The National Bank of Kazakhstan has announced its intention to establish a state provider for the exchange of crypto assets, which will ensure the legality of cryptocurrency exchanges throughout the country, not just within the Astana International Financial Centre (AIFC). This decision is part of a new initiative to develop digital finance, which is set to be enshrined in a new draft law planned for adoption in August 2025.
This is reported by Finway
Timur Suleimenov, the head of the National Bank, stated in response to a parliamentary inquiry that as part of the digitalization strategy, the regulator will focus on four key areas: tokenization of traditional assets, legalization of cryptocurrency exchanges, launching a stablecoin based on the digital tenge, and developing a “regulatory sandbox” for testing new financial products.
Secure Exchange of Digital Assets
Suleimenov emphasized the importance of creating a licensed operator that will ensure the secure exchange of crypto assets, which will reduce dependence on unregulated foreign platforms and mitigate risks for citizens. At the same time, purchase volumes for individuals will be limited in the initial phase.
“Cryptocurrency will not receive the status of a means of payment,” the head of the regulator emphasized.
The national provider will integrate with the existing AIFC platforms, creating a unified ecosystem for the secure storage and trading of crypto assets in Kazakhstan.
Launch of Stablecoin
Additionally, the regulator is considering the possibility of launching a stablecoin called “Crypto-CT,” which will be backed by the digital tenge. This new instrument is planned to be used for settlements in crypto asset transactions and for value protection in conditions of market volatility, with its introduction into circulation occurring after risk assessment and testing.
Finally, a “regulatory sandbox” will be established at the National Bank to test digital solutions, where participants can launch promising projects under the supervision of the relevant authorities.
It is also important to note that within the discussed draft law, crypto banks will not be created, as this function will be performed by the digital ecosystem.
Recall that earlier, the President of Kazakhstan, Kassym-Jomart Tokayev, emphasized the need to develop the infrastructure for the legal circulation of digital assets.