April 25 – Astana, Kazakhstan — Kazakhstan is weighing the creation of crypto banks as part of a broader strategy to foster a sustainable digital finance ecosystem, Prime Minister Olzhas Bektenov revealed in a response to parliamentary inquiries from the Mazhilis, the lower house of Parliament.
Bektenov claims that the proposed crypto banks would provide essential services for the nation’s expanding digital infrastructure, including safe storage, digital asset exchange, and transaction facilitation. The Astana International Financial Centre (AIFC) now oversees a number of the financial organizations that would provide these services, including cryptocurrency exchanges, digital asset platforms, custodians, brokers, and dealers.
“These institutions will operate within a regulated and secure environment, in line with international standards,” Bektenov said.
To pave the way, the government has prepared legislative amendments aimed at easing restrictions on digital asset circulation and expanding the range of platforms available for crypto transactions. The move marks a significant step toward establishing a comprehensive digital financial framework.
Crypto banks, Bektenov added, would not only provide banking services to new market participants but also enhance transparency in digital asset operations. By aligning with anti-money laundering (AML) and counter-terrorist financing (CTF) protocols, these institutions are expected to reinforce the integrity of the financial system.
Moreover, the development of crypto banks is seen as a catalyst for technological innovation, especially in blockchain and IT infrastructure. Bektenov emphasized that the emergence of such banks would also bolster Kazakhstan’s appeal to investors by signaling a mature and forward-looking financial sector.
“The creation of crypto banks will underscore Kazakhstan’s readiness to embrace decentralized finance,” he noted. “They will drive demand for skilled professionals in compliance, blockchain analytics, and AML, while enhancing liquidity in both fiat and digital markets within the AIFC.”
The proposal marks a pivotal moment in Kazakhstan’s digital finance journey as it seeks to position itself as a regional hub for cryptocurrency and blockchain innovation.
