Kazakhstan’s President Kassym-Jomart Tokayev witnessed a historic demonstration — the first official cryptocurrency payment in the country. The 120,000 tenge transaction went through the domestic CryptoPay system during the head of state’s visit to the Alem.ai International Artificial Intelligence Center on April 24.
How it works
The payment was conducted by Binance Kazakhstan in collaboration with Alatau City Bank, demonstrating full integration between a crypto exchange and a traditional bank. The user paid with cryptocurrency via a QR code on a bank terminal, and the seller received the funds in tenge in their bank account.
The presentation was supported by the Ministry of Artificial Intelligence and Digital Development, highlighting the state nature of the initiative.
Contradictory context
The demonstration looks unexpected against the backdrop of current restrictions. In December 2025, the head of the financial regulator, Madina Abylkassymova, clearly stated: cryptocurrencies cannot be used to pay for goods and services in Kazakhstan.
Currently, cryptocurrency operations are only allowed on licensed AIFC exchanges, but experts estimate that only 5% of Kazakhstani crypto investors use these platforms — the rest operate in the “gray zone.”
Signal of a pivot
Showing a crypto payment at the highest state level may signal upcoming regulatory changes. In May 2025, Tokayev announced the creation of a pilot CryptoCity zone in the new city of Alatau, where cryptocurrency operations are planned to be allowed.
Another signal is the statement by Deputy Head of the National Bank Berik Sholpankulov about the possibility of investing National Fund assets and gold and foreign exchange reserves into crypto assets.
Regional significance
If Kazakhstan is indeed moving towards the legalization of crypto payments, it could radically change the fintech landscape of Central Asia. Neighboring Uzbekistan and Kyrgyzstan currently hold more conservative positions on cryptocurrencies [citation needed].
Kazakhstan could gain a competitive advantage in attracting crypto businesses and position itself as a regional digital finance hub.
What’s next
The key question is whether the CryptoPay system will only work within the future CryptoCity or gain wider adoption. It is also unclear exactly which cryptocurrencies will be supported and what requirements will be imposed on system participants.
The coming months will show whether the demonstration to the President will become a prelude to serious regulatory changes or remain a one-off presentation of technological capabilities.
Source: Kursiv