Abstract. This article analyses development of the crypto-currency sector in Kazakhstan in relation to the changing policy on this industry. Favourable attitude existed in Kazakhstan towards this matter until the autumn of 2021 then changed to restrictive. This happened after the booming crypto-mining industry had stepped up emergence of electricity deficit in this country. Then it was followed by the total shutdown of the internet in Kazakhstan during the mass disorder in January 2022 and that seriously threatened the existence of Kazakh crypto-mining sector. Later on, various statements and actions of Kazakhstan’s authorities sent contradictory messages to this industry. Eventually in the autumn 2022, new draft laws shed light on the future of this industry in the country. Therefore, next year the crypto-mining industry will get full legal recognition in Kazakhstan, but together with that, its regulation will be tightened and fiscal pressure on this sector will substantially increase. While crypto-currencies will not be recognized as the legal tender in Kazakhstan, but it will be permitted for all residents of the country to make transactions with them through the infrastructure of the International Financial Centre in Astana.