Freedom Holding's Cryptocurrency Trading in Kazakhstan: How Timur Turlov's Group Develops Digital Assets

Freedom Holding's cryptocurrency trading in Kazakhstan is moving into the legal brokerage field: Timur Turlov's company has launched operations with digital assets and is expanding its product line amid growing customer interest in the crypto market.

At Freedom Holding Corp., they believe that the financial market in Kazakhstan is undergoing a profound restructuring to meet user demands. While professional participants were previously cautious about cryptocurrencies, their integration into the financial infrastructure is now becoming almost inevitable.

Sergey Lukyanov, chairman of the board of the brokerage Freedom, noted in an interview with the AIFC YouTube channel that the sector has already transitioned from distrust of digital currencies to their integration into brokerage services. The investment direction of Freedom is part of the international group Freedom Holding Corp., founded and majority-owned by Timur Turlov.

"The world is becoming global. We heard that our partners from Binance came to obtain a license for the securities market. Similarly, we are obtaining a license for the world of cryptocurrencies. In the future, the division between purely cryptocurrency and traditional financial companies will practically disappear --- only very niche players will remain," said Sergey Lukyanov.

To meet customer demand, Turlov's company has obtained the necessary licenses and launched services for operations with digital assets. According to Lukyanov, the brokerage pays special attention to the premium segment --- wealthy private investors with large portfolios.

How Kazakhstan Regulates the Cryptocurrency Market

In Kazakhstan, it is only legal to work with cryptocurrency within the special jurisdiction of the Astana International Financial Centre (AIFC). Outside of it, exchange operations with digital coins are considered illegal.

The AFSA committee oversees this market. It checks platforms, monitors transaction security, and approves the list of tokens permitted for circulation. Private users can legally purchase digital assets and conduct secure direct P2P transactions within licensed exchanges.

Income from the sale of cryptocurrency in Kazakhstan is taxed at a rate of 10%. At the same time, authorities want to create an incentive for citizens to return funds from gray foreign services to the Kazakh jurisdiction. If new rules are adopted, individuals will be temporarily exempt from income tax when selling assets through official Kazakh platforms.

Among cryptocurrency exchanges, full licenses to operate in the country have been obtained by Binance and Bybit. Local market participants are still developing in test mode.

Why Kazakhs Buy Digital Assets

A survey by Binance Kazakhstan shows that cryptocurrencies in Kazakhstan are used for several purposes. 60.2% of respondents view them as an investment tool, 58.5% as a way to generate additional income, 48.8% as long-term savings, and 42.6% engage in trading.

Less frequently, digital currencies are used for paying for goods and services or international transfers: such purposes were mentioned by 32.8% and 25.1% of respondents, respectively.

According to financial analysts and industry data, between 4% and 8% of Kazakhstan's residents own digital assets. According to CoinMarketCap, the stablecoin Tether (USDT) is in demand among investors for currency operations and settlements. Among volatile assets, BTC and ETH are more frequently chosen.

How Freedom Integrates Crypto Services into Its Infrastructure

Freedom Holding Corp. received a license from the Astana International Financial Centre (AIFC) to provide basic services with digital financial assets at the beginning of 2025. In the summer of the same year, Timur Turlov announced an agreement with Binance Kazakhstan. In October 2025, Binance, Freedom Bank, and the Ministry of Digital Development signed a memorandum for the development of blockchain technologies.

In March 2026, Freedom Broker launched its first crypto services. Clients were able to fund their brokerage accounts in USDC, USDT, BTC, and ETH, with subsequent conversion to dollars, as well as withdraw funds in cryptocurrency.

The rapid launch of these solutions was made possible by the scale of Freedom Holding Corp. in Kazakhstan. The group has long moved beyond traditional brokerage business and transformed into a technological ecosystem participating in major state initiatives.

Timur Turlov's holding invests in telecommunications, artificial intelligence, education, and social projects. Two major technological directions—creating a sovereign AI hub and developing telecom infrastructure—foresee about $2.65 billion in announced funding. Another $2.73 million has been allocated for the establishment and equipping of an AI center at SDU University. The sports infrastructure development program is projected at 18.5 billion tenge, or about $41 million, until 2029.

These projects are being implemented in collaboration with the government and international technology companies. The level of involvement also reflects Timur Turlov's regular participation in the foreign economic missions of President Kassym-Jomart Tokayev. The integration of its own AI assistant into the holding's products continues the overall trend towards digitalization.

Freedom SuperApp and Ecosystem Financial Indicators

The key consumer product of the group has become the Freedom SuperApp. Its audience exceeds 6 million users, and the total client reach, including partner platforms, has reached 14 million people.

In one ecosystem, the app combines banking services, investments, purchasing airline and train tickets, travel bookings, e-commerce, and a cross-product loyalty program.

The ecosystem approach is also evident in the reporting. In the first quarter of the 2027 financial year, that is, from April to June 2026, the holding's net revenue grew by 40% to $732.5 million. The net profit amounted to $31.7 million.

The brokerage segment increased revenues by 60% to $282.6 million. The banking business grew by 54% to $225.2 million. Interest income reached $295.1 million, and commission fees amounted to $156.7 million. Revenue from non-financial lifestyle services rose by 141%: from $17.2 million to $41.5 million.

By the end of the reporting period, the assets of Freedom Holding Corp. reached $14.05 billion, and the client base grew to 8.74 million people.

International Expansion of Freedom Holding

Timur Turlov is scaling the Kazakh model beyond the country's borders. The group's infrastructure already covers 24 states.

In the summer of 2026, Freedom completed the acquisition of 99.32% of the shares of Turkish Bank A.Ş. in Turkey. After the deal, the bank was renamed Freedom Bank A.Ş. This allowed the group to transfer the bank-broker connection to the large Turkish market.

In Europe, Freedom Holding's brokerage services serve over 600,000 accounts. The group has strengthened its presence in France: the Freedom24 platform received the status of a linked agent and offered clients commission-free trading of stocks and ETFs.

Timur Turlov also announced that the holding has applied for a full banking license in France and plans to invest about €500 million in the local ecosystem.

Among the priority areas in Europe, the group is considering Portugal, Romania, the Czech Republic, and Hungary, as well as exploring possible formats of operation in Switzerland. Outside of Europe, the holding is analyzing entry into the Pakistani market, engaging with the authorities of Mongolia, and intends to expand its business in Armenia. Earlier, Timur Turlov mentioned that the group could strengthen its presence in the USA by acquiring a local company or obtaining a license.