Kazakhstan explores the launch of cryptographic banks as part of its wider efforts to build a sustainable and regulated digital asset ecosystem, according to a statement by Prime Minister Olzhas Bektenov on April 25.
The remarks came in response to an official survey of the members of the Mazhilis, the lower room of the Parliament, according to a report by the local media Asana Times.
Bektenov stressed that cryptographic banks would provide essential services such as exchange of digital assets, secure storage and transactions treatment.
AIFC began to anchor cryptographic banking infrastructure in Kazakhstan
These services should be provided by a range of infrastructure providers, including digital asset platforms, guards, brokers and dealers.
Many of these entities are already operating within the framework of Astana International Financial Center (AIFC), the Kazakhstan Regulatory Center for Financial Innovation.
The Prime Minister noted that Kazakhstan is currently working on legislative amendments to liberalize the circulation of digital assets and extend platforms for activities related to crypto.
He also stressed the importance of developing institutional support, including cryptographic banks, to improve regulatory surveillance and transparency.
Beyond the supply of traditional banking functions to the participants in the digital asset market, cryptographic banks would contribute to anti-whiteness efforts and support respect for the regulations for terrorism financing.
Just in: the government of Kazakhstan to launch national #Bitcoin And crypto exchange
BTC is spreading worldwide
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– The Bitcoin historian (@pete_rizzo_) April 21, 2025
We also expect that they play a key role in conducting national innovation in computer science and blockchain technologies.
Bektenov said that the introduction of cryptographic banks would improve the Kazakhstan call to international investors, presenting the country’s desire to adopt decentralized finances in a regulated framework.
He added that these institutions would also stimulate the demand for qualified professionals in fields such as compliance, blockchain analysis and financial security.
“The emergence of these institutions will create the demand of new specialists, in particular in compliance, the analysis of blockchain and the whitening of the fight against linen, and will also ensure the growth of the liquidity of Fiat and digital assets within the AIFC.”
Last month, a legislator in Kazakhstan told government that it should create a cryptographic bank which could act as an exchange and guard platform.
Kazakhstan has ousted Coinbase, Kraken and access to foreign brokers
In 2023, Kazakhstan officially blocked the Coinbase website, citing violations of the country’s new digital asset law.
While several other Crypto exchanges, including Binance, Bybit and Upbit, have received licenses to operate in Kazakhstan, Coinbase and Kraken were faced with restrictions.
In addition, the nation has already blocked foreign brokers and Crypto exchanges, following reports from the Telegram Channel Finance.kz. They pointed out that most of these websites were inaccessible in Kazakhstan without using VPN.
The country has adopted a rigorous approach to crypto, including mining. Kazakhstan financial regulators freezed $ 1.2 million in cryptocurrency and closed 19 over the counter illegal platforms.
In addition, the AFM has targeted illegal crypto operations, the dismantling of nine mining sites and the entry of around 4,000 mining platforms.
However, according to a recent report by Rise Research and Freedom Horizons, the population of Kazakhstan with cryptocurrencies has doubled in two years.
There was a significant increase in tax revenue from the digital asset sector booming in the country in 2024, he noted.
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