Kraken Cryptocurrency Exchange Receives Preliminary Approval in Kazakhstan

Kraken, a cryptocurrency exchange based in the United States, has received preliminary approval to operate in the Astana International Financial Centre (AIFC). The company plans to launch a trading platform in Kazakhstan and hold digital assets on customers' behalf. However, trading through Kraken's local subsidiary is not yet available because the company has not obtained its final license. The local subsidiary, Payward Kazakhstan, would give customers access to Kraken's global trading network, allowing them to buy and sell cryptocurrencies with traders in other countries. The preliminary approval was issued by the Astana Financial Services Authority (AFSA). Kraken has not yet announced a launch date or the terms of service for customers in Kazakhstan. The expansion was also discussed at AI & Digital Bridge 2026, an artificial intelligence and technology forum in Astana, where Prime Minister Olzhas Bektenov met with the company's co-chief executive, Dave Ripley. The Ministry of Artificial Intelligence and Digital Development signed a memorandum of cooperation with the company covering digital finance and blockchain technology. The memorandum itself does not authorize cryptocurrency transactions. Kraken, founded in 2011, allows individual investors and financial institutions to trade cryptocurrencies. The exchange is operated by the international Payward group. The approval comes as Kazakhstan tightens oversight of cryptocurrency trading platforms. On October 20, AFSA announced that the AIFC Court had issued restrictions against six cryptocurrency platforms, including Coinbase and HTX, formerly Huobi Global. The court orders, issued in September, prohibit the companies from offering or advertising digital asset services within the AIFC without the required licenses. They also provide for restrictions on access to the platforms through mobile app stores. AFSA warns that an international exchange's reputation does not, by itself, mean it is authorized to operate in Kazakhstan. The regulator recommends checking a platform's license in its official register, as customers using unlicensed platforms may not receive the legal protections available to customers of regulated exchanges. Kraken would join other international exchanges, including Binance and Bybit, which already hold licenses to operate within the AIFC. In September, the government approved a plan to develop the digital asset industry. It also said that the country's national cryptocurrency reserve had reached $700 million, although the National Bank of Kazakhstan said that only about $200 million of the portfolio had been invested at that stage.

How a New Generation of Startups From Kazakhstan Attracted International Investors

A software engineering team writes code in Almaty for a parent company incorporated in Delaware. Most of its revenue comes from customers in the United States and Singapore, with the United Kingdom another important market. Until recently, this business model was unusual in Kazakhstan. It is now becoming more common as entrepreneurs launch international companies from the outset rather than focus solely on the domestic market. Rather than adapt foreign products for Kazakhstan’s population of about 20 million, these founders are developing technology for customers abroad. Their success is drawing interest from international venture capital firms and raising Kazakhstan’s profile as a source of high-growth technology companies. Growth Measured in Numbers The latest Startups and Venture Capital in Central Asia 2026 report by RISE Research shows how quickly Kazakhstan’s venture sector is growing. Venture investment reached $209 million in 2025, nearly three times the $71 million raised a year earlier. The figure also exceeded the combined total elsewhere in Central Asia. The aggregate valuation of funded startups in Kazakhstan rose to $2.16 billion. RISE Research also found that U.S.-oriented startups with roots in Kazakhstan raised more than $214 million in 2025. This helps explain the rise in international interest. Venture funds are backing companies built for global markets rather than businesses dependent on a relatively small domestic customer base. Among the best-known examples is Higgsfield AI, which develops software for creating and editing AI-generated video. The company raised $50 million in Series A financing in September 2025. An $80 million extension in January 2026 brought the round to more than $130 million and valued the company at over $1.3 billion, confirming its status as Kazakhstan’s first unicorn. Cerebra AI develops software that analyzes CT scans to help clinicians detect ischemic and hemorrhagic strokes. The platform uses the ASPECTS scale and can return an analysis within minutes. Codiplay supplies educational software and Internet of Things kits used to teach programming and hands-on electronics in 13 countries, including South Korea and the UK. The company raised $9 million in Series A financing in January 2025. Parqour develops parking management software with automated license plate recognition. Its systems operate in 22 countries and cover more than 300 parking areas. These companies work in different fields, but their businesses are built mainly around software and intellectual property, even where hardware is part of the product. That makes expansion abroad less capital-intensive and helps explain their appeal to foreign investors. Why Investors Are Paying Attention Now Kazakhstan’s emergence as Central Asia’s leading venture capital market did not happen overnight. The record investment figures of 2025 followed several years of work in the startup sector, including Astana Hub’s accelerator programs and tax incentives. More founders also began developing products for international markets. One clear sign was international recognition. Three startups with founders from Kazakhstan were accepted into Y Combinator in 2025, matching the total accepted in all previous years combined, according to RISE Research. For international investors, acceptance into the Silicon Valley accelerator provides external validation as...