Kazakhstan regulated crypto market tops $10 billion in 2025

Kazakhstan’s regulated cryptocurrency market recorded $10.58 billion in trading turnover in 2025, up from $320 million in 2023, while the number of active users grew to 215,000. The surge follows a series of regulatory and development initiatives launched since a 2022 pilot with the Astana International Financial Centre.

Rapid growth in trading volume and user base

Deputy Minister of Artificial Intelligence and Digital Development Gizzat Baitursynov disclosed that turnover rose more than thirty‑fold between 2023 and 2025. User registrations increased from 53,000 to 215,000 during the same period.

Expansion of the Solana ecosystem

Training programs in partnership with the Solana ecosystem educated over 8,000 participants, with more than 2,000 earning certificates. Kazakhstan now ranks among the global top‑10 for applications to international Solana hackathons. Financial support for local Web3 startups amounted to 121 million tenge (≈ $262,000) across 57 projects.

Regulated financial products on Solana

The Kazakhstan Stock Exchange launched a Solana‑based exchange‑traded fund, linking the domestic market to the public Solana blockchain. Plans are also underway to tokenize up to $60 million in real‑estate and logistics assets by the end of 2026.

State‑backed crypto infrastructure

The government approved a strategic mining framework that grants large‑scale miners regulated electricity tariffs in exchange for allocating a portion of mined coins to a state‑managed reserve. Additionally, a national crypto analytics centre will monitor fiat‑crypto flows using the central bank’s SupTech platform.

Enforcement and market integrity

Authorities blocked more than 1,100 unlicensed crypto platforms in 2025, seizing 4.8 million USDT and recording combined illegal turnover of 60 billion tenge.

International collaborations

Alatau City signed a memorandum of understanding with the Solana Foundation in Hong Kong, and Bybit Kazakhstan launched the country’s first regulated peer‑to‑peer trading platform under an Astana Financial Services Authority license.