Kazakhstan eyes crypto banks to boost digital asset ecosystem: report

Kazakhstan is exploring the creation of crypto banks as part of its effort to build a robust digital asset ecosystem.

The proposed institutions would offer services like digital asset exchange, storage, and transaction support in a regulated framework, according to The Astana Times.

This sentiment was expressed by Prime Minister Olzhas Bektenov in a response to Parliament on April 25.

These functions are already being partially handled by entities under the Astana International Financial Centre, including cryptocurrency exchanges, custodians, brokers, and digital asset platform operators. 

The government aims to expand these capabilities through upcoming legislative amendments designed to liberalize the circulation of digital assets and open access to a broader range of platforms.

In January, ​​Kazakhstan announced plans to expand its legal crypto operations. President Kassym-Jomart Tokayev called for urgent infrastructure improvements to support the digital asset sector. He noted that most crypto users operated in a “gray zone,” with only 5% using regulated platforms.

Crypto banks and innovation 

According to Bektenov, crypto banks will not only support digital asset transactions but also enhance transparency and compliance with anti-money laundering and counter-terrorism financing requirements. 

They are expected to play a key role in digital asset projects and promote innovation in blockchain and IT sectors.

Bektenov emphasized that introducing crypto banks would increase Kazakhstan’s investment appeal and demonstrate the maturity of its financial infrastructure within the decentralized finance space. 

The move is also expected to create demand for new talent, particularly in compliance, blockchain analytics, and AML roles, while improving liquidity for both fiat and digital currencies in the AIFC.