Kazakhstan seeks to bring crypto out of shadows

Kazakhstan is preparing a major reform of its cryptocurrency market aimed at bringing digital assets into the regulated economy, Ulys Media reports.

The outlet said Digital Development Minister Zhaslan Madiyev announced plans to introduce a mechanism for the voluntary disclosure of crypto assets.

Under the proposal, citizens will be able to declare previously acquired or mined cryptocurrencies provided the assets are transferred to the regulated infrastructure of Kazakh service providers. The new legal framework is expected to be launched before the end of 2026.

To encourage legalisation, the government plans to introduce tax incentives. Owners of crypto assets will be exempt from personal income tax between January 1, 2026 and December 31, 2028.

Madiyev said the measure should be viewed as an investment in the development of a transparent market rather than a loss of budget revenues.

According to official data, tax revenues from the cryptocurrency industry increased from 9 billion tenge ($19.1 million) in 2023 to more than 15 billion tenge ($31.9 million) in 2025.

However, a significant share of transactions by Kazakh citizens still takes place through foreign platforms outside the country's jurisdiction. Authorities hope the new policy will bring capital back into Kazakhstan, strengthen state oversight and support the development of the legal crypto sector.

By Bakhtiyar Abbasov