Kazakhstan accelerates its efforts to become a regional leader in blockchain and cryptocurrency. Among its latest initiatives, there is a proposal from the National Bank of Kazakhstan (NBK) to establish a state cryptography reserve.
National strategy and regulatory evolution
The NBK recently approved the idea of forming a national reserve of cryptographic assets. This was confirmed in an official response from the president of NBK, Timur Suleimenov, to a parliamentary investigation. The proposal includes the creation of the reserve through a subsidiary of the NBK focused on alternative investments. Mirroring in countries like the United States, the reserve could be made up of confiscated cryptographic networks and cryptocurrencies extracted with a state involvement. Legislative changes to support this decision are expected.
In January, President Kassym-Jomart Tokayev stressed the urgency of developing the cryptographic infrastructure of Kazakhstan, citing a global transition to digital assets. Tokayev highlighted the need for a complete national strategy to meet emerging challenges.
Currently, cryptocurrency legal transactions in Kazakhstan can only occur through exchanges operating within the framework of the Astana International Financial Center (AIFC). Registered participants include the main platforms such as Binance and Bybit.
Expansion infrastructure and innovation
The government also plans to create cryptographic banks, which would regulate the digital asset market, would facilitate storage and transactions and increase the financial ecosystem. These institutions are considered essential to promote the growth of the IT sector and the blockchain compliance jobs.
It is also planned to establish a national exchange of approved cryptocurrency that would work on a national scale beyond the AIFC.
In May, Kazakhstan announced the launch of a special cryptocicity area to pilot payments based on cryptocurrencies for goods and services. The following month, five banks, Hallyk Bank, Forte, Freedom, RBK and Altyn, joined an NBK pilot program to introduce cryptographic cards. These cards, linked to portfolios on the AIFC recorded exchanges, allow real -time conversion of the Tenge crypto for payments and cash withdrawals, including in physical retail terminals.
Mining: Perspectives and pressure
Kazakhstan had a complex relationship with the extraction of cryptocurrency. Between mid-2010 and the beginning of 2022, the country ranked third in the world in Bitcoin exploitation, driven by low energy costs and an influx of China miners. At its peak in January 2022, Kazakhstan represented 13.22% of the world mining power.
However, the boom in mining has led to serious energy shortages. While the enthusiasm for the mining has returned, President Tokayev called in March 2025 for a renewal of investments in digital mining infrastructure.
The first vice-minister of digital development, Kanysh Tuleushin, defended the mining of the State as a source of potential income and catalyst to modernize the energy network. He underlined models such as the United States, where minors help to balance the grid charges and on the “70/30” initiative of Kazakhstan, which allocates 30% of the capacity of the thermal power plant newly modernized to minors and 70% to the national network.
Tuleushin has also underlined the potential for reusing oil gas associated with generating mining power, thereby reducing emissions and monetizing a previously waxed resource. He argued that the legalization of cryptographic activity at the national level could transform Kazakhstan into a cryptographic leader of Central Asia, tied with emerging markets in Uzbekistan and Kyrgyzstan.
Energy shortages and long -term solutions
Despite its ambitions, the energy capacity of Kazakhstan remains a critical constraint. Energyprom.kz analysts estimate a national electricity deficit of 5.7 billion kWh in 2025. This follows a deficit of 2 billion kWh in 2024, when production totaled 117.9 billion kWh against a demand of 119.9 billion kWh.
The projections indicate that an excess could not emerge until 2027, with a new significant capacity provided for in the development roadmap of the Ministry of Energy until 2035, including more than 26 GW of additional generation.
A key element of this plan is nuclear energy. Rosatom was selected to build the first nuclear power plant in Kazakhstan by 2035-2036, with a second factory to follow under the Chinese CNNC. Until then, the grid remains vulnerable.
The supreme audit chamber, on the other hand, warned that the unregulated mining continues to load the grid. In 2024, minors consumed 901 million kWh, worth 13 billion ten years old, without supervision, exacerbating the energy crisis, according to former Prime Minister Alikhan Smailov.
The price hikes as part of the “Investment Tariff” program have still set households and fuel inflation. The aging infrastructure of the country, 76% of CHP factories is over 50, is also an urgent concern.
Regional competition
Kazakhstan faces strong competition in the region. Uzbekistan prioritized the development of blockchain, delivering 14 licenses between 2022 and 2024. Its UZNEX exchange exceeded $ 1 billion in negotiation volume and is transformed into NFT and digital art.
Kyrgyzistan has also promulgated complete legislation governing digital assets, requiring licenses for exchanges and mining companies. By 2024, he had 75 registered exchange operators and seven crypto exchanges, with transaction volumes reaching $ 4.2 billion.
To compete, Kazakhstan must liberalize its regulatory environment and establish a national digital strategy capable of meeting infrastructure challenges and regional competition.
