Kazakhstan Officially Licenses Crypto Exchange Operator for the First Time
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Pax Finance has received Kazakhstan’s first license as a crypto exchange operator. The company will be allowed to officially buy, sell and store cryptocurrency, open branches and install crypto ATMs, Orda.kz reports.
The license was issued by Kazakhstan’s National Bank. According to Forbes Kazakhstan, Pax Finance LLP was founded by financial consultant and auditor Arman Batayev, entrepreneur Azat Bekmagambetov and entrepreneur Oryngul Yeszhanova.
Arman Batayev is the managing partner of OD Consulting, founder of the Finmentor.kz Telegram channel and a Forbes Kazakhstan contributor. Azat Bekmagambetov was previously a co-founder of Paxaro Labs and the PaxWallet.io crypto wallet. Oryngul Yeszhanova is linked to the oilfield services business in the Atyrau region.
The National Bank proposed licensing crypto exchange operators in May 2025. Licensing began on May 1, 2026.
To obtain a license, a company must have at least 50 million tenge in authorized capital, a risk management system, compliance controls, customer identification procedures and cybersecurity measures. The National Bank also checks the business reputation of founders and beneficiaries.
Original author: Alexander Zhdanov
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