Kazakhstan Stock Exchange JSC

What Kazakhstan Stock Exchange JSC does

Kazakhstan Stock Exchange JSC (KASE) is the primary regulated securities exchange of Kazakhstan, founded in 1993 and headquartered in Almaty, operating as a joint-stock company (АҚ) under oversight of the National Bank of Kazakhstan and (for digital asset activities) the AFSA inside the AIFC. KASE provides multi-asset trading infrastructure across equities, government and corporate bonds, government securities (MBS), foreign currencies, money market instruments, and derivatives, with T+2 settlement for liquid securities and central counterparty clearing through its wholly-owned subsidiary, KASE Clearing Center JSC. The exchange serves three primary customer segments: institutional and professional market participants (trading via electronic access), listed companies / issuers (raising capital via equity and bond listings), and member brokerage firms that act as market makers and execute trades. KASE publishes the KASE Index as the benchmark for the country's most liquid stocks and TONIA as the money market risk-free rate.

In 2026 KASE has executed a strategic pivot into regulated digital assets. Under Solana Foundation partnership (MoU signed December 2025) and a three-year BitGo custody agreement (signed March 30, 2026), KASE launched a digital financial asset platform on Solana blockchain and received National Bank registration number 001 as both digital financial asset platform operator and digital asset trading platform operator. In June 2026 KASE listed Volatility Shares' Solana ETF (SOLZ) and BlackRock's iShares Ethereum Trust ETF, becoming the first exchange in Central Asia to offer regulated crypto ETF exposure. The exchange has simultaneously expanded issuer access through the KASE SME Qadam Bonds program (launched January 1, 2026) and built information infrastructure including the ESG Knowledge Hub, KASE Market Data Hub, and quarterly Issuer Profile analytics product. International positioning is reinforced by ADB co-publication of the Bond Market Guide for Kazakhstan (May 2026) and exploratory regional integration talks with the Tashkent Republican Stock Exchange (June 2026).

KASE's revenue model is a hybrid of listing fees, transaction-based trading commissions, central counterparty clearing fees, market data services, and emerging digital asset platform fees. Pricing is not publicly disclosed; specific listing fees, trading commissions, and clearing fees are maintained internally. Distribution combines direct enterprise engagement (issuers, institutional participants) with a channel of licensed broker-dealer members; marketing leverages Issuer Days events, KASE Academy, the Capital Market Media Lab for journalists, ESG publications, and international conference participation.

Name

Kazakhstan Stock Exchange JSC

Legal name

Қазақстан қор биржасы АҚ

Website

https://kase.kz

Company type

Private

Founded year

1993

Operating status

Operating

Headcount range

101–250 employees

Short description

Kazakhstan Stock Exchange JSC (KASE) is Kazakhstan's primary regulated securities exchange, providing multi-asset trading, clearing (via KASE Clearing Center JSC), and indexing for institutional investors, member brokers, and listed issuers; it recently added a National Bank-licensed digital asset platform on Solana with BitGo custody and crypto ETF listings.

Ownership category

akta.pro rank

Product category

Securities Exchange and Market Infrastructure

NAICS

Securities and Commodity Exchanges (523210), Securities and Commodity Exchanges (52321), Securities and Commodity Exchanges (5232)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Commodity Contracts Brokers & Dealers (6221)

akta.pro primary industry

Institutional Spot Exchanges & Broker-Dealers (FSADAAAC)

akta.pro secondary industries

Spot Crypto Exchanges (Order-Book & Matching Engine) (FSADAAAA), Crypto Custody & Exchange Wallet Services (Integrated) (FSADAAAG), Derivatives Liquidity Provision, Market Making & RFQ Desks (FSADAGAJ)

Keywords

• Securities exchange operations
• Equity and bond trading
• Central counterparty clearing
• Digital asset platform
• Market data services

Headquarters

HQ city

Almaty

HQ country

Kazakhstan

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Infrastructure, Marketing or Sales, Others

Revenue model

1. Listing Fees: Revenue generated from listing securities including shares, bonds, and ETFs on the exchange. Companies pay listing fees to be included in KASE's official list.
2. Trading Commissions: Transaction fees from trading activities across equities, bonds, government securities, currencies, and derivatives markets. The exchange processes trades in T+2 settlement mode for liquid securities.
3. Clearing Services: Clearing services provided through KASE Clearing Center JSC, which functions as central counterparty for derivatives, currency, and equity markets.
4. Crypto ETF Listings: Revenue from listing cryptocurrency ETFs such as Volatility Shares' Solana ETF and BlackRock's iShares Ethereum Trust ETF, facilitated by listing sponsors.

Go-to-market motion3 records

Distribution channels5 records

Marketing channels8 records

Core offering

Kazakhstan Stock Exchange JSC (KASE) operates Kazakhstan's primary regulated securities exchange and market infrastructure, providing electronic trading, clearing, listing, and market data services across equities, corporate and government bonds, foreign currencies, repo, and derivatives. The exchange also operates a newly launched regulated Digital Asset Platform for issuance, trading, and settlement of digital financial assets built on Solana blockchain with BitGo custody, and serves as the publisher of the KASE Index and TONIA money-market benchmark.

Product overview

Kazakhstan Stock Exchange JSC (KASE) operates a multi-segment trading platform offering equities, bonds, government securities, currencies, repo, derivatives, and investment funds. The core infrastructure includes the KASE Index as the primary stock market benchmark and TONIA as the money market benchmark. Key platform modules include the KASE Digital Asset Platform (blockchain-based digital financial asset issuance and trading built on Solana), KASE ESG Knowledge Hub (sustainable finance expertise platform), Issuer Profile (company information-analytical product), KASE Market Data Hub (regional market data access), and KASE SME Qadam Bonds Program (SME bond issuance). KASE also offers cryptocurrency ETF trading including Solana and Ethereum products through regulated exposure mechanisms. The Exchange operates under Kazakhstan National Bank regulation with additional oversight under the AIFC framework.

Differentiator

Problem solved

Functional benefit

Products and services

• KASE Digital Asset Platform A regulated digital financial asset platform for issuing, accounting, introducing to circulation, and settling digital financial assets, covering the full asset lifecycle from primary placement through secondary trading to fulfillment of investor obligations. Built on Solana blockchain infrastructure under Kazakhstan National Bank regulation (Registration No. 001); serves institutional and professional market participants.
• KASE Index Stock market index reflecting aggregate market value of the most liquid shares listed on KASE, representing Kazakhstan's largest and most financially stable resident companies, used as a benchmark by investors and index-tracking products.
• TONIA (Tonality Interbank Offered Rate) Primary risk-free benchmark rate for the Kazakh money market calculated as the weighted average interest rate on one-business-day repo opening transactions, with top and bottom 5% of deals trimmed to remove outliers. Used by market participants as the reference rate for short-term financing.
• KASE Global International platform segment of KASE offering foreign issuers and investors access to trading in shares, bonds, investment funds, government securities, corporate rights, currencies, repo, and derivatives.
• KASE Cryptocurrency ETF Trading Regulated trading platform segment for cryptocurrency ETF products including the Volatility Shares Solana ETF (SOLZ) and BlackRock iShares Ethereum Trust ETF, providing Central Asian investors with CME-futures-based exposure to digital assets on a supervised exchange.
• KASE SME Qadam Bonds Program 3-year listing program enabling small and medium business entities in real economy sectors to issue bonds through simplified private placement listing procedures on KASE, allowing SMEs to raise unsecured market financing.
• Issuer Profile (Эмитенттің профайлы) Information-analytical product providing comprehensive and systematic data on KASE-listed companies, including business descriptions, financial indicators, securities trading data, and corporate events, published quarterly in three languages for local and foreign investors.
• KASE ESG Knowledge Hub Platform for developing ESG expertise among market participants, providing monthly publications on sustainable finance best practices and analytical and methodological approaches for ESG reporting.
• KASE Market Data Hub Digital platform providing regional financial organizations with access to KASE market data, supporting transparency and market analysis for financial institutions across Central Asia.

Quantifiable outcome

• First Central Asian exchange to offer regulated crypto ETF exposure through Solana ETF listing
• +3 more outcomes

Named customers14 records

Segments5 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Eight partnerships are on record, tiered core and flagship.

• Investment Company Standard JSCcoreChannel Partner/ Reseller/ Distributor · 19 June 2026Listing sponsor for the Volatility Shares' Solana ETF listing on KASE, facilitating the first crypto ETF listing in Central Asia.
• Tashkent Republican Stock Exchange (RSE)flagshipStrategic or Co-development Partner · 18 June 2026Talks held in Baku, Azerbaijan on June 18, 2026 to explore expanding cooperation between capital markets. Discussions focused on broadening dual-listing mechanisms, facilitating placement of foreign securities, and exploring asset tokenization opportunities as part of regional capital market integration.
• Asian Development Bank (ADB)flagshipStrategic or Co-development Partner · 3 May 2026ADB co-published the 'Bond Market Guide for Kazakhstan' as part of the ASEAN+3 Bond Market Guide series. Kazakhstan joined the ASEAN+3 Bond Market Forum as official observer in 2025. The guide was developed jointly with Kazakhstan's National Bank, Financial Market Agency, Ministry of Finance, KASE, AIFC, and Central Securities Depository.
• BitGocoreTechnology or Integration · 30 March 2026Three-year agreement with U.S.-based digital asset infrastructure firm BitGo to build a regulated cryptocurrency market and lay groundwork for tokenized finance. BitGo provides institutional custody services including cold storage, governance frameworks, and asset segregation for digital asset trading on KASE's platform, operating under AIFC's regulatory framework governed by AFSA.
• Solana FoundationcoreTechnology or Integration · 1 December 2025Partnership for blockchain infrastructure for KASE's digital asset platform. The MoU signed in December 2025 facilitated the listing of Volatility Shares' Solana ETF and the development of the regulated digital asset platform built on Solana network.
• National Bank of KazakhstancoreOthersRegulatory authority that approved KASE as digital financial asset platform operator and digital asset trading platform operator with registration number 001.
• AIFC (Astana International Financial Centre)coreOthersAIFC provides regulatory framework for KASE's digital asset operations governed by AFSA (AIFC Financial Services Authority).
• ASEAN+3 Bond Market ForumflagshipStrategic or Co-development PartnerKASE participates in the ASEAN+3 Bond Market Guide series. Kazakhstan joined as official observer in 2025, enabling development of the Kazakhstan Bond Market Guide published in 2026.

Scale indicators14 records

Recent moves15 records

Expansion highlights6 records

Broad incumbents

• Hong Kong Exchanges and Clearing (HKEX): Major global multi-asset exchange operator with equities, bonds, derivatives, and increasingly digital asset products including spot Bitcoin and Ethereum ETFs. KASE's digital asset platform launch mirrors HKEX's regulated approach to crypto exposure in Asia.
• Nasdaq Inc. Global exchange operator with listed equities, clearing, market data, and increasingly digital asset and tokenization services. Comparable to KASE as a multi-product exchange operator investing in next-generation market infrastructure.
• Singapore Exchange (SGX): Asian multi-asset exchange with derivatives, fixed income, and digital asset initiatives. Comparable to KASE in serving as a regional regulated venue pursuing digital asset and tokenization products.
• Deutsche Börse (Frankfurt Stock Exchange): Major global exchange operator with integrated clearing (Eurex Clearing) and a wide product range. Comparable to KASE in business model — multi-asset venue with vertically integrated clearing, indices, market data, and digital asset initiatives.
• Intercontinental Exchange (ICE / NYSE): Global exchange and clearing operator running NYSE equities, listed derivatives, and digital asset data services. Comparable to KASE in providing regulated multi-asset trading infrastructure and serving institutional participants.

Direct peers

• Tashkent Republican Stock Exchange (UZSE/RSE): Uzbekistan's national stock exchange. KASE's most direct Central Asian peer and active partner in regional capital market integration, dual-listing, and tokenization discussions.
• CME Group: World's largest derivatives exchange and the underlying venue for the CME futures contracts that back KASE's Solana ETF listing. Directly relevant to KASE's digital asset strategy, which relies on CME futures-based ETF exposure.

Regional players

• Abu Dhabi Securities Exchange (ADX): Regional multi-asset exchange serving the UAE market with growing digital asset and ETF offerings. Comparable to KASE as a national stock exchange that has actively pursued digital asset and tokenization strategies in a regulated MENA/GCC environment.
• Baku Stock Exchange (BSE): Post-Soviet regional exchange serving Azerbaijan. Comparable to KASE as a CIS/Caspian region stock exchange exploring digital asset and cross-border cooperation, and notably the venue where KASE and Uzbekistan RSE held regional integration talks.
• Moscow Exchange (MOEX): CIS region's largest exchange operator, providing the closest historical and operational reference for KASE as a former Soviet-bloc multi-asset exchange with equities, bonds, FX, money market, and derivatives markets. Currently restricted from many international flows due to sanctions.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/kase_kz

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Kazakhstan Stock Exchange JSC