The National Bank of Kazakhstan unveiled an ambitious plan to legalize and regulate crypto-assets in the country. This includes the creation of a unified state infrastructure, tokenization of real-world assets, issuance of a stablecoin pegged to the digital tenge, and the launch of a regulatory sandbox.
Timur Suleimenov, Chair of the National Bank of the Republic of Kazakhstan, responded to a parliamentary inquiry by detailing the new strategy for implementing comprehensive regulation of digital assets. The plan outlines official recognition of crypto-assets, the rollout of a regulated crypto market nationwide, issuance of a national stablecoin, and the introduction of a sandbox environment for testing innovative Web3 financial products.
The legislative changes are expected to be introduced in August 2025 as part of a new Banking Law. The primary goal is to create a secure, transparent, and functional digital ecosystem that leverages the benefits of crypto technologies while minimizing their risks.
The initiative comes in response to growing public interest in crypto transactions and aims to curb user migration to unregulated foreign platforms. A national regulatory model will be implemented through licensed crypto exchange providers, ensuring compliance and transaction transparency within a controlled environment.
To build an integrated ecosystem, new providers will be connected with existing participants through the Astana International Financial Centre (AIFC), creating a full-service infrastructure ranging from custody to trading operations.
Another key element of the plan is the launch of tokenized assets (referred to as digital financial assets or DFAs), backed by RWAs such as securities, gold, and real estate. These instruments are expected to reduce costs, increase market accessibility, and open new investment channels, particularly for small and medium-sized businesses.
The regulated infrastructure will be based on the Central Securities Depository and the Kazakhstan Stock Exchange (KASE), which will be responsible for operating platforms for the issuance and trading of DFAs. Oversight will be handled by the National Bank and the Agency for Regulation and Development of the Financial Market.
Meanwhile, a stablecoin project called “Crypto DT” (Crypto Digital Tenge) is also under consideration. This asset will be backed by the digital tenge and designed for payments and value storage during periods of market instability. The implementation model will be finalized following testing in the regulatory sandbox with market participants.
The National Bank emphasizes that its current strategy excludes the use of unbacked cryptocurrencies as alternatives to traditional financial services. This is aimed at preventing the emergence of a parallel financial system and preserving liquidity. The ban on using cryptocurrencies as a legal means of payment in Kazakhstan will remain in place.
Kazakhstan is actively developing its digital asset market. Just last year, the National Bank successfully piloted the digital tenge (CBDC), testing various use cases ranging from retail payments to the issuance of tokenized assets.
