Crypto Wallet Custody License Kazakhstan: Complete 2026 Guide
Kazakhstan has emerged as a significant hub for cryptocurrency mining and, increasingly, for crypto custody services. The country's regulatory framework, led by the Astana Financial Services Authority (AFSA) and the Ministry of Digital Development, Innovation and Aerospace Industry, now provides a clear path for obtaining a crypto wallet custody license. This guide covers everything you need to know about the Kazakhstan crypto license for custody services in 2026, including the regulator, capital requirements, tax treatment, and step-by-step application process.
Whether you are a startup or an established financial institution, understanding the nuances of Kazakhstan's crypto licensing regime is critical. Consulting24 advises and coordinates applications for this license, helping you navigate the requirements efficiently. For alternative jurisdictions like Panama or Lithuania, we also provide direct licensing services.
What Is the Crypto Wallet Custody License in Kazakhstan?
The crypto wallet custody license in Kazakhstan is a regulatory authorization that allows a company to safekeep and administer digital assets on behalf of clients. It falls under the broader category of activities regulated by the Astana Financial Services Authority (AFSA) for entities operating within the Astana International Financial Centre (AIFC), or by the Ministry of Digital Development for entities outside the AIFC. The license covers services such as wallet creation, private key management, and asset safeguarding.
As of 2026, Kazakhstan has aligned many of its crypto regulations with international standards, including elements of the FATF recommendations. The license is essential for any business that wants to offer custodial wallet services to institutional or retail clients in Kazakhstan. The regime distinguishes between custody-only providers and those offering additional services like exchange or staking. For custody-only, the requirements are more streamlined, but still demand strong security protocols and a clear governance structure.
For example, a company that stores Bitcoin private keys in a cold vault for a pension fund needs this license. Similarly, a platform that offers multi-signature wallets to retail users must also be licensed. The regulator expects applicants to demonstrate technical competence, financial stability, and compliance with anti-money laundering (AML) rules.
Who Needs This License?
Any business that intends to provide custodial services for crypto assets in Kazakhstan must obtain this license. This includes:
- Cryptocurrency wallet providers (hot and cold storage)
- Custodians for exchanges and trading platforms
- Institutional-grade custody solutions for funds and asset managers
- Any entity that holds private keys on behalf of clients
If your business model involves taking control of client crypto assets, you fall under the scope of this license. Non-compliance can result in penalties, including fines and forced cessation of operations. Even foreign companies serving Kazakh clients may need to register locally. For instance, a Swiss custody provider offering services to Kazakh residents would likely require a license or a partnership with a licensed local entity.
It is important to note that the license is not required for non-custodial wallet providers (where the user controls the private keys). However, if you offer any form of key management or recovery service, you fall under the custody definition.
License Type and Regulator
The primary regulator for crypto custody activities in Kazakhstan is the Astana Financial Services Authority (AFSA) for entities based in the AIFC. For companies operating outside the AIFC, the Ministry of Digital Development, Innovation and Aerospace Industry oversees licensing. The license type is typically a "Crypto Custody License" under the AIFC Digital Asset Framework, or a "Digital Asset Custody Service Provider" license under the national regime.
AFSA is known for its strong yet efficient regulatory approach, modelled after international best practices. The application process involves a thorough assessment of the applicant's governance, risk management, and technical capabilities. The AIFC offers a more streamlined process with clearer timelines, while the national regime may be more flexible for smaller operators. However, the AIFC route is generally recommended for its tax benefits and regulatory clarity.
As of 2026, AFSA has published detailed guidance on custody requirements, including mandatory insurance coverage for digital assets under management. This is a key difference from many other jurisdictions.
Cost and Timeline
The cost for a Kazakhstan crypto wallet custody license varies depending on the complexity of the application and whether you apply through the AIFC or the national regulator. Below is an indicative table based on 2026 figures.
| Item | Cost (EUR) | Timeline |
|---|---|---|
| Application fee (AIFC) | 5,000 - 10,000 | 1-2 months |
| Application fee (National) | 3,000 - 7,000 | 2-4 months |
| Legal & compliance setup | 10,000 - 25,000 | 1-2 months |
| Company incorporation (AIFC) | 2,000 - 5,000 | 2-4 weeks |
| Office setup and local staff | 5,000 - 15,000 | 1-3 months |
| Total estimated (AIFC) | 22,000 - 55,000 | 3-6 months |
Exact pricing is confirmed during a consultation, as each case differs. Consulting24 provides a detailed cost breakdown tailored to your business model. The timeline can be shorter if the applicant has all documentation ready and a clean background.
Capital Requirement
The minimum capital requirement for a crypto wallet custody license in Kazakhstan is set by the regulator. As of 2026, the AIFC requires a minimum capital of EUR 50,000 for custody-only services. For entities outside the AIFC, the requirement is typically lower, around EUR 20,000 to EUR 30,000. However, if you plan to offer additional services (e.g., exchange or trading), the capital requirement may increase to EUR 125,000 or more.
These figures are subject to change and should be verified with the regulator. Consulting24 can help you determine the exact capital needed based on your service scope. It is important to note that the capital must be deposited in a Kazakh bank and cannot be withdrawn without regulatory approval. The capital serves as a buffer against operational risks and is a sign of financial stability.
For comparison, under the EU's MiCA framework, custody-only services require EUR 125,000 capital, making Kazakhstan more accessible for smaller players.
Tax Treatment
Kazakhstan has a favourable tax regime for crypto businesses, especially within the AIFC. Companies registered in the AIFC are exempt from corporate income tax for up to 50 years (subject to conditions). For entities outside the AIFC, the standard corporate tax rate is 20%, but there are incentives for digital asset companies.
Value-added tax (VAT) on crypto custody services is generally exempt, as digital assets are treated similarly to financial services. However, tax treatment can vary based on the specific structure and activities. It is advisable to consult with a local tax advisor. Additionally, the AIFC offers exemptions from customs duties and property taxes for licensed entities.
For example, a custody company earning EUR 500,000 in fees would pay zero corporate tax in the AIFC, compared to EUR 100,000 outside. This makes the AIFC route highly attractive for long-term operations.
Allowed Activities
With a Kazakhstan crypto wallet custody license, you are permitted to:
- Safekeep and administer crypto assets
- Manage private keys on behalf of clients
- Provide wallet infrastructure and security
- Facilitate staking and yield generation (if disclosed)
- Offer multi-signature and threshold signature solutions
Additional activities like exchange or trading may require separate licenses. The license does not allow proprietary trading or lending of client assets without explicit consent. However, you can offer staking as an ancillary service if it is clearly disclosed and the client retains ownership. The regulator expects a clear segregation of client assets from company assets, and regular audits to ensure compliance.
For example, a licensed custodian can offer a staking service for Ethereum, where the client earns rewards, but the custodian cannot use the staked assets for its own profit without permission.
Step-by-Step Application Process
- Pre-application assessment: Evaluate your business model and determine the appropriate regulator (AIFC or national).
- Company incorporation: Register a legal entity in Kazakhstan, typically a limited liability company (LLP) or a special purpose vehicle (SPV) in the AIFC.
- Documentation: Prepare a business plan, AML/KYC policies, risk management framework, and technical security documentation.
- Capital deposit: Place the required minimum capital in a Kazakh bank account and obtain a confirmation letter.
- Submission: Submit the application to AFSA or the Ministry of Digital Development, along with the application fee.
- Review and interview: The regulator reviews the application and may request an interview with the board and compliance officer.
- License issuance: Upon approval, the license is granted. Ongoing compliance reporting begins.
The entire process typically takes 3-6 months. Consulting24 can handle the entire process, from company setup to regulatory liaison. We also help with drafting the required policies and preparing for the interview.
Banking and Payment Services
Opening a bank account for a crypto custody business in Kazakhstan can be challenging due to the perceived risk. However, the AIFC has partnered with several local and international banks that are crypto-friendly. Options include:
- ForteBank
- Kaspi Bank (limited)
- Eurasian Bank
Additionally, payment service providers like Epay and Paynet offer fiat on-ramp solutions. For international clients, multi-currency accounts are available. Consulting24 can assist in introductions to these institutions. It is important to note that banks may require a minimum deposit and proof of licensing before opening an account. Some banks also charge higher fees for crypto-related accounts.
As an alternative, some custody providers use EMI (electronic money institution) accounts in Europe for fiat handling, but this may complicate tax reporting. A local bank account is generally preferred for compliance reasons.
Benefits of a Kazakhstan Crypto License
Kazakhstan offers several advantages for crypto custody providers:
- Low cost: Compared to EU jurisdictions like Lithuania or Malta, the total cost is significantly lower.
- Fast timeline: 3-6 months for the AIFC route, compared to 6-12 months in many EU countries.
- Tax incentives: 50-year tax holiday within the AIFC.
- Strategic location: Proximity to China and Russia, with growing crypto adoption.
- Regulatory clarity: AFSA provides clear guidelines and support.
These benefits make Kazakhstan an attractive option for startups and mid-size custody providers. However, the jurisdiction may not be suitable for those targeting primarily Western European clients due to time zone differences and regulatory alignment. For a full comparison, see our jurisdictions page.
Compliance and Trust
Maintaining a Kazakhstan crypto license requires ongoing compliance with AML/CFT regulations, including transaction monitoring, suspicious activity reporting, and regular audits. The regulator conducts periodic reviews and may impose fines for non-compliance. It is essential to have a strong compliance program in place from day one.
Key compliance requirements include:
- Appointing a local compliance officer
- Implementing a transaction monitoring system
- Conducting regular employee training
- Submitting quarterly reports to AFSA
- Undergoing annual external audits
General guidance, not legal advice. Always consult with a qualified legal professional for your specific situation.
Common Mistakes to Avoid
- Insufficient capital: Underestimating the capital requirement can lead to application rejection.
- Poor documentation: Vague business plans or incomplete AML policies are common reasons for delays.
- Ignoring local presence: The regulator expects a physical office and local staff, including a compliance officer.
- Overlooking tax obligations: Even with tax incentives, proper reporting is mandatory.
- Choosing the wrong regulator: AIFC vs national regime - each has different requirements and benefits.
- Neglecting insurance: AFSA requires professional indemnity insurance for custody services.
Avoiding these pitfalls can save time and money. Consulting24 helps clients prepare thoroughly to minimize risks.
Alternatives and Comparison
Kazakhstan is not the only option for a crypto custody license. Here is how it compares to other popular jurisdictions:
| Jurisdiction | Cost (EUR) | Timeline | Capital | Tax |
|---|---|---|---|---|
| Kazakhstan (AIFC) | 22,000 - 55,000 | 3-6 months | 50,000 | 0% (50 years) |
| Panama | 6,000 (flat) | 2-3 months | None | 0% offshore |
| Lithuania | 15,000 - 30,000 | 4-8 months | 125,000 (MiCA) | 15% |
| Estonia | 10,000 - 20,000 | 3-6 months | None (old) / 50,000 (MiCA) | 20% |
Panama offers the lowest cost and no capital requirement, making it attractive for startups. However, Kazakhstan provides a more established regulatory framework and tax advantages for long-term operations. For a full comparison of options, see our jurisdictions page.
Why Choose Consulting24?
Consulting24 has extensive experience in crypto licensing across multiple jurisdictions. For Kazakhstan, we advise and coordinate the entire application process, from company incorporation to regulatory submission. We work with local legal partners to ensure compliance with all requirements. Our team provides transparent pricing and regular updates throughout the process.
Contact us via WhatsApp or book a consultation to discuss your project. We also offer direct licensing in Estonia and Lithuania, and can help you choose the best jurisdiction for your needs.
Frequently asked questions
What is the minimum capital for a crypto wallet custody license in Kazakhstan?
For the AIFC route, the minimum capital is EUR 50,000 for custody-only services. For the national regime, it is typically EUR 20,000 to EUR 30,000. If you offer additional services like exchange, the capital requirement may increase to EUR 125,000 or more. These figures are as of 2026 and should be confirmed with the regulator.
How long does it take to get a Kazakhstan crypto custody license?
The process typically takes 3-6 months for the AIFC route, and 2-4 months for the national regime. The timeline depends on the completeness of your application and the regulator's workload. Consulting24 can help streamline the process.
What are the tax benefits of the AIFC?
Companies registered in the AIFC are exempt from corporate income tax for up to 50 years. They also enjoy exemptions from VAT, customs duties, and property taxes. This makes the AIFC highly attractive for long-term crypto custody operations.
Can a foreign company apply for a Kazakhstan crypto license?
Yes, but you must incorporate a local entity, either in the AIFC or under the national regime. The company must have a physical office and local staff, including a compliance officer. Consulting24 can assist with company formation.
Is the Kazakhstan license recognized internationally?
The license is recognized within Kazakhstan and by some international partners. However, it may not automatically satisfy regulatory requirements in other countries. For EU clients, a license under MiCA (e.g., Lithuania) may be more appropriate. See our jurisdictions page for comparisons.
What are the ongoing compliance requirements?
Licensees must submit quarterly reports to AFSA, conduct annual audits, maintain AML/CFT programs, and appoint a local compliance officer. The regulator may also conduct on-site inspections. Non-compliance can result in fines or license revocation.
Can I offer staking with a custody license?
Yes, staking is allowed as an ancillary service, provided it is clearly disclosed to clients and the client retains ownership of the assets. You cannot use client assets for proprietary trading or lending without explicit consent.
What is the difference between AIFC and national regime?
The AIFC offers a more streamlined process, lower taxes (0% for 50 years), and clearer regulations. The national regime is cheaper and faster for small operators but has higher taxes (20% corporate tax) and less regulatory clarity. The choice depends on your business model.
Do I need insurance for custody services?
Yes, AFSA requires professional indemnity insurance for custody services. The coverage amount should be commensurate with the value of assets under custody. This is a key requirement that differs from some other jurisdictions.
Can Consulting24 guarantee approval?
No, we cannot guarantee approval. The decision rests with the regulator. However, we have a high success rate by ensuring all documentation is complete and compliant. We provide guidance, not guarantees.
Official sources
- Astana Financial Services Authority (AFSA)
- Ministry of Digital Development, Innovation and Aerospace Industry of Kazakhstan
Related jurisdictions
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