Kazakh Authorities Approve Issuance of Crypto Cards

The National Bank of Kazakhstan (NBK) announced the launch of crypto cards that enable payments directly from crypto wallets linked to regulated exchanges.

The National Bank of Kazakhstan officially announced the implementation of an initiative to issue cryptocurrency cards in the country. The project aims to support the development of the local digital asset industry.

The NBK’s crypto cards will allow citizens to make cashless transactions using funds held in cryptocurrency addresses managed by licensed digital asset service providers. All companies wishing to participate in the project must hold a license from the Astana International Financial Centre (AIFC).

The operation of the crypto cards involves instant asset conversion at the time of payment, resulting in the recipient receiving fiat funds, similar to transactions with regular bank cards.

Representatives of the National Bank also shared that the regulator is coordinating the launch of several pilot projects in the digital asset space, including:

• issuance of stablecoins backed by the national currency, including the digital tenge ;
• tokenization of real estate and financial assets;
• issuance of tokens equivalent to securities;
• development of custodial services and systems for storage and accounting of digital assets.

New legislation for the digital asset market in Kazakhstan is expected soon. A draft amendment was developed to expand the legal circulation of unbacked digital assets and create a legal framework for backed digital financial instruments. The NBK also announced a comprehensive legislative package aimed at forming a full-fledged digital asset ecosystem and strengthening control over cryptocurrency circulation in the country. At the same time, Kassym-Jomart Tokayev, President of Kazakhstan, announced the creation of a special zone to use cryptocurrencies for payment of goods, services, and investments.