The first licensed crypto exchanger in Kazakhstan, Pax Finance, plans to open physical service points and install crypto ATMs. Co-founder Arman Batayev stated this in response to questions from Kursiv. This was reported by Qazaqyia.kz citing Kursiv Media.
According to him, the company is considering various options for entering the market, including partnerships with existing exchange offices.
"Yes, such plans exist. We are currently working on various options, including partnerships with existing exchange offices – this will allow us to reach clients faster and more efficiently. We will be able to announce specific timelines a little later, once we determine the optimal model," Batayev said.
He noted that demand for cryptocurrency exchange services in Kazakhstan already exists. According to the company, last year the turnover of digital assets on licensed exchanges amounted to $10.58 billion, but most transactions are still in the "gray" zone.
"As this volume transitions into the legal, licensed field, the market potential looks very significant," Batayev noted.
Pax Finance received a license to operate as a crypto exchanger from the National Bank of Kazakhstan. It allows the company to officially buy, sell, and store cryptocurrency, as well as open branches and install crypto ATMs.
Preparation for obtaining the license took about one and a half months, the businessman noted. According to Batayev, this was facilitated by work within the regulatory sandbox and support from the National Bank. The regulatory support of the project was provided by OD Consulting.
To launch the business, the founders contributed the minimum required capital of 50 million tenge. However, the company considers its team of specialists in anti-money laundering, counter-terrorism financing, and information security as the main investment.
"Compliance with AML/CFT and information security requirements is impossible without strong specialized specialists, and such specialists are expensive. This team became our main investment – and perhaps our main asset," Batayev emphasized.
Pax Finance was registered in Astana on May 20, 2026. Its founders are financier, author of the Telegram channel Finmentor.kz, co-founder of HQB and founder of GWM Capital, as well as founding partner of the consulting company OD Consulting Arman Batayev; founder of the Web3 accelerator and crypto literacy academy Paxaro Education Azat Bekmagambetov; and entrepreneur Oryngul Yeszhanova.
Since May 1, 2026, Kazakhstan has been licensing participants in the digital asset market. The issuance of a license to Pax Finance was the first case of official admission of a crypto exchanger to operate in the country's regulated market.
A crypto ATM is a physical terminal for independently exchanging cryptocurrency (e.g., Bitcoin, Ethereum, USDT) for fiat cash or vice versa.