Kyrgyzstan vs Kazakhstan
Crypto regulation comparison
Kyrgyzstan
Kazakhstan
Legal
Legal
Kyrgyzstan adopted the Law on Virtual Assets in 2022 requiring licensing for exchanges, mining, and VASPs. Over 120 licensed VASPs operate. Crypto turnover exceeded traditional securities market in 2024.
Kazakhstan has a dual approach to crypto regulation. The Astana International Financial Centre (AIFC) operates as a regulated sandbox where licensed crypto exchanges can operate under AFSA supervision. Outside the AIFC, crypto regulation is more restrictive. Kazakhstan became a major mining hub after China's ban but has since tightened mining regulations.
Tax Type
Income
Tax Type
Capital gains
Tax Rate
10%
Tax Rate
10%
Exchanges
Yes
Exchanges
Yes
Mining
Yes
Mining
Yes
Regulator
State Financial Supervision Authority
Regulator
AFSA (Astana Financial Services Authority), NBK (National Bank of Kazakhstan)
Stablecoin Rules
Regulated under Virtual Assets Law
Stablecoin Rules
AIFC (Astana International Financial Centre) has its own framework for digital assets including stablecoins
Key Points
- Law on Virtual Assets adopted in 2022 with licensing framework
- Over 120 licensed VASPs active by late 2024
- Three license types: trading operator, currency exchanger, mining operator
- Crypto sector contributed 800M KGS in taxes in 2024
- Virtual assets not recognized as legal tender but circulate under special regime
Key Points
- AIFC provides a regulatory sandbox for licensed crypto exchanges and businesses
- Mining is legal and licensed, with a specific tax on electricity consumption for miners
- Kazakhstan became the world's second-largest Bitcoin mining country after China's 2021 ban
- 2022 mining crackdown introduced stricter licensing and energy consumption taxes
- Outside AIFC, domestic crypto payments and exchanges face greater restrictions