Kazakhstan licenses first cryptocurrency exchange
The National Bank of Kazakhstan (NBK) has issued the country’s first license for cryptocurrency exchange operations, granting authorization to Pax Finance to provide digital asset trading services.
According to the country’s financial regulator, the license allows the company to buy, sell, and store crypto assets, open offices, and install cryptocurrency ATMs.
The NBK noted that a licensing regime for digital asset market participants has been in force since May 1, 2026. Under the new framework, the regulator is responsible for licensing and overseeing companies operating in the cryptocurrency sector.
According to Fergana news agency, citing Forbes Kazakhstan, Pax Finance was founded by auditor and OD Consulting managing partner Arman Batayev, entrepreneur and Paxaro Labs co-founder Azat Bekmagambetov, who also co-founded the crypto wallet PaxWallet.io, and businesswoman Oryngul Yeszhanova, who has ties to oil service companies in the Atyrau region.
Under Kazakhstan’s legislation, cryptocurrency service providers seeking a license must have a minimum charter capital of 50 million tenge (about 106,000 $), implement risk management and compliance systems, adopt robust customer identification procedures, and maintain a high level of cybersecurity.
The NBK also reviews the business reputation of founders and ultimate beneficial owners before granting a license.
Kazakhstan has been steadily expanding its regulatory framework for digital assets. In June 2025, the National Bank launched a pilot project for cryptocurrency payment cards, allowing users to make purchases using funds held in cryptocurrency wallets linked to exchanges operating within the Astana International Financial Centre (AIFC). At the time, several crypto service providers, including the local divisions of Binance and Bybit, were already operating under the AIFC’s jurisdiction.
Tajikistan yet to regulate crypto market
Unlike Kazakhstan, Tajikistan has not yet introduced a dedicated legal framework for digital assets. The country has no licensing system for cryptocurrency exchanges or other digital asset service providers.
The National Bank of Tajikistan (NBT) has repeatedly warned the public about the risks associated with cryptocurrency investments, citing their high price volatility and the absence of government guarantees.
As a result, banks and other financial institutions in the country do not offer services related to the purchase, sale, or custody of crypto assets.
Despite the lack of regulation, interest in digital assets continues to grow. Analysts say Tajikistan could eventually develop its own regulatory framework, drawing on the experience of neighboring Central Asian countries, including Kazakhstan and Uzbekistan.
According to the country’s financial regulator, the license allows the company to buy, sell, and store crypto assets, open offices, and install cryptocurrency ATMs.
The NBK noted that a licensing regime for digital asset market participants has been in force since May 1, 2026. Under the new framework, the regulator is responsible for licensing and overseeing companies operating in the cryptocurrency sector.
According to Fergana news agency, citing Forbes Kazakhstan, Pax Finance was founded by auditor and OD Consulting managing partner Arman Batayev, entrepreneur and Paxaro Labs co-founder Azat Bekmagambetov, who also co-founded the crypto wallet PaxWallet.io, and businesswoman Oryngul Yeszhanova, who has ties to oil service companies in the Atyrau region.
Under Kazakhstan’s legislation, cryptocurrency service providers seeking a license must have a minimum charter capital of 50 million tenge (about 106,000 $), implement risk management and compliance systems, adopt robust customer identification procedures, and maintain a high level of cybersecurity.
The NBK also reviews the business reputation of founders and ultimate beneficial owners before granting a license.
Kazakhstan has been steadily expanding its regulatory framework for digital assets. In June 2025, the National Bank launched a pilot project for cryptocurrency payment cards, allowing users to make purchases using funds held in cryptocurrency wallets linked to exchanges operating within the Astana International Financial Centre (AIFC). At the time, several crypto service providers, including the local divisions of Binance and Bybit, were already operating under the AIFC’s jurisdiction.
Tajikistan yet to regulate crypto market
Unlike Kazakhstan, Tajikistan has not yet introduced a dedicated legal framework for digital assets. The country has no licensing system for cryptocurrency exchanges or other digital asset service providers.
The National Bank of Tajikistan (NBT) has repeatedly warned the public about the risks associated with cryptocurrency investments, citing their high price volatility and the absence of government guarantees.
As a result, banks and other financial institutions in the country do not offer services related to the purchase, sale, or custody of crypto assets.
Despite the lack of regulation, interest in digital assets continues to grow. Analysts say Tajikistan could eventually develop its own regulatory framework, drawing on the experience of neighboring Central Asian countries, including Kazakhstan and Uzbekistan.
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