Kazakhstan proposes to create a crypto bank to legalize digital assets
Date: 2025-03-27 Author: Gabriel Deangelo Categories: IN WORLD
In the Majilis of Kazakhstan, deputy Azat Peruashev put forward an initiative to create a crypto bank in the country - a specialized institution capable of providing control and legal support for transactions with digital assets. He sent a corresponding proposal to Prime Minister Olzhas Bektenov, emphasizing that in the context of growing interest of citizens in cryptocurrencies, it is necessary to provide a legal and transparent mechanism for their use.
Peruashev pointed out the lack of a regulatory framework in the country that allows free and legal operation of digital assets. According to him, the current ban on cryptocurrency turnover only aggravates the situation: most transactions are carried out in circumvention of the law, which contributes to the growth of the gray market. He noted that, according to various sources, up to 90% of cryptocurrency transactions in Kazakhstan are outside the legal framework.
The deputy proposed to create a crypto bank with the participation of the National Bank and secondary financial institutions that are already implementing digital technologies. Such a bank, in his opinion, could take on the functions of exchanging, storing and regulating cryptocurrencies, ensuring their legal status and protecting users.
A similar initiative was voiced by deputy Ekaterina Smyshlyaeva. She believes that it is necessary to decriminalize the ownership and use of unsecured digital assets by individuals, provided that transactions are carried out through licensed platforms. She also proposed tightening control over the activities of crypto operators and revising the criminal legislation related to cryptocurrencies.
These initiatives were a reaction to the January statement by President Kassym-Jomart Tokayev, who called for the accelerated development of cryptocurrency infrastructure. In his opinion, this is necessary to meet new technological realities and maintain the country's competitiveness in the context of global digitalization.
At the moment, legal transactions with cryptocurrencies in Kazakhstan are possible only within the framework of the Astana International Financial Center, where licensed exchanges such as Binance and Bybit operate. However, as deputies note, limited access and a narrow legal framework create barriers to the mass implementation of digital assets, which became the reason for discussing the idea of a crypto bank.
