Key Highlights
- Kazakhstan has granted its first crypto exchange license under the country’s new digital asset regulations.
- Pax Finance is now allowed to offer crypto services, including buying, selling, storing, and exchanging cryptocurrencies.
- The new license is part of Kazakhstan’s broader effort to expand its regulated crypto market and strengthen its digital asset industry.
Kazakhstan has taken another step in its cryptocurrency regulatory framework by issuing its first crypto exchange license under the country’s new digital asset rules.
According to a local report, the National Bank of Kazakhstan (NBK) granted the license to local company Pax Finance this week, allowing it to legally offer cryptocurrency exchange services under the country’s updated regulatory system.
The license allows the Astana-based company to buy, sell, store, and exchange cryptocurrencies for fiat currency. The company can also open offices across Kazakhstan and install Bitcoin ATMs, giving more people access to regulated crypto services.
Pax Finance becomes first licensed exchange
This is the first time a crypto exchange has received approval to operate under Kazakhstan’s new nationwide licensing system instead of the older and more limited framework.
The licensing system officially began on May 1, 2026, after Kazakhstan introduced new rules for digital assets. Under these rules, crypto companies must receive a license from the National Bank and register with the regulator before they can legally provide services.
According to local reports, Pax Finance was established on May 20, 2026. The company was founded by several well-known figures from Kazakhstan’s finance and digital asset industry. The firm was co-founded by financial consultant Arman Batayev, crypto entrepreneur Azat Bekmagambetov, and industrial business executive Oryngul Yeszhanova.
Why the license matters to Kazakhstan’s crypto market
The new license is important because crypto trading in Kazakhstan was previously available only through exchanges operating inside the Astana International Financial Centre. That system gave people only a limited number of legal options. As a result, many users turned to peer-to-peer trading, foreign exchanges, or unregistered platforms to buy and sell digital assets.
By expanding licensing beyond the AIFC, the government aims to bring more crypto activity into the regulated market, where it can be properly monitored.
Kazakhstan continues its crypto reforms
Kazakhstan has been building its crypto industry for several years. The country became a major destination for cryptocurrency mining after China banned the activity, prompting many mining companies to move their operations to Kazakhstan. In 2023, the country introduced its Digital Assets Law, which officially recognized digital assets. However, trading remained restricted, so many crypto transactions continued outside the regulated system.
This year, the government introduced further amendments to its digital asset regulations to expand legal crypto services across the country. The updated rules are intended to allow more licensed companies to operate while giving regulators greater oversight of the growing industry.
Officials say the reforms are intended to reduce illegal trading and support Kazakhstan’s ambition to become a regional crypto hub in Central Asia.
Authorities tighten oversight of the sector
The license also comes as authorities continue efforts to stop illegal crypto activities. Last year, law enforcement agencies said they had shut down around 130 illegal crypto trading platforms.
Officials said those platforms had processed about $127 million in digital asset transactions before they were closed. Authorities also shared they seized more than $3.2 million in USDT during the recent crackdown.
Central bank expands its digital asset strategy
Meanwhile, the country is looking beyond crypto exchanges. Earlier this year, National Bank Governor Timur Suleimanov announced plans to invest up to $350 million from the country’s gold and foreign exchange reserves into cryptocurrencies and businesses connected to digital finance. Speaking during a briefing, Suleimanov said, “We are currently developing a list of instruments in which we will invest. This includes not only cryptocurrency itself.”
The investment plan is expected to cover crypto-related technology companies, cryptocurrency index funds, and other financial products linked to digital assets.
Also Read: South Korea FSS Urges Crypto CEOs to Tighten Controls
