National Bank Chairman Timur Suleimenov presented the figures at a Government’s meeting, highlighting the growing role of digital assets in the global financial system.
According to him, the global digital asset market now has around 750 million users and is valued at $2.3 trillion. Stablecoin transactions totaled $50 trillion in 2025, while the tokenized asset market has grown twelvefold over the past three years.
Kazakhstan began building its regulated digital asset market in 2022 with the introduction of a mechanism connecting AIFC crypto exchanges to banks, paving the way for the country’s first regulated crypto-to-fiat channel.
“In 2023, Kazakhstan adopted the Law on Digital Assets. By the end of 2025, transactions by AIFC providers had reached $10.6 billion, with around 215,000 users registered on their platforms,” Suleimenov said.
However, as the AIFC framework was limited to the financial center and did not extend to the wider domestic market, the National Bank launched a regulatory sandbox in July 2025 to support the development and testing of new digital asset products and business models.
The initiative now covers 34 projects across 14 areas, including stablecoins, tokenization, crypto exchanges, custody, and crypto-to-fiat services.
Kazakhstan has since extended digital asset regulation nationwide. The new legislation introduced a legal framework for digital financial assets, including stablecoins, tokenized real-world assets, and financial instruments, setting rules for their issuance, custody, and ownership. It also established a legal framework for the circulation of unsecured digital assets, including cryptocurrencies.
The reforms also introduced licensing requirements for digital asset service providers, including tokenization platforms, digital asset trading platforms, and crypto exchanges. The changes paved the way for a nationwide regulatory framework for the digital asset market, which came into force on May 1, 2026.
The National Bank has also designated the Kazakhstan Stock Exchange (KASE) as an operator of digital financial asset and digital asset trading platforms. According to Suleimenov, an ETF linked to Bitcoin futures has generated 34,000 transactions worth 20.5 billion tenge on KASE, while newly launched ETFs covering three crypto assets have recorded another 650 transactions totaling 1 billion tenge.
Three licensed crypto exchange operators are currently active in Kazakhstan, generating around 2 billion tenge in turnover during their first two months of operation. Another five companies are currently going through the licensing process.
At the same time, crypto-to-fiat services continue to expand as non-bank payment providers enter the market, with crypto cards, QR payments, and crypto acquiring already available.
Previously, Qazinform reported Kazakhstan showcased AI and crypto initiatives in talks with Binance.
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