Kazakhstan considers launching a national crypto bank
Tengrinews.kz – A member of Kazakhstan’s Mazhilis has proposed the creation of a national crypto bank to bring digital asset transactions out of the shadows and under state regulation. MP Azat Peruashev believes the National Bank and second-tier banks with experience in digital finance could play a central role in the project.
In an official inquiry addressed to Prime Minister Olzhas Bektenov, Peruashev referred to President Kassym-Jomart Tokayev’s recent call at the National Kurultai for urgent measures to liberalize the digital asset sector.
The MP emphasized that cryptocurrencies have become a vital part of the global financial system, with growing interest among Kazakh citizens as a means of investment. However, he warned that Kazakhstan lacks a legal framework for the use of such assets.
"Instead of legal regulation, we have a ban on cryptocurrency circulation, which fuels the shadow economy and illegal schemes. According to some estimates, 90 percent of crypto transactions in Kazakhstan take place outside the legal field," Peruashev said.
He added that the ban has led to the rise of illegal exchangers, tax evasion, and even the financing of illicit activities. Kazakh citizens have suffered significant losses due to crypto scams and fraudulent platforms, with billions of tenge being funneled abroad without oversight.
Peruashev argued that establishing a crypto bank could provide a legal mechanism for the oversight, exchange, and storage of digital assets - similar to models already functioning in developed economies.
“Such an institution could solidify Kazakhstan’s position as a regional hub for digital financial technologies, reduce shadow market activity, and increase tax revenues,” he noted.
A similar appeal was made by MP Ekaterina Smyshlyayeva, who called for a comprehensive review of digital asset regulations. She highlighted that the industry is a key pillar of an innovative economy.
"The President emphasized the importance of legalizing digital asset circulation, regulating crypto exchanges, and attracting investment in digital mining. The Law on Digital Assets was a crucial first step, but the market has evolved significantly since then," she stated.
Smyshlyayeva proposed decriminalizing the circulation of unsecured digital assets by individuals - provided transactions occur on licensed platforms - while tightening oversight of crypto operators. She also advocated expanding digital infrastructure and bringing licensed crypto exchanges into the legal and financial monitoring framework.
Both MPs stressed the need to update criminal legislation related to digital assets, ensuring penalties are proportionate and aligned with current market realities.
President Tokayev previously stated at the IV National Kurultai that digital transformation is key to boosting Kazakhstan’s economic competitiveness.