Kassym-Jomart Tokayev, President of the Republic of Kazakhstan, has officially approved the decree "On measures to stimulate and develop the digital asset industry." This document marks the country's transition towards creating a full-fledged, transparent, and regulated ecosystem of digital financial services. The initiative was developed by the Ministry of Artificial Intelligence and Digital Development in collaboration with the National Bank and the Astana International Financial Centre.
A key aspect of the decree is the integration of digital assets and stablecoins into cross-border settlements. The authorities intend to provide businesses with legal channels for export-import operations, which is particularly relevant amid global economic shifts. This is not merely an experiment but a strategic step towards integrating cryptocurrencies into the real economy.
Legalization and Tax Incentives
Particular attention should be paid to the section concerning bringing crypto asset operations into the legal framework. The decree provides a mechanism for the voluntary disclosure of digital assets previously held on foreign unregulated exchanges and their transfer to the platforms of Kazakhstani providers. For individuals using regulated infrastructure, income from digital asset operations will be exempt from individual income tax. This is a powerful incentive for "grey" capital to return to legal circulation.
Mining and Energy
The decree also addresses the mining industry. It permits the use of associated petroleum gas and natural gas for autonomous electricity generation, which can be directed towards cryptocurrency mining — provided that the resources are not required for state needs. This is a rational solution that allows for the utilization of energy resources that would otherwise be flared wastefully, while simultaneously supporting the mining sector.
Tokenization and Infrastructure
The document includes the development of tokenized financial instruments and national trading blockchain infrastructure. All initiatives will be formalized in a separate action plan with clear deadlines and responsible executors. It is worth recalling that earlier, in the autumn of 2025, the Central Bank of Kazakhstan announced the formation of a state crypto reserve worth between $500 million and $1 billion.
My expert assessment: Kazakhstan is consistently moving towards becoming one of the leading crypto hubs in Central Asia. The combination of tax incentives, legalization of mining, and plans to create a state reserve forms a unique environment for institutional and retail adoption of digital assets. However, the success of the initiative will depend on the speed of implementing regulations and the authorities' ability to effectively combat the shadow sector.