The National Bank of Kazakhstan has issued the first license for digital asset operations in the national jurisdiction. As Fintech Retail reports citing the regulator, the document was granted to Pax Finance, which will now be able to open physical branches and install crypto ATMs nationwide.
What Happened
Pax Finance LLP has received the right to officially buy, sell, and store cryptocurrency. The main difference between the new format and operating through online exchanges is the ability to build an offline infrastructure. The company plans to open physical service points and develop a network of crypto ATMs across Kazakhstan.
Country and Market
On May 1, 2026, a new licensing mechanism for crypto market participants was launched in Kazakhstan. Prior to this, legal digital asset operations were primarily conducted through exchanges registered in the Astana International Financial Centre (AIFC).
In parallel, the authorities have been cracking down on the gray market. According to the authorities, by the beginning of the year, more than 130 illegal exchange offices with a total turnover of about $127 million were closed in the country. This followed the president's directive to restrict the illegal withdrawal of funds through cryptocurrencies.
Why It Matters
The issuance of the first license launches a legal infrastructure outside the AIFC. The regulator is moving crypto exchange from the gray zone and isolated sandboxes into the national legal framework.
The state is changing its tactics: instead of total bans or isolating the crypto market in special zones, it is building a controlled retail infrastructure.
What's Next
Now the market will see exactly how Pax Finance exercises its right to install crypto ATMs and open branches, as well as which players will receive the next licenses.