Kazakhstan Tightens Crypto Regulation: Licensing for Fiat Exchange Operations

Kazakhstan is implementing stricter oversight of its cryptocurrency sector by introducing licensing requirements for digital asset exchanges that convert cryptocurrencies into fiat currency. This move aims to enhance transparency and legal structure within the burgeoning crypto industry, according to Yerlan Ashykbekov, head of the payment systems department at Kazakhstan’s National Bank. Licensed exchange service providers will be formally recognized and required to operate under a license issued by the central bank. These entities will be authorized to perform crypto-to-fiat exchanges, with the central bank determining which digital currencies are tradable.