Republic of Kazakhstan

• Openness. Kazakhstan demonstrates a commitment to a policy of openness with respect to trade and investment. The government actively supports foreign investment, creating a comfortable environment for foreign entrepreneurs. Kazakhstan has a number of organizations supporting the development of fintech: AIFC FinTech Lab, Astana Hub, Kazakhstan Blockchain Association and the Digital Kazakhstan program.
• Positive attitude towards virtual assets. In Kazakhstan, cryptocurrency is recognized as property but cannot be used as a means of payment outside of the Astana International Financial Center. Since June 2024, crypto licenses have been available in the country, and the process continues to evolve, providing opportunities for early market players.
• Strategic location in the region of the Commonwealth of Independent States. The jurisdiction is optimal for entering the markets of this part of the world. Bybit, Binance and more have received licenses in the field of cryptoassets here.
• There is regulation with respect to mining. Cryptocurrency mining has been regulated in Kazakhstan since 2021, when a tax on mining was introduced, and from 2024 operators of large-scale mining farms are required to register and obtain appropriate licenses.

• Instability and high levels of corruption. Kazakhstan continues to face high levels of corruption, as evidenced by the Corruption Perceptions Index. Challenges remain, but the situation is gradually changing.
• It takes a long time to launch a project here. Kazakhstan has developed clear and detailed procedures for cryptocurrency companies, including the possibility of obtaining crypto licenses. Also for this reason, legalization of a cryptocurrency company can take an average of a year, which is a long time compared to other jurisdictions.
• There is no specific regulation for DAOs. There is currently no regulation for decentralized autonomous organizations (DAOs) in Kazakhstan.
• The official languages are Kazakh and Russian. English is used in the business environment, but having two official languages can create an additional routine with documentation.

The level of expenses for legalization in the jurisdiction is average.

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• Company formation fee: from USD 300 to USD 1,700
• Authorized capital: from USD 10,000 to USD 500,000
• Application fee for license application: from USD 2,000 to USD 70,000
• Annual license supervision fee: from USD 1,000 to USD 25,000

• Filling out the registration form with key information and preparing data for registration.
• Obtaining a tax number.
• Formalization of constituent documents.
• Company registration in the International Financial Center of Astana.

• Approval of officials, including the anti-money laundering officer.
• Applying for a license.
• Strategic Alignment.
• Obtaining pre-approval to allow you to begin operations.
• After meeting all the requirements of the regulator, the company receives a full-fledged license for operations with digital assets.