Kraken secures initial approval to enter Kazakhstan's crypto market

International cryptocurrency platform Kraken has received in-principle approval from the Astana Financial Services Authority (AFSA), marking a step toward entering Kazakhstan's digital assets market, according to Kazakhstan's Ministry of Artificial Intelligence and Digital Development.

The approval was announced following a meeting between Kazakh Prime Minister Olzhas Bektenov and Kraken Co-CEO David Ripley on the sidelines of the AI & Digital Bridge 2026 international forum in Astana.

During the meeting, the sides discussed prospects for developing the digital assets market, introducing modern financial technologies, improving regulatory approaches, and applying international experience in Kazakhstan's digital economy.

Following the meeting, Kazakhstan's Ministry of Artificial Intelligence and Digital Development and Kraken signed a memorandum of cooperation aimed at developing the digital assets market and introducing blockchain technologies in the country.

Regulatory approval process in Kazakhstan

The in-principle approval is one of the key stages in the licensing process and creates the conditions for the company to begin operating within the regulated jurisdiction of the Astana International Financial Centre (AIFC) once it meets the established requirements.

The approval confirms the interest of one of the world's major international cryptocurrency platforms in entering the Kazakh market and creates new opportunities for further development of the country's digital assets industry.

The memorandum provides for cooperation on improving digital asset regulation, developing digital financial markets, integrating traditional banking infrastructure with the digital assets market, introducing blockchain technologies, and implementing educational initiatives to improve public financial literacy.

Particular attention is being paid to cooperation with the AIFC to strengthen Kazakhstan's position as a regional crypto hub and create favorable conditions for attracting leading international participants in the digital assets industry.

Official statements on market entry

“The entry of major international players such as Kraken into the Kazakh market is an important step in developing the domestic digital assets industry. Our task is to create a transparent, competitive and secure environment in which international companies can introduce advanced technological solutions, while citizens and businesses gain access to modern financial services. The signing of the memorandum with Kraken creates additional opportunities to exchange international experience, develop blockchain technologies and strengthen Kazakhstan's position as a regional crypto hub,” Deputy Minister of Artificial Intelligence and Digital Development Gizzat Baitursynov said.

In turn, Ripley noted that Kazakhstan demonstrates significant potential for developing the digital assets industry and is creating favorable conditions for international market participants.

“Receiving AFSA's in-principle approval is an important step toward Payward, the parent company of Kraken, entering the Kazakh market. We highly value the constructive dialogue with government authorities and look forward to further cooperation in developing a secure, transparent and innovative digital assets ecosystem,” Ripley said.

The Ministry of Artificial Intelligence and Digital Development said it would continue working to establish a favorable regulatory and technological environment for the digital assets industry, attract international market participants and expand the practical application of blockchain technologies in the country's economy.

For reference, Kraken is one of the largest international cryptocurrency platforms. Founded in the United States in 2011, it provides retail and institutional clients with services for buying, selling, holding, and trading digital assets.

Kraken is operated by the Payward group of companies and serves markets in North America, Europe, and other regions. The platform supports a wide range of digital assets and fiat currencies and offers professional trading and institutional services.