President Kassym-Jomart Tokayev has signed a decree to advance Kazakhstan's crypto industry. At its core sits a crypto tax exemption that frees trading income on licensed, regulated platforms from income tax.
The decree is not an isolated single law but a joint measure drawn up by three institutions. Three bodies took part: the Ministry of Artificial Intelligence and Digital Development (MAIDD), the National Bank of Kazakhstan and the Astana International Financial Centre (AIFC). The order expands the existing framework for digital assets. Tokayev signed it on 7 July 2026, and one day later MAIDD announced it publicly. Legally, the measure builds on the 2023 Law on Digital Assets. It also builds on the licensing requirement for unbacked crypto exchanges that has applied since 1 May 2026. In terms of content, the decree bundles three levers. These cover the trading-income tax exemption, stablecoin mechanisms for cross-border payments, and a new energy rule for mining operations.
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Kazakhstan's crypto tax exemption applies to licensed platforms
The decree's central measure targets regulated capital first. Income from trading digital assets will remain tax-free going forward. This holds provided the transactions take place on licensed platforms regulated in Kazakhstan. As a result, the government ties the tax benefit directly to the use of approved infrastructure. Anyone who instead trades through unregulated channels comes away empty-handed. Therefore, the incentive works as a pull toward the licensed exchanges, which must register with the National Bank.
In addition, the decree introduces a voluntary disclosure mechanism. Investors can disclose digital assets that they previously held on unregulated foreign platforms. They can then transfer them to licensed domestic platforms. In this way, holdings parked abroad until now finally flow back into the regulated system. The tax incentive and the disclosure thus interlock, because both steer capital into the same controlled structure.
MAIDD, the National Bank and the AIFC led the drafting. Zhaslan Madiyev, Minister of Artificial Intelligence and Digital Development, links the measure to a clear location-policy goal. Through it, the government wants to channel foreign capital and skilled workers into a transparent, state-controlled system. Consequently, the tax waiver is less a gift than an instrument of location policy.
"Our goal is to make Kazakhstan a magnet for global capital and expertise while ensuring maximum transparency." - Zhaslan Madiyev, Minister of Artificial Intelligence and Digital Development
Stablecoins are meant to ease cross-border payments
Beyond trading, the decree addresses payments. Stablecoins are digital tokens whose value tracks a reference currency such as the US dollar. This makes them more predictable for payments than volatile cryptocurrencies. Therefore, the order provides for developing mechanisms to use such tokens in cross-border payment settlement.
The focus here lies on import and export business. Kazakhstan thus positions stablecoins not as a speculative object but as infrastructure for foreign trade. For a commodity-exporting country whose trade depends heavily on international payment routes, the approach aims at faster and cheaper settlement. Traditional foreign transfers run through several correspondent banks and cost both time and fees. Stablecoin transfers, however, promise more direct settlement. At this point, though, the decree does not yet name concrete technical requirements.
Mining operations gain access to associated-gas power
The third lever concerns the energy supply for mining. It permits using associated gas and natural gas from oil and gas fields to generate power for mining operations. The condition is that the state does not need the gas for its own purposes. Associated gas arises during oil extraction. Otherwise operators often flare it, meaning they burn it unused.
For years, Kazakhstan has ranked among the world's leading locations for Bitcoin mining. According to data from the Cambridge Centre for Alternative Finance, the country ranked third in the global hashrate table in 2022. This position originally rested on cheap electricity. After a wave of regulation and repeated grid bottlenecks, however, the sector came under pressure, and some of the miners left the country.
By releasing associated gas, the government opens up an additional energy source for the industry. For mining operators, otherwise unused gas additionally lowers electricity costs without placing further strain on the public grid. At the same time, the order links the crypto industry more closely to the country's dominant oil and gas sector. Ultimately, the country expands an existing location strength in a targeted way.
From the 2023 law to the planned state reserve
The July decree stands at the provisional end of a multi-year regulatory line. The legal basis is the 2023 Law on Digital Assets. In addition, a licensing requirement for unbacked crypto exchanges has applied since 1 May 2026. These exchanges must register with the National Bank. Previously, Tokayev had given regulators a deadline of 2026 for a comprehensive digital-asset law. The new order expands this framework rather than rewriting it.
At the same time, the leadership is pushing a state reserve project. In his state of the nation address in September 2025, Tokayev announced a state Digital Asset Fund. The National Bank's investment company is to manage it. Later, in November 2025, the National Bank set out plans for a crypto reserve fund. Its volume would range from USD 500 million to 1 billion. It is to draw on a mix of confiscated assets, repatriated foreign holdings and mining proceeds. Furthermore, central bank chief Timur Suleimenov stressed that the fund would invest primarily in ETFs and shares of digital-finance companies. On direct crypto exposure, it should proceed cautiously.
Overall, a state-orchestrated approach is thus emerging. Where the Swiss Crypto Valley grew from the bottom up, Kazakhstan steers its crypto sector deliberately from the top. Here regulation serves as a location instrument rather than a defensive mechanism.
