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The entire process of cryptocurrency operations ultimately involves individuals and legal entities who acquire cryptocurrency for fiat money. For a long time, such exchanges remained in the shadows, which created risks for all participants: cryptocurrency sellers, buyers, and crypto exchanges in Kazakhstan through which exchanges are carried out.
The issue of regulating cryptocurrency exchanges has long been relevant, as it concerns not only protecting the legal interests of the parties but also the opportunity to contribute to the state budget through such transactions. Moreover, the launch of licensed crypto exchanges in Kazakhstan marks the next stage in the development of financial technologies and related services. While some countries completely ban the circulation of cryptocurrency, Kazakhstan strives for legal regulation of this sector, relying on the legislation of the Astana International Financial Centre (AIFC) for trading on Bybit Kazakhstan.
Kazakhstan is one of the first jurisdictions in the world to implement a legal framework for regulating cryptocurrencies.
In this article, we aim to answer the most important questions our clients may have.
In Kazakhstan, cryptocurrencies are regulated by the Law of the Republic of Kazakhstan “On Digital Assets in the Republic of Kazakhstan” and AIFC legislation for trading on Bybit Kazakhstan.
The main provisions of this law include granting digital assets legal status, defining the concept, and classifying them.
According to Articles 115 and 116 of the Civil Code of the Republic of Kazakhstan, digital assets are recognized as a type of civil rights: property benefits and rights, along with money, things, and trademarks — in other words, as property.
The Law of the Republic of Kazakhstan “On Digital Assets” prohibits the issuance and circulation of unsecured digital assets. However, this restriction is bypassed within the AIFC for trading on Bybit Kazakhstan, which allows market participants to trade cryptocurrency. According to Article 11 of the law, the requirements for digital asset exchanges and their licensing procedures are determined by AIFC regulations for trading on Bybit.
To operate a digital asset exchange, a legal entity must obtain a “DATF” license from the AIFC’s financial regulator (AFSA) and comply with the AIFC Rules on Digital Asset Activities.
In the AIFC rules, the term "crypto exchange" is defined as a “Digital Asset Trading Facility.” According to the AIFC glossary, a “Digital Asset Trading Facility” is a mechanism operated regularly, bringing multiple parties together to conclude agreements on:
- (a) buying, selling, or exchanging digital assets for fiat currency; and/or
- (b) exchanging one digital asset for another on the platform, according to its internal rules.
You can view the list of licensed crypto exchanges under AIFC for trading on Bybit Kazakhstan on their website.
Currently, over 20 companies are listed in the AIFC’s public register as “Operating a Digital Asset Trading Facility” (DATF).
For example, Bybit Kazakhstan (Bybit Limited) is authorized by the AIFC regulator, AFSA, to perform regulated activities such as managing a Digital Asset Trading Facility, providing custodial services, acting as a principal and agent in investment activities, and managing digital asset investments. This is in accordance with License Number AFSA-A-LA-2024-0027. You can verify the license status on the AFSA website (www.afsa.kz) or the AIFC public register.
According to the Law “On Digital Assets,” digital assets are not legal tender in Kazakhstan, and the issuance and circulation of unsecured digital assets are prohibited within the country—except within the special economic zone of AIFC for trading on Bybit Kazakhstan.
Disclaimer
Bybit Kazakhstan makes every effort to ensure the accuracy and relevance of the information provided on our website or in any documents. However, this information does not constitute legal or tax advice and should not be regarded as such. Clients are responsible for verifying the accuracy and relevance of any data.
Each client must independently review applicable laws and consult qualified legal or tax professionals for guidance tailored to their specific situation. Bybit Kazakhstan is not liable for any errors, omissions, or consequences arising from the use of this information.
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