6th September 2025 – (Astana) Kazakhstan has made a significant move to integrate digital assets into its economy by approving the use of U.S. dollar-pegged stablecoins for regulatory fee payments, marking a first for the region. The Astana Financial Services Authority (AFSA) unveiled this initiative during Astana Finance Days 2025, introducing a framework that allows participants of the Astana International Financial Centre (AIFC) and those seeking registration or authorisation to settle fees using stablecoins.
Bybit Limited became the first exchange to join this new regulated stablecoin pilot, signing a Multilateral Memorandum of Understanding (MMoU) with AFSA Chief Executive Evgeniya Bogdanova and Bybit Chief Operating Officer Mazurka Zeng at the event. Under this framework, licensed Digital Asset Service Providers (DASPs) can act as intermediaries for stablecoin transactions, remitting the fiat equivalent to AFSA’s designated bank account after executing the transactions. To participate, providers must sign an MoU with AFSA and meet specified criteria, with their names published on the regulator’s website.
Bogdanova described the project as a pioneering regulatory framework for stablecoin payments in the region, positioning the AIFC as a hub for digital finance and innovation. Zeng from Bybit noted that this initiative would enhance Kazakhstan’s payment ecosystem with compliant and secure solutions tailored for digital assets.
The role of stablecoins in the cryptocurrency economy has surged, with market capitalisation reaching an all-time high of $251.7 billion in mid-June 2025. Fiat-backed tokens like Tether and USD Coin dominate circulation and trading volumes. Kazakhstan’s move aligns with a broader initiative to formalise its digital asset sector. In September 2024, Bybit and Binance received full authorisation from AFSA to operate as Digital Asset Trading Facilities (DATFs), a significant achievement for global exchanges in Central Asia.
Binance also attained ISO certifications and external audit approvals, becoming the first DASP to secure a full regulatory licence from AFSA. These approvals enable the exchanges to offer trading, investment, and custody services in Kazakhstan and across the Commonwealth of Independent States (CIS) region. Concurrently, the country has tightened its oversight of unlicensed operators, with the Financial Monitoring Agency blocking nearly 1,000 illegal platforms and freezing over $75 million tied to pyramid schemes and scams.
In January 2025, authorities shut down unregistered exchanges linked to money laundering and cybercrime. Kazakhstan is also progressing with its central bank digital currency (CBDC) initiative, having begun pilot testing the digital tenge in 2021 and completing its first retail payments in 2023. Officials have announced plans for a full rollout by the end of 2025, aiming to establish the token as a third form of currency alongside cash and non-cash payments, featuring offline functionality to modernise domestic payment systems.
Kazakhstan is committed to creating a conducive environment for compliant operators to flourish, combining regulatory measures with innovation to establish the AIFC as a credible hub for digital assets. In July, National Bank Chairman Timur Suleimenov confirmed plans to invest part of the country’s gold and foreign exchange reserves in crypto-linked assets, mirroring strategies from sovereign wealth funds in the U.S., Norway, and the Middle East.
Suleimenov acknowledged that the size of Kazakhstan’s allocation is still under consideration, citing volatility as a concern despite potential high returns. Additionally, he revealed plans for a state crypto reserve to store assets seized in criminal cases, which may be supplemented by proceeds from state-backed mining operations, managed under international sovereign fund standards with an emphasis on transparency and sustainability.
Kazakhstan has proposed new penalties for grey-market digital asset transactions while highlighting the economic advantages of crypto adoption. In May, First Vice Minister of Digital Development Kanysh Tuleushin argued that mining could modernise Kazakhstan’s energy infrastructure, referencing the “70/30 project,” where foreign investors upgrade thermal plants, allocating 70% of output for the national grid and 30% for miners.