Kazakhstan Stock Exchange Partners with BitGo to Enhance Digital Asset Infrastructure and Regulatory Compliance

Kazakhstan Stock Exchange Partners with BitGo to Propel Digital Asset Growth

Astana, Kazakhstan — In a significant move for the burgeoning digital finance sector, the Kazakhstan Stock Exchange JSC (KASE) has announced a three-year partnership with San Francisco-based BitGo, a leading digital asset custodian. This collaboration aims to bolster KASE’s custody and trading infrastructure as it embarks on an ambitious journey to enhance its regulated cryptocurrency and tokenization capabilities.

The announcement, made yesterday, comes at a pivotal moment for Kazakhstan as it seeks to redefine its role in the global digital finance landscape. Historically recognized as a hotspot for cryptocurrency mining, the country is now shifting its regulatory focus towards institutional services and robust exchange frameworks.

Trading volumes on platforms licensed by the Astana International Financial Centre have skyrocketed, increasing more than twentyfold from approximately $280 million in 2023 to nearly $6.3 billion in the first three quarters of 2025. This surge has prompted regulators to take decisive action to establish a comprehensive regulatory framework for digital assets. In January, President Kassym-Jomart Tokayev signed legislation empowering the National Bank of Kazakhstan to license exchanges and determine which cryptocurrencies can be traded on regulated platforms.

KASE, which ranks second among CIS exchanges by securities trading volume, is positioning itself as the primary institutional gateway for this growth. Under the new partnership, BitGo will provide essential services including cold storage infrastructure, policy-based governance controls, and asset segregation, all designed to meet the stringent compliance requirements of an exchange environment. This agreement also lays the groundwork for future tokenization of securities and other financial instruments.

“KASE is consistently developing a modern and technologically sustainable market infrastructure capable of effectively supporting both traditional and digital financial assets,” stated 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.”

This partnership reflects a broader regional trend, as Kazakhstan’s National Bank has announced plans to launch a national crypto custodial service by May 2026, leveraging the country’s Central Depository. This initiative signals that institutional-grade custody is becoming a cornerstone of the government’s digital asset strategy. Earlier this month, reports indicated that Kazakhstan aims to invest up to $350 million into cryptocurrency assets, utilizing 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.”

BitGo, which recently listed on the New York Stock Exchange under the ticker BTGO, operates BitGo Bank & Trust, touted as the first federally chartered digital asset trust bank owned by a publicly traded company. Since 2013, the firm has been providing custody and trading infrastructure to exchanges and financial institutions.

Kazakhstan’s parliament passed amendments in late December 2025, integrating digital assets into the mainstream banking framework. Licensed exchanges and service providers are now required to adhere to standards similar to those of traditional banks, including anti-money laundering (AML) and investor protection requirements. This tightening regulatory environment underscores the necessity for institutional partners like BitGo, a need that KASE appears to have swiftly recognized.

As of 2025, approximately 95% of digital asset turnover—valued at over €13 billion—was still occurring outside the legal system, according to Dauren Karashev, chair of Kazakhstan’s National Blockchain Association. Formalizing this activity through regulated venues like KASE is central to the government’s strategy, and partnerships with established custody providers are crucial for exchanges worldwide in making their case to regulators.

With this strategic partnership, KASE is poised to play a leading role in Kazakhstan’s digital finance evolution, setting the stage for a new era of regulated cryptocurrency trading and tokenization in the region.