Binance Seeks Banking-Style Services in Kazakhstan

Kazakhstan is set to launch a new regulatory status for payment service providers in October 2026, allowing non-banking entities to deliver core financial services.

The Category 1 license will enable institutions to issue payment cards, manage customer accounts, facilitate fund transfers, and process merchant transactions via a unified QR code system.

However, the regulatory framework imposes strict restrictions, prohibiting institutions from collecting customer deposits and issuing loans or extending credit.

Currently, 13 entities have signaled interest in obtaining this license, including major telecommunications operators and Binance, the cryptocurrency exchange.