Kazakhstan Stock Exchange JSC (KASE) has entered into a three-year partnership with digital asset custodian BitGo to develop regulated cryptocurrency and tokenization capabilities. The agreement, announced on March 30, 2026, will see BitGo provide cold storage infrastructure, policy-based governance controls, and asset segregation designed to meet the compliance requirements of an institutional exchange environment.
The partnership comes at a pivotal moment for Kazakhstan's digital finance strategy. While historically known as a global crypto mining hub, the country's regulatory focus has shifted toward institutional services. Trading on platforms licensed by the Astana International Financial Centre has surged more than twentyfold—from roughly $280 million in 2023 to nearly $6.3 billion in the first three quarters of 2025.
In January 2026, President Kassym-Jomart Tokayev signed legislation establishing a comprehensive regulatory framework for digital assets. This grants the National Bank of Kazakhstan authority to license exchanges and approve which cryptocurrencies can be traded on regulated platforms. KASE, ranking second among CIS exchanges by securities trading volume, aims to become the institutional gateway for this growth.
"KASE is consistently developing a modern and technologically sustainable market infrastructure capable of effectively supporting both traditional and digital financial assets," said Adil Mukhamejanov, Chairman of KASE's Management Board. "Our collaboration with BitGo strengthens the foundation necessary for secure development of digital asset markets and implementation of tokenization initiatives in Kazakhstan."
The deal aligns with broader national ambitions. The National Bank of Kazakhstan plans to launch a national crypto custodial service by May 2026, built on the country's Central Depository. Furthermore, Reuters reported earlier in March that Kazakhstan aims to invest up to $350 million into cryptocurrency assets, leveraging seized digital assets and mining returns, to establish a national digital asset fund valued between $500 million and $1 billion.
"Exchanges and financial market institutions around the world are evaluating how digital assets and blockchain technology can modernize market infrastructure," said Mike Belshe, CEO and Co-founder of BitGo. "We are pleased to work with KASE to provide the infrastructure to support digital asset activity within a regulated exchange framework and to help lay the groundwork for future tokenization use cases."
Separately, BitGo has launched a new portfolio-based crypto lending platform for institutions. The platform allows clients to borrow and lend against a range of digital assets—including liquid tokens, staked positions, and locked holdings—within a single account. Financing activity is handled within BitGo’s custody environment, with collateral held in segregated wallets and credit extended against assets including Bitcoin (BTC), Ether (ETH), Solana (SOL), and stablecoins.
This institutional lending push reflects a wider market trend. In recent months, entities like Mezo, Anchorage Digital, Coinbase, and Kraken have introduced or expanded crypto-backed lending products. The infrastructure is evolving toward custody-integrated models, as seen with Lombard and Bitwise Asset Management's plans to develop systems allowing institutions to earn yield and borrow against Bitcoin held in custody.
Kazakhstan's regulatory landscape tightened significantly in late December 2025, when parliament passed amendments integrating digital assets into the mainstream banking framework. Licensed exchanges and service providers must now operate under standards similar to banks, including AML and investor protection requirements. As of 2025, an estimated 95% of digital asset turnover—worth over €13 billion—was still occurring outside the legal system, according to the head of Kazakhstan's National Blockchain Association. Formalizing this activity through regulated venues like KASE is central to the government's strategy.
