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🇹🇯 Tajikistan /Technology

Kazakhstan licenses first cryptocurrency exchange

From Asia-Plus · () English

Summarized and contextualized by DistantNews.

At a glance

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  • Kazakhstan has issued its first cryptocurrency exchange license to Pax Finance, allowing it to trade, buy, sell, and store digital assets.
  • The license follows the implementation of a regulatory regime for digital asset market participants on May 1, 2026, requiring minimum charter capital and robust compliance measures.
  • Unlike Kazakhstan, Tajikistan has not yet established a legal framework for digital assets, with its central bank warning the public about associated risks.

Kazakhstan's National Bank has issued the country's first cryptocurrency exchange license to Pax Finance, marking a significant step in the regulation of digital assets. The license permits Pax Finance to engage in buying, selling, and storing crypto assets, as well as operating offices and installing cryptocurrency ATMs.

The NBK noted that a licensing regime for digital asset market participants has been in force since May 1, 2026.

— National Bank of KazakhstanRegarding the implementation of the new regulatory framework.

This development comes after Kazakhstan implemented a licensing regime for digital asset market participants on May 1, 2026. Under this framework, companies seeking a license must meet requirements such as a minimum charter capital of 50 million tenge (approximately $106,000), implement risk management and compliance systems, and ensure strong cybersecurity.

Pax Finance was founded by Arman Batayev, Azat Bekmagambetov, and Oryngul Yeszhanova. Bekmagambetov is also a co-founder of the crypto wallet PaxWallet.io. The National Bank reviews the business reputation of founders and beneficial owners before issuing licenses.

Under Kazakhstan’s legislation, cryptocurrency service providers seeking a license must have a minimum charter capital of 50 million tenge (about $106,000), implement risk management and compliance systems, adopt robust customer identification procedures, and maintain a high level of cybersecurity.

— National Bank of KazakhstanOutlining the requirements for obtaining a cryptocurrency exchange license.

Kazakhstan has been actively developing its digital asset regulations, including a pilot project launched in June 2025 for cryptocurrency payment cards. This initiative allows users to spend funds from cryptocurrency wallets linked to exchanges operating within the Astana International Financial Centre (AIFC). Several crypto service providers, including local branches of Binance and Bybit, were already operating under the AIFC's jurisdiction.

The NBK also reviews the business reputation of founders and ultimate beneficial owners before granting a license.

— National Bank of KazakhstanDetailing the vetting process for license applicants.

In contrast, Tajikistan has yet to establish a dedicated legal framework for digital assets. The National Bank of Tajikistan has cautioned the public about the risks of cryptocurrency investments due to price volatility and the lack of government guarantees. Consequently, Tajik banks do not offer crypto-related services, although interest in digital assets is growing, suggesting potential future regulatory development influenced by neighboring countries.

Unlike Kazakhstan, Tajikistan has not yet introduced a dedicated legal framework for digital assets.

— Asia-Plus (TJ)Highlighting the regulatory divergence between the two Central Asian nations.
DistantNews Editorial

Originally published by Asia-Plus. Summarized and contextualized by our editorial team with added local perspective. Read our editorial standards.

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