Approximately $15 billion worth of cryptocurrency has been withdrawn from Kazakhstan, a figure disclosed by Berik Sholpankulov, Deputy Chairman of the National Bank. The exodus highlights systemic issues in the country’s digital finance regulations.
Billions in the “Gray Zone”
According to Sholpankulov, the primary driver of this significant capital outflow has been the absence of robust regulatory frameworks governing digital finance.
“Today, the volume of crypto assets withdrawn from the country amounts to $15 billion. The fact is that there was insufficient administrative and legal regulation in place to allow citizens to invest safely,” he stated during a briefing.
In response, the National Bank plans to introduce sweeping changes, including administrative and criminal penalties for the illegal circulation of cryptocurrencies and their unauthorized transfer abroad. Sholpankulov also indicated that the authorities may soon begin naming individuals involved in illicit transactions.
“Perhaps we will also hold a briefing and announce by name who spent what in the ‘gray’ zone. But [there] will already be administrative and criminal prosecution,” he stated.
Transparency and Licensing: Key Reforms
Legislative amendments are currently under development to legitimize and open Kazakhstan’s digital asset market. The initial step will involve licensing all market participants, such as cryptocurrency exchanges and digital service providers, through the Astana International Financial Center (AIFC).
Licensed entities operating through the AIFC will enable residents to legally buy and sell digital assets. All transactions will be monitored and transparent, giving the state tools to prevent illegal financial flows.
A dedicated platform is also being launched under the National Bank to test emerging digital technologies and services before a broader rollout.
Strategic Shift Toward a Digital Economy
These reforms extend to Kazakhstan’s cryptocurrency mining sector. Large-scale operators will be permitted to build independent power plants to reduce their reliance on the national power grid, thus improving operational stability and economic feasibility.
Deputy Minister of Digital Development Kanysh Tuleushin emphasized that establishing a legal market for digital assets marks a pivotal phase in the country’s economic transformation. The relevant authorities aim to implement a fully regulated and transparent cryptocurrency market by the end of 2025.
Kazakhstan’s competitive advantages, including affordable electricity, vast space, and a supportive legal infrastructure, position it well to attract investment and build a robust digital ecosystem. If fully realized, the reform package could elevate Kazakhstan to a leading position in the region for legal cryptocurrency operations, stimulating job creation, and curbing shadow capital outflows.
Previously, The Times of Central Asia reported that MP Olzhas Kuspekov had proposed strengthening state controls over cryptocurrency circulation, including blocking access to unlicensed exchange platforms.
