The legal regime for cryptocurrencies in Kazakhstan and impossible control of their circulation

Development of a legal framework for cryptocurrencies in Kazakhstan is described in this article: from very first steps in 2018 when financial intermediaries were just warned from use of Bitcoins and alike in their transactions to prohibition of their circulation established into 2020, with cancellation of the prohibition and strengthening regulation of crypto mining in 2023. Authors show that neither existence nor absence of a legislative restriction of cryptocurrencies’ circulation can help the State to control respective turnover. Respectively, no efficient solution can be said existing to both support a public order and protect individual property rights to cryptocurrencies. Keywords: Republic of Kazakhstan, cryptocurrency, Law on Informatisation, digital assets, AIFC, digital mining, regulation, legal framework.