Kazakhstan is taking a decisive step forward by formally regulating crypto exchanges. The National Bank will now license platforms that allow the exchange of digital assets into fiat currency, establishing legal standing for this industry under new national regulations. Yerlan Ashykbekov, head of the National Bank’s payment systems department, clarified that these new entities, operating under licenses issued and supervised by the central bank, will be responsible for crypto-to-fiat conversions. The list of approved cryptocurrencies for purchase or sale will be determined by the central bank. This legislation is expected to formally define the legal status of crypto exchange operators, with the National Bank tasked with overseeing these platforms’ operations, including those managing stablecoins. While Astana International Financial Centre (AIFC) crypto platforms operate under a separate regulatory framework, officials aim to connect them with the newly introduced network of licensed providers. This move reflects calls from Kazakhstan President Kassym-Jomart Tokayev for legalization and expansion of the country’s crypto sector, urging regulators to develop a comprehensive legal framework. His statement in January highlighted the need to create a legal framework for cryptocurrency use, emphasizing that most users still operate within the ‘gray zone.’