Kazakhstan Ignites Crypto Adoption, Approving Stablecoins for Official Fees
Kazakhstan has taken a significant step towards embracing digital assets, approving the use of stablecoins, specifically US dollar-shaped stablecoins, for regulatory fees. This move marks a regional first, according to civil servants. The Astana Financial Services Authority (AFSA) announced this initiative during the Astana Finance Days 2025, introducing a framework that enables participants of the Astana International Financial Center (AIFC) and applicants to pay registration or approval fees in stablecoins.
The market capitalization of stablecoins has reached an all-time high of $251.7 billion in mid-June 2025, with fiat tokens such as Tether and USD Coin accounting for most of the circulation and trading volume. This growth underscores the increasing role of stablecoins in the crypto economy.
Bybit Joins Kazakhstan’s Regulated Stablecoin Pilot
Bybit Limited has become the first signatory of a multilateral memorandum of understanding (MoU), signed by AFSA Chief Executive Officer Evgeniya Bogdanova and Bybit’s Chief Operating Officer, Mazurka Zeng. As part of the framework, Digital Asset Service Providers (DASPs) can be licensed by AFSA to participate as providers of money services or trading facilities related to digital assets.
These providers act as agents for payers who conduct stablecoin transactions, transferring the fiat equivalent to AFSA’s named bank account. Participation requires signing an MoU with AFSA and fulfilling admission criteria. The list of approved providers is published on the regulatory authority’s website.
Kazakhstan’s Efforts to Formalize its Digital Asset Sector
Kazakhstan’s decision to approve stablecoins for official fees follows broader efforts to formalize the country’s digital asset sector. In September 2024, Bybit and Binance secured full approval from AFSA to operate as digital asset facilities (DATFs), marking an important milestone for global exchanges in the Central Asian market.
Binance also received ISO certifications and external audit permits, becoming the first to receive a complete regulatory license from AFSA. With these permits, the exchanges can now offer commercial, investment, and custody services in Kazakhstan and the wider Commonwealth of Independent States (CIS) region.
The country has simultaneously tightened supervision of non-licensed operators. In the past two years, the financial surveillance authority has blocked almost 1,000 illegal platforms and frozen crypto assets bound to pyramid programs worth over $75 million.
Kazakhstan’s CBDC Program and Crypto Investment Initiatives
Kazakhstan is also promoting its Central Bank Digital Currency (CBDC) program. The National Bank started the digital Tenge in 2021 and made its first retail payments in 2023. Officials have confirmed plans for a full launch by the end of 2025, positioning the token as the third form of currency, alongside cash and non-cash payments.
In addition, Kazakhstan is exploring crypto investments, with plans to channel part of its gold and foreign exchange reserves, along with national fund assets, into crypto-bound investments. The chairman of the National Bank, Timur Suleimenov, outlined plans for a state crypto reserve, which will store assets confiscated in criminal matters and could be supplemented by proceeds from state-supported mining operations.
Kazakhstan has also proposed new penalties for digital asset transactions and announced the “Kryptocity” pilot zone in Alatau, where cryptocurrencies can be used for everyday payments. This initiative aims to test the introduction of crypto at the consumer level in a regulated environment.
For more information on Kazakhstan’s crypto adoption and regulatory developments, visit https://cryptonews.com/news/kazakhstan-ignites-crypto-adoption-approving-stablecoins-for-official-fees-in-a-regional-first/
