Kraken, a U.S.-based cryptocurrency exchange, is preparing to launch operations in Kazakhstan. The company has already received in-principle approval from the Astana Financial Services Authority (AFSA) and signed a memorandum of cooperation with the Ministry of Artificial Intelligence and Digital Development. However, before it can operate in the Astana International Financial Centre (AIFC), the company must meet established requirements.
Kraken’s entry into the Kazakhstani market was announced after Prime Minister Olzhas Bektenov met with the platform’s co-CEO, David Ripley, at the international forum AI & Digital Bridge 2026.
The memorandum between the ministry and Kraken outlines cooperation to develop the digital asset market, refine regulatory frameworks, implement blockchain technologies and integrate traditional banking infrastructure with the digital asset market. The parties also intend to foster educational initiatives and improve financial literacy.
According to Gizzat Baitursynov, vice minister of artificial intelligence and digital development, attracting major international companies will help Kazakhstan develop its digital asset industry and strengthen its position as a regional crypto hub.
Ripley said that the in-principle approval from the AFSA marks a significant milestone for Kraken’s parent company, Payward, as it moves toward entering the Kazakhstani market.
What the AFSA approval means
«In-principle approval» is a form of preliminary regulatory step in the licensing process. It lays the groundwork for a company to operate in the AIFC jurisdiction, provided it meets the regulator’s requirements. However, it does not mean Kraken has been granted a final license.
Kraken is an international crypto platform founded in the U.S. in 2011. It provides services for the purchase, sale, storage and trading of digital assets for both retail and institutional clients.
Increased oversight of crypto exchanges
Kraken’s entry comes amid tightening oversight of crypto platforms operating in Kazakhstan without AFSA authorization.
On Oct. 21, the AIFC Court prohibited six crypto platforms from offering or advertising digital asset services within the center without the required license. The restrictions apply to BingX, Bitcoin.com, Huobi Global (HTX), BitMart, Coinbase and WEEX.
The court also imposed geographical restrictions on access to these platforms’ applications via Google Play and the App Store. The ban initially covered seven companies, including LBank. However, LBank’s operator restricted access to its services in Kazakhstan on its own, leading the court to remove the platform from the list.
The AFSA explained that operating without a license creates an uneven playing field for market participants. For example, licensed companies must comply with anti-money laundering and counter-terrorism financing regulations, conduct customer due diligence and remain subject to regulatory oversight.
Efforts to curb unlicensed crypto platforms began in 2025. In early 2026, the regulator initiated legal action against companies that continued to operate without authorization. Since May 2026, the AFSA has also been monitoring illicit activity in this sector in coordination with the National Bank of Kazakhstan.