Kazakhstan Weighs Launching Crypto Banks
Kazakhstan Considers Establishing Crypto Banks to Boost Digital Economy
ASTANA – Kazakhstan is exploring the establishment of crypto banks, a move Prime Minister Olzhas Bektenov believes could be instrumental in developing a sustainable digital asset ecosystem. This initiative was highlighted during a formal inquiry by members of the Mazhilis, the lower house of Parliament, on April 25.
The proposed crypto banks will facilitate essential functions such as digital asset exchange, storage, and transaction support. These services are poised to be integrated into the emerging ecosystem through various infrastructure entities, including providers of cryptocurrency exchange transactions, digital asset platform operators, custodians, brokers, and dealers. Many of these players already function within the jurisdiction of the Astana International Financial Centre (AIFC).
Bektenov emphasized that these participants would offer a broad spectrum of digital services that adhere to international standards while operating in a secure and regulated environment. The government has already initiated legislative amendments to liberalize the circulation of digital assets and enhance the platforms available for their exchange. A key focus is the development of related financial institutions.
Furthermore, crypto banks are expected to deliver comprehensive banking services to new digital market participants. They will enhance the transparency of digital asset transactions and ensure compliance with regulations aimed at preventing money laundering and the financing of terrorism. Additionally, these banks will play a crucial role in advancing digital asset projects and stimulating the growth of IT developments and blockchain technologies within the country.
“Crypto banks will increase the investment attractiveness of the jurisdiction, reflecting the maturity of Kazakhstan’s financial infrastructure in the context of decentralized finance,” Bektenov stated. “The emergence of such institutions will create demand for new specialists, particularly in compliance, blockchain analytics, and anti-money laundering, and will also ensure the growth of liquidity of fiat and digital assets within the AIFC.”
This progressive approach by Kazakhstan marks a significant step in the nation’s efforts to integrate digital finance into its economy, promising to foster innovation and attract investment in the evolving landscape of digital assets.
