Kazakhstan gives crypto payments a cautious green light

Kazakhstan updated its Digital Assets law and National Bank bylaws (effective May 1), creating a comprehensive framework for crypto circulation and licensing digital-asset service providers. The rules classify tokens as secured (asset-backed) or unsecured (market-driven like BTC and ETH) and require licensed intermediaries for crypto-to-fiat conversions. While the changes aim to bring most activity onshore and curb the large informal market (previously about 95% of turnover), direct crypto payments remain prohibited: merchants must receive tenge via instant conversion. Payment solutions such as locally issued Mastercard-linked CryptoPay cards and wallet onboarding are permitted, which could increase on‑ramp usage and regulated flows to domestic exchanges but will limit direct retail adoption. Overall, the move reduces regulatory uncertainty and should support institutionalization and onshore liquidity, but merchant-level crypto adoption remains constrained by the tenge-only legal-tender rule.