- Kazakhstan authorities are legalizing cryptocurrency transactions.
- Crypto payments remain prohibited, and tenge remains legal tender.
The Kazakh government has taken an important step toward integrating cryptocurrencies into the economy. The regulations came into force in May. amendment to the Law on Digital Assets and the bylaws of the National Bank, which significantly expanded the possibilities for cryptocurrency circulation in the country.
Now kriptovalyuta has been officially recognized as property and introduced into civil circulation. This means that citizens and companies can legally buy, sell, and store digital assets through licensed service providers. The National Bank has also introduced a clear classification of assets: secured (stablecoins, tokenized assets) and unsecured (Bitcoin, эфириум and other) digital assets.
Despite loud claims about the “legalization of crypto payments,” direct payments in digital currencies for goods and services remain prohibited. The tenge remains the only legal tender in Kazakhstan.
A major myth needs to be dispelled: direct cryptocurrency payments are still prohibited in Kazakhstan, noted lawyer Kirill Greshnikov.
Experts explain that by “payment legalization,” the authorities mean the ability to use cryptocurrency as a source of income. To pay for services or goods with cryptocurrency, one must register on a licensed platform, undergo KYC, and convert cryptocurrency into tenge through an intermediary (or use special crypto cards).
Currently, approximately 95% of cryptocurrency turnover in Kazakhstan is handled through P2P services and foreign platforms. Authorities believe the new regulations should bring the market out of the shadows.
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