x
Overview
Kazakhstan is gaining recognition as a favorable destination for cryptocurrency businesses due to its proactive regulatory framework and supportive government stance. The Astana International Financial Centre (AIFC) oversees crypto activities, ensuring compliance with local and international standards. To operate legally, crypto exchanges and related businesses must obtain a license from the AIFC, which requires adherence to strict anti-money laundering (AML) measures and know-your-customer (KYC) procedures. Furthermore, Kazakhstan’s efficient licensing process and strategic location make it an attractive choice for crypto enterprises. The government’s commitment to fostering a digital economy and clear regulatory guidelines provide a stable and secure environment for crypto operations. This supportive atmosphere, combined with Kazakhstan’s growing technological infrastructure, positions the country as a promising hub for cryptocurrency businesses.
Timeframe: 6 – 7 months
Minimum paid up capital: The required share capital for obtaining a crypto license in Kazakhstan is $100.
Overview
Kazakhstan has established a comprehensive regulatory system for cryptocurrency activities, actively accepting applications for crypto licenses. As of April 1, 2023, the Law on Digital Assets in Kazakhstan regulates the issuance and circulation of digital assets, providing a legal framework for these activities.
Despite the general ban on unsecured digital assets, the Astana International Financial Center (AIFC) allows their issuance and circulation under the “Operating a Digital Asset Trading Facility” license. This license enables legal cryptocurrency activities within the AIFC, provided companies adhere to established rules, including customer identification and anti-money laundering measures.
Licensed companies in Kazakhstan can legally offer services for buying, selling, and exchanging cryptocurrencies, as well as accepting and transferring cryptocurrency payments.
Comprehensive Guide to Company Incorporation
General information
Company structure
- ▪At least one shareholder is required to establish a crypto business in Kazakhstan. This can be either an individual or a corporate entity.
- ▪A minimum of one director is necessary, who must be a resident of Kazakhstan.
Confidentiality
- ▪Beneficial owners’ details – disclosed to the Authorities
- ▪Shareholders’ details – part of public record
- ▪Directors’ details – part of public record
Taxation
Kazakhstan offers a favorable tax regime for crypto businesses operating within the Astana International Financial Centre (AIFC). These businesses enjoy tax exemptions for Corporate Income Tax (CIT) and VAT until January 1, 2066.
Accounting requirements
Filing annual report is obligatory
Secretary – Required
Registered office – A physical office in Kazakhstan is mandatory to comply with regulatory requirements.
The application process for a crypto license involves several steps:
- ▪Stage 1: Collection of preliminary documents, including company name, passport copies, utility bills, CVs, business model, and financial plan.
- ▪Stage 2: Licensing, involving determining the suitable license type, preparing documentation, submitting the application to AFSA, and handling additional requests.
- ▪Stage 3: Company registration, preparation of corporate documents, employment of local employees, and setup of accounting services.
- ▪Stage 4: Corporate account opening, involving analysis of suitable banks, collection of necessary documents, and guiding through the account opening process.
Key documents required for the application include:
- ▪Preferred company name
- ▪Passport copies of all shareholders and directors
- ▪Utility bills from all shareholders and directors
- ▪CVs of shareholders and directors
- ▪Business model and business plan
- ▪Financial plan for the first year
- ▪Proof of local office and lease agreement