Kazakhstan’s regulated crypto market surpasses $10 billion after 30-fold growth

Kazakhstan’s regulated digital-asset market has surpassed $10 billion as authorities expand oversight nationwide. Transaction volume reached $10.6 billion in 2025, according to the National Bank. Officials also said three licensed crypto exchange operators now operate under Kazakhstan’s new framework.

The market has grown more than 30-fold from $320 million in 2023. The customer base reached about 215,000 users in 2025 within the Astana International Financial Centre, while the broader regulatory system expanded this year. Since May, Kazakhstan has applied a nationwide framework covering cryptocurrencies, stablecoins, tokenized assets and digital financial instruments.

Meanwhile, three licensed operators have generated about $2 billion in turn over during their first two months. Five additional companies are undergoing licensing, signaling continued expansion. The National Bank also said 34 projects are operating in its digital-asset regulatory sandbox, including stablecoin, tokenization, exchange and custody initiatives.