Kazakhstan Plans State-Run Crypto Exchange — But Still Says “No” to Payments

🧠 Kazakhstan’s Big Crypto Pivot (Sort Of)

Kazakhstan just dropped a major update on its crypto future — and it’s a mix of progress and paranoia.

The country’s central bank wants to launch a national cryptocurrency exchange, giving users a regulated alternative to shady offshore platforms. The idea is to pull crypto trading out of the shadows and into a government-controlled framework.

But there’s a catch: crypto payments are still banned.

💬 “People are already trading — now let’s regulate it”

According to National Bank Chairman Timur Suleimenov, millions of Kazakh citizens already buy and sell crypto. But most of it happens on foreign platforms, outside of any legal protection.

“Expanding the circulation of cryptocurrencies requires a balanced approach,” Suleimenov said. “We see the opportunity — but also the risks.”

That “balance” means you’ll soon be able to trade Bitcoin legally in Kazakhstan — but don’t even think about using it to buy lunch.

🛡️ Retail Investor Protection, Not Full Crypto Freedom

The proposed exchange is designed to:

• Reduce fraud and scams
• Prevent criminal misuse of crypto
• Offer a legal and secure environment for trading digital assets

It's all part of a broader push to modernize without losing control — something we've seen before in Japan, UAE, and South Korea, where regulated crypto platforms coexist with heavy guardrails.

🚫 Still No Payments — Here’s Why

Despite the upcoming exchange, the government is holding the line: crypto can’t be used for payments.

Why? To protect the tenge, Kazakhstan’s national currency. Officials want to keep monetary sovereignty — and block stablecoins or private tokens from becoming everyday money.

But that doesn’t mean they’re ignoring digital currency altogether.

💸 A Kazakh Digital Token in the Works?

Suleimenov hinted at future state-backed digital assets — possibly a token pegged to the tenge, operating like a closed-loop stablecoin for local use. Think of it as a government-approved USDT, but without the cross-border freedom.

The move fits into a global trend of CBDC-like tokens — digital cash issued, tracked, and controlled by the state.

🔜 Coming in August: New Crypto Laws

Legislative amendments for Kazakhstan’s national exchange will be introduced in August 2025. The goal: fold digital assets into the broader financial system, without creating a regulatory Wild West.

The legal framework will likely define:

• Who can trade
• What tokens are allowed
• How custody, KYC, and reporting will work

In short: compliance-first crypto, Kazakh-style.

🏦 National Crypto Bank? Also on the Table

The exchange isn’t the only thing brewing.
MP Azat Peruashev recently proposed creating a state-backed crypto bank. It would:

• Hold users’ crypto in custody
• Offer loans backed by digital assets
• Provide crypto savings accounts

It’s still just a concept — but the idea shows Kazakhstan wants to own both sides of the crypto experience: the market and the money.

✅ TL;DR

• 🇰🇿 Kazakhstan is building a national crypto exchange to regulate local trading
• ❌ Crypto payments will stay banned to protect the tenge
• 💸 A digital tenge (like a stablecoin) could arrive later
• 📜 New legislation coming August 2025
• 🏦 A state crypto bank may also be in the works
• 🧠 The message? Trade all you want — but on their terms

Kazakhstan wants to lead Central Asia’s crypto scene — but with full government control. It’s not Web3 freedom… but it’s not 1990s finance either.

Welcome to Centralized DeFi — Kazakh edition.