Kazakhstan's Crypto Market Surges Over $10 Billion

Kazakhstan's cryptocurrency market has grown significantly over the past three years, increasing more than 30-fold to over $10 billion in value.

The country started regulating its crypto market in the past three years and now has three licensed crypto platforms with another five awaiting authorization. The transaction volume has increased from $320 million in 2023 to $10.5 billion by the end of 2025, with a further increase to $5.5 billion in the first half of this year.

The customer base has also expanded, rising from 53,000 clients in 2023 to 270,000 today. Kazakhstanis account for approximately 1 million cryptocurrency wallets worldwide, according to Yerkegali Yedenbayev, managing director of the Astana Financial Services Authority (AFSA).

The government has implemented a generous tax exemption for private crypto owners, aiming to encourage them to transfer their holdings from foreign-based trading venues to regulated domestic exchanges. The move follows President Kassym-Jomart Tokayev's decree in August, which relieved digital-asset investors from personal income taxation of gains generated as a result of coin-related transactions.