Kazakhstan is exploring the formation of crypto banks as part of broader efforts to develop a regulated and secure digital asset ecosystem, Prime Minister Olzhas Bektenov said in a statement to lawmakers on April 25.
Responding to an inquiry from members of the Mazhilis, the lower house of Parliament, Bektenov noted that the introduction of crypto banks would facilitate essential services such as digital asset exchange, custody, and transaction support. These banks would operate under the oversight of the Astana International Financial Centre (AIFC), which already hosts several entities active in the digital finance sector.
Infrastructure and Legislative Support in Focus
The prime minister indicated that the government is working on legislative amendments aimed at liberalizing digital asset circulation and expanding trading platforms. Infrastructure entities—including custodians, brokers, dealers, and platform operators—are expected to provide services aligned with international standards.
Crypto banks would serve as financial institutions for market participants, offering comprehensive banking services and playing a central role in improving transaction transparency and compliance with anti-money laundering and counter-terrorism financing regulations, Bektenov said.
Strengthening the Financial Hub and Workforce
Bektenov also emphasized that the emergence of crypto banks could enhance the attractiveness of Kazakhstan’s financial jurisdiction, particularly within the AIFC framework. The development is expected to stimulate demand for skilled professionals in compliance, blockchain analytics, and digital finance.
He added that the integration of crypto banks into the financial landscape could improve the liquidity of both fiat and digital assets while also supporting domestic innovation in blockchain technology and IT development.
The proposed institutions would align with Kazakhstan’s goal of establishing a robust and internationally compliant digital finance environment as the country continues to position itself as a regional centre for financial innovation.
