Kazakhstan is considering the establishment of crypto banks as part of its initiative to develop a sustainable and regulated digital asset ecosystem. This announcement was made by Prime Minister Olzhas Bektenov on April 25.
The Prime Minister’s comments were in response to inquiries from members of the Mazhilis, Kazakhstan’s lower house of Parliament, as reported by local news outlet Asana Times.
Bektenov highlighted that these crypto banks would offer crucial services, including digital asset exchanges, secure storage, and transaction processing.
AIFC Set to Anchor Crypto Banking Infrastructure in Kazakhstan
Access to these services will be facilitated by various infrastructure providers such as digital asset platforms, custodians, brokers, and dealers.
Many of these entities are already functioning under the auspices of the Astana International Financial Centre (AIFC), which serves as Kazakhstan’s regulatory hub for financial innovation.
The Prime Minister also mentioned that Kazakhstan is currently pursuing legislative changes aimed at liberalizing the circulation of digital assets and expanding crypto-related activities.
Furthermore, he stressed the need for institutional support, including the establishment of crypto banks, to improve regulatory oversight and enhance transparency.
In addition to providing traditional banking services to participants in the digital asset market, these crypto banks are expected to help combat money laundering and ensure compliance with anti-terrorism financing regulations.
JUST IN: KAZAKHSTAN GOVERNMENT TO LAUNCH NATIONAL #BITCOIN AND CRYPTO EXCHANGE
BTC IS SPREADING GLOBALLY pic.twitter.com/YNdnkHALxR
— The Bitcoin Historian (@pete_rizzo_) April 21, 2025
They are also projected to play a critical role in fostering domestic innovation in information technology and blockchain technology.
According to Bektenov, the introduction of crypto banks is set to enhance Kazakhstan’s attractiveness to international investors, demonstrating the country’s willingness to integrate decentralized finance within a regulated environment.
He emphasized that such institutions will stimulate demand for professionals in areas such as compliance, blockchain analytics, and financial security.
“The emergence of such institutions will create demand for new specialists, particularly in compliance, blockchain analytics, and anti-money laundering, and will also ensure the growth of liquidity of fiat and digital assets within the AIFC,” Bektenov stated.
In a related note, a lawmaker recently urged the government to establish a crypto bank that would function as a legal exchange and custody platform.
Kazakhstan Ousted Coinbase, Kraken and Access to Foreign Brokers
In 2023, Kazakhstan formally blocked the Coinbase website for purported violations of the country’s new digital assets legislation.
While other exchanges like Binance, Bybit, and Upbit have successfully secured licenses to operate within the country, Coinbase and Kraken continue to face restrictions.
Moreover, the nation has barred foreign brokers and crypto exchanges, as reported by the Telegram channel FINANCE.kz, which revealed that many of these platforms were inaccessible in Kazakhstan without using a VPN.
Kazakhstan has adopted a stringent approach to cryptocurrency activities, including mining. The financial regulators have frozen approximately $1.2 million in cryptocurrencies and have shuttered 19 illegal over-the-counter platforms.
Additionally, the AFM has targeted unlawful crypto-mining operations, dismantling nine mining sites and confiscating around 4,000 mining rigs.
However, according to a recent report by RISE Research and Freedom Horizons, the number of cryptocurrencies owned by Kazakhstan’s population has doubled in the last two years.
Furthermore, there has been a marked increase in tax revenue generated from the country’s expanding digital asset sector in 2024, as noted in the same report.
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