Kazakhstan

• Openness. Kazakhstan demonstrates its commitment to openness in relation to trade and investment. The government actively supports foreign investments, creating a comfortable environment for foreign entrepreneurs. There are a number of organizations supporting the development of fintech in Kazakhstan: AIFC FinTech Lab, Astana Hub, Kazakhstan Blockchain Association и программа Digital Kazakhstan.
• Positive attitude to virtual assets. In Kazakhstan, cryptocurrencies are recognized as property, but cannot be used as a means of payment outside the International Financial Center of Astana. Since June 2024, it has become possible to obtain cryptolicense in the country, and this process continues to develop, providing opportunities for early market players.
• Strategic location in the region of the Commonwealth of Independent States. The jurisdiction is optimal for entering the markets of this part of the world. Here, licenses in the field of cryptoassets have been obtained by Bybit, Binance and others.
• There is regulation in the field of mining. Mining of cryptocurrencies in Kazakhstan is regulated since 2021, when a mining tax was introduced, and since 2024, operators of large mining farms are required to register and obtain the corresponding licenses.

• Instability and high level of corruption. Kazakhstan still faces high levels of corruption, as evidenced by the Corruption Perceptions Index. Problems remain, but the situation is gradually changing.
• Launching a project here takes a long time. In Kazakhstan, clear and detailed procedures have been developed for cryptocurrency companies, including the possibility of obtaining cryptolicense. This is one of the reasons why the legalization of cryptocurrency companies can take up to a year, which is a long time compared to other jurisdictions.
• There is no special regulation in relation to DAO. Regulation for decentralized autonomous organizations (DAO) in Kazakhstan at the moment is not.
• Official languages — Kazakh and Russian. English is used in the business environment, but the presence of two official languages can create additional bureaucracy with documentation.

The level of expenses for legalization in the jurisdiction is medium.

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• State fee for company creation: from USD 300 to USD 1,700 
• Authorized capital: from USD 10,000 to USD 500,000
• State fee for consideration of the application for a license: from USD 2,000 to USD 70,000
• Annual fee for license supervision: from USD 1,000 to USD 25,000

• Filling out the registration form with key information and preparing data for registration.
• Obtaining a tax number.
• Preparing the founding documents.
• Company registration in the International Financial Center of Astana.

• Approval of officials, including an officer for combating money laundering.
• Application for a license.
• Strategic coordination.
• Preliminary approval, allowing the company to start its activities.
• After fulfilling all the regulator's requirements, the company receives a full license for operations with digital assets.