a National Bank licensing framework for crypto providers has been live since 1 May 2026 — the first legal door to the tenge market. Near Almaty, Alatau City is launching in stages with a special legal regime and experimental digital asset regimes. This map shows which door fits the client holding digital assets legally — and the builder choosing a licence. ## Three perimeters in one country Two questions set the fork: where the clients are — the AIFC perimeter runs international business on common law, the rest of the country is tenge retail under Kazakh law — and which asset: unbacked crypto, stablecoins, tokenised digital financial assets \(DFA\) or classic financial services. | Perimeter | Law and regulator | What is licensed | Who it fits | | --- | --- | --- | --- | | AIFC, Astana | Common law, AFSA as regulator, its own court | Banking, asset management, brokerage, DATF exchanges and digital asset custody | International exchanges, funds, export-oriented fintech | | General Kazakh perimeter | Kazakh law; National Bank and ARDFM | Crypto exchangers and trading platforms \(from 01.05.2026\), DFA platforms, banks | Tenge retail, banks, payment services | | Alatau City, near Almaty | Constitutional statute, English-law principles, disputes via the AIFC Court | Experimental legal regimes for digital assets — secondary rules still being issued | Crypto payment and tokenisation pilots | The third perimeter is the youngest: the constitutional statute on Alatau as an "accelerated development city" enters into force in stages from 1 July 2026 — governance via the Alatau City Authority, English-law-based regulation and experimental crypto regimes coordinated with the National Bank. The live example is [Alatau City Bank](https://wiki.private.law/en/alatau-city-bank) with Binance Pay-based crypto acquiring in the National Bank sandbox. ## The AIFC and AFSA: a common-law offshore perimeter The AIFC runs on its Constitutional Statute: acts built on common-law principles, disputes in its own court, licences issued by AFSA — the Astana Financial Services Authority. The perimeter covers the classics — banking, asset management, brokerage, insurance, Islamic banking and takaful — plus digital assets. The economic anchor: 0% corporate income tax and VAT on financial services income [until 1 January 2066](https://aifc.kz/tax-benefits/). The centre's architecture, court and individual programmes live in the [AIFC profile](https://wiki.private.law/en/aifc); here, the licensing mechanics. The centre's crypto licence is [Operating a Digital Asset Trading Facility, DATF](https://afsa.aifc.kz/regulated-activities/operating-a-digital-asset-trading-facility/): organising trading in digital assets, with custody and management authorised separately. Firms are verified against the public register at [publicreg.myafsa.com](http://publicreg.myafsa.com/). Startups enter via the FinTech Lab sandbox: a $2,000 pre-application fee and $200 application fee since 1 December 2025. ## DATF exchanges: Binance KZ, Bybit KZ and the market in numbers The AIFC crypto segment is no showcase. Per the AIFC, January–September 2025 volumes on licensed platforms reached $6.8 billion, 29 licensed digital asset service providers operated, including 12 exchanges, the client base hit 192 thousand and 113 assets cleared the sandbox's Green List. The count moves quarterly — check the register before a deal. The flagships are global brands. Binance Kazakhstan was the first to obtain a full DATF licence from AFSA on 1 October 2024. Bybit secured its full licence in autumn 2024 and operates via `bybit.kz`, in November 2025 launched the country's first fully regulated P2P platform, and pays AFSA regulatory fees in stablecoins. Local venues ATAIX Eurasia and Intebix sit alongside. AFSA regularly warns about unlicensed platforms; the AML load on licensees is covered in the [Travel Rule](https://wiki.private.law/en/travel-rule) explainer. ## The National Bank framework since 1 May 2026: crypto beyond the AIFC perimeter Until 2026, legal crypto lived only inside the AIFC: the baseline Law on Digital Assets No. 193-VII of 6 February 2023 prohibited the issuance and circulation of unbacked digital assets outside the centre. The turn came with the amendments of 16 January 2026 "on the regulation and development of the financial market, communications and bankruptcy". Precision matters: amendments to the existing law, not a "new edition" — signed in January, not in summer 2026 as often retold. Since 1 May 2026 the National Bank accepts applications and licenses three provider types outside the AIFC: DFA platform operators, trading platform operators and unbacked digital asset exchange operators — dealer-style exchangers. Mining stays with the digital development ministry. Capital requirements and limits for individuals sit in secondary regulations; no unified public limits exist in open acts at the time of publication — check the package on the National Bank site. The first licence went to Pax Finance LLP on 2 July 2026 — purchase, sale and custody of digital assets plus plans for a crypto-ATM network; for scale, the authorities shut down about 130 illegal exchangers in 2025. The sequel is instructive: in early August the company announced crypto account top-ups from the Alatau City Bank app, the bank did not confirm the partnership, and the channel has been suspended since 5 August 2026 — no resumption announced. Regulated crypto banking in the general perimeter is being built more slowly than the press releases. ## Who regulates what The supervisory split is a working feature, not a transitional defect: | Question | Regulator | | --- | --- | | Exchanges, custody, funds and banks inside the AIFC perimeter | AFSA | | Exchangers and trading platforms outside the AIFC | National Bank of Kazakhstan | | Stablecoins | National Bank of Kazakhstan | | DFA other than stablecoins | ARDFM | | Banking licences and supervision outside the AIFC | ARDFM | | Mining | Digital development ministry | One group can hold an AFSA DATF licence for international business and a National Bank licence for tenge retail: legally these are two different perimeters under different law. Neighbouring markets' answers to the stablecoin question are compared in [Asian stablecoin regimes](https://wiki.private.law/en/asia-stablecoin-regimes). ## Banking Law No. 258-VIII and the digital tenge The banking layer was rebuilt by the same January package: on 16 January 2026 the president signed the [new Law on Banks and Banking Activity](https://adilet.zan.kz/rus/docs/Z2600000258), replacing the 1995 statute. The essentials for digital banks and fintech: two licence categories — universal, and basic with reduced capital requirements; banks may invest in fintech, AI, cybersecurity and e-commerce; "Islamic windows" for universal banks with segregated accounting; recognition of three digital asset classes and of the digital tenge as a form of the national currency; a single financial ombudsman. Entry-into-force dates for individual provisions are spread across the final clauses — check the current text on adilet. The digital tenge runs in industrial operation, but in government scenarios: in 2025 ₸336.6 billion was issued, 265 accounts opened and 61,233 transactions processed — budget money marking and subsidy control, not retail wallets. The regulator has announced no mass retail launch date; claims of a "full launch in 2026" are not supported by primary sources. ## Where an individual buys and holds legally There are four legal channels. AIFC exchanges — `binance.kz`, `bybit.kz` and other firms from the AFSA register: a full order book, Bybit's regulated P2P, standard KYC. National Bank-licensed exchangers — a new channel with only a few players so far. Eurasian Bank and Intebix crypto cards — the country's first, testing since September 2025, USDT auto-converted to tenge, $1,000 daily limit. Finally, Binance Pay-based Crypto Pay acquiring — QR and POS payments in the National Bank sandbox since July 2026; both stories are dissected in the [Alatau City Bank](https://wiki.private.law/en/alatau-city-bank) profile. The frame is standard: a bank account requires a local IIN and, as a rule, a personal visit — entry mechanics are in the [residency guide](https://wiki.private.law/en/kazakhstan-residence); Russian passports go through enhanced sanctions screening with possible refusal. The retail heavyweights have not entered crypto: [Kaspi](https://wiki.private.law/en/kaspi-bank) and [Halyk](https://wiki.private.law/en/halyk-bank) have no public crypto products — they are waiting for the industrial stage, not the sandbox. Kazakhstan participates in the CRS and digital asset income is declared under the new Tax Code — "invisible" crypto is not part of this construction. ## DATF, a National Bank licence or a bank via M&A The choice comes down to market and asset. **A DATF in the AIFC** — if the business is international: common law, a predictable regulator, 0% corporate tax on financial services until 2066 and the FinTech Lab sandbox. The price is the centre's perimeter: nationwide tenge retail is formally not your field. **A National Bank licence** — if the product targets the domestic market: exchangers, trading platforms, integration with banks and cards. The framework is young — first licensee in July 2026, secondary rules still being written, the only public bank integration suspended: budget for regulatory lag. **A banking licence** — the heaviest entrance, though the new law's basic licence lowers the bar, and the [Alatau City Bank](https://wiki.private.law/en/alatau-city-bank) case shows the alternative: buying an operating bank with its licence and client base instead of a greenfield build. The tax frame is shared: since 1 January 2026 the [Tax Code No. 214-VIII of 18 July 2025](https://adilet.zan.kz/rus/docs/K2500000214) has been in force — the article numbering changed completely, so old references in contracts, memos and legal templates now point into the void. It does not touch AIFC benefits: the regime until 2066 sits in the Constitutional Statute. Compare Kazakhstan's doors with other markets in the [licence regime map](https://wiki.private.law/en/fintech-license-map) and the [crypto jurisdictions overview](https://wiki.private.law/en/crypto-jurisdictions). > 🍓 The door is chosen by asset and client. International exchanges and funds go to the AIFC: an AFSA DATF licence, common law, 0% corporate tax until 2066. Tenge retail goes to the National Bank framework live since 1 May 2026 — workable but young: first licensee in July 2026, its only bank integration already suspended. The fastest banking entrance is buying an existing licence; the basic licence of the new banking law will lower the bar later. Stablecoins go to the National Bank, DFA to the ARDFM — two different windows. ## FAQ ### **Where can an individual legally buy crypto in Kazakhstan?** On AIFC exchanges from the AFSA register — `binance.kz`, `bybit.kz` and others, including Bybit's regulated P2P; since July 2026 also at National Bank-licensed exchangers, still few in number. Exchange outside licensed venues remains a grey zone: about 130 illegal exchangers were shut down in 2025. Step one: check the venue against the AFSA or National Bank registers. ### **How does an AFSA DATF licence differ from a National Bank licence?** A DATF lives inside the AIFC perimeter: common law, AFSA supervision, the tax regime until 2066, international orientation. A National Bank licence covers the rest of the country under Kazakh law — the door to tenge retail, banks and cards. They do not substitute for each other; large groups will hold both. ### **What happened between Pax Finance and Alatau City Bank?** On 2 July 2026 Pax Finance received the National Bank's first exchanger licence, and in early August announced crypto account top-ups from the Alatau City Bank app. The bank did not confirm the partnership, the posts were deleted, and the channel has been suspended since 5 August 2026 with no resumption announced. Bank integrations under the new framework arrive more slowly than the announcements. ### **Do AIFC benefits survive the new Tax Code?** Yes. The exemption of financial services income from corporate income tax and VAT until 1 January 2066 sits in the AIFC Constitutional Statute and survives the new code. The trap is elsewhere: Tax Code No. 214-VIII renumbered its articles from 1 January 2026, so references to the old code in contracts and templates need re-checking. --- ## FAQ ### Where can an individual legally buy crypto in Kazakhstan? On AIFC exchanges from the AFSA register — binance.kz, bybit.kz and others, including Bybit's regulated P2P; since July 2026 also at National Bank-licensed exchangers, still few in number. Exchange outside licensed venues remains a grey zone: about 130 illegal exchangers were shut down in 2025. Step one: check the venue against the AFSA or National Bank registers. ### How does an AFSA DATF licence differ from a National Bank licence? A DATF lives inside the AIFC perimeter: common law, AFSA supervision, the tax regime until 2066, international orientation. A National Bank licence covers the rest of the country under Kazakh law — the door to tenge retail, banks and cards. They do not substitute for each other; large groups will hold both. ### What happened between Pax Finance and Alatau City Bank? On 2 July 2026 Pax Finance received the National Bank's first exchanger licence, and in early August announced crypto account top-ups from the Alatau City Bank app. The bank did not confirm the partnership, the posts were deleted, and the channel has been suspended since 5 August 2026 with no resumption announced. Bank integrations under the new framework arrive more slowly than the announcements. ### Do AIFC benefits survive the new Tax Code? Yes. The exemption of financial services income from corporate income tax and VAT until 1 January 2066 sits in the AIFC Constitutional Statute and survives the new code. The trap is elsewhere: Tax Code No. 214-VIII renumbered its articles from 1 January 2026, so references to the old code in contracts and templates need re-checking. --- ## Factual claims - By 2026 Kazakhstan runs three regulatory perimeters for financial and crypto business, each with its own law, regulator and entry logic. - The AIFC runs on its Constitutional Statute: acts built on common-law principles, disputes in its own court, licences issued by AFSA — the Astana Financial Services Authority. - Until 2026, legal crypto lived only inside the AIFC: the baseline Law on Digital Assets No. - Since 1 May 2026 the National Bank accepts applications and licenses three provider types outside the AIFC: DFA platform operators, trading platform operators and unbacked digital asset exchange operators — dealer-style exchangers. - The first licence went to Pax Finance LLP on 2 July 2026 — purchase, sale and custody of digital assets plus plans for a crypto-ATM network; for scale, the authorities shut down about 130 illegal exchangers in 2025. - One group can hold an AFSA DATF licence for international business and a National Bank licence for tenge retail: legally these are two different perimeters under different law. - The banking layer was rebuilt by the same January package: on 16 January 2026 the president signed the new Law on Banks and Banking Activity, replacing the 1995 statute. - The digital tenge runs in industrial operation, but in government scenarios: in 2025 ₸336.6 billion was issued, 265 accounts opened and 61,233 transactions processed — budget money marking and subsidy control, not retail wallets.