Kazakhstan's crypto sector is facing a systemic obstacle that lies not at the regulatory level, but within the banking system. Large commercial banks prefer to serve foreign crypto exchanges, while a significant portion of them refuse to recognize National Bank licenses and demand additional approvals from the Astana International Financial Centre (AIFC). For local players, this translates into protracted approvals and restrained growth, and for users — a shrinking number of legal services for exchanging digital assets for fiat.
Where the crypto business loses time
The first barriers arise already at the stage of connecting global liquidity providers — companies that supply exchanges with a sufficient volume of buy and sell orders. Cooperation with them requires registration of currency contracts, but banks are reluctant to take on the associated liability. Only clarifications from the National Bank team allowed the process to move forward from a deadlock.
Many banks never responded to requests from Kazakh crypto companies, although business is already working with some of them. Large credit institutions demonstrate excessive sluggishness, and approvals consume significant resources and time. Credit institutions often do not recognize the National Bank license and insist on obtaining AIFC approval.
Regulatory openness versus banking compliance
Kazakh regulators remain open to the industry, but strict internal checks at commercial banks — rigorous monitoring of clients and transactions — continue to be the main constraining factor. Notably, local agencies compare favorably in terms of openness against regulators worldwide that are currently competing for fintech projects. At the same time, successful cases exist: the first tests of a crypto-fiat gateway — a service for exchanging cryptocurrency for regular money and back — have already been conducted with Bank CenterCredit (BCC), and the company is negotiating with other banks to refine the model domestically and then enter foreign markets.
How the authorities are shaping market rules
The problem of fragmented rules has already been acknowledged at the highest level: National Bank Governor Timur Suleimenov described the situation as a "zoo of regulators" and promised to prepare a unified market development strategy. For crypto companies, this is a chance that banks will stop dividing licenses into "right" and "wrong" ones, but until mid-2027, market participants will have to operate under the existing rules.
A subsidiary of fintech holding OSON recently obtained the AIFC approval that many banks require from crypto companies, and plans to launch payments and transfers with digital assets. However, the license operates under a fintech sandbox pilot regime, so new products, including stablecoin transfers, remain plans for now. In parallel, control over large sums is tightening: the Agency for Regulation and Development of the Financial Market (ARDFM) has obligated brokers to check individuals purchasing more than $3 million in non-cash currency per day, and companies with purchases exceeding $10 million. The measure applies to the securities market, not cryptocurrencies, but its example shows why commercial banks are cautious: the regulator demands increasingly thorough tracking of large currency flows.
Cryptalist analysis: The key constraint for Kazakhstan's crypto market is not legislative but operational — banking compliance effectively acts as an informal regulator. Until a unified strategy and a license recognized by banks emerge, local players will lose out on speed to foreign platforms, and the industry will remain in a mode of isolated pilots. For institutional investors, this is a signal of elevated country risk and that scaling the sector depends on harmonizing the requirements of the National Bank, the AIFC, and commercial banks.