Kazakhstan’s regulated crypto market grew from $320 million in transaction volume in 2023 to $10.5 billion by the end of 2025, representing more than 30-fold growth since formal oversight began. Volume reached another $5.5 billion in the first half of 2026, while users on regulated platforms increased from 53,000 in 2023 to roughly 270,000. Three crypto exchange operators have received domestic licenses and five more, mostly international platforms, are awaiting approval. Authorities are seeking to attract an estimated 1 million cryptocurrency wallets held by Kazakhstani citizens on global platforms through a regulated onshore market, including a personal-income-tax exemption signed by President Kassym-Jomart Tokayev in August 2025. Kazakhstan is also expanding digital-asset infrastructure through the Kazakhstan Stock Exchange, which has facilitated Bitcoin and other crypto ETF trades, while Binance has selected the country as a hub for cross-border settlements and transfers across the Commonwealth of Independent States and Eastern Europe.