Cryptographic cards to be distributed among Kazakhstan residents.
Livening Up the Crypto Scene in Kazakhstan: Cryptocards, Digital Assets, and Beyond
Kickstarting a digital revolution, the National Bank of Kazakhstan has embarked on a groundbreaking cryptocard project, in collaboration with banks, cryptocurrency exchanges, and fintech companies. This momentous move, as reported by our very own website, marks the implementation phase of this innovative venture, referencing the National Bank.
Cryptocards serve as game-changing payment tools that facilitate transactions using digital currencies. They connect seamlessly to wallets on cryptocurrency exchanges within the Astana International Financial Center (AIFC). According to the National Bank, this solution ensures secure and effortless integration of digital asset trading into the current payment framework.
The workings of cryptocards can be broken down as follows: when a purchase is made, the digital assets (cryptocurrency) are promptly sold on the AIFC crypto market, with the proceeds instantly credit to the user's regular bank card linked to their account. In a nutshell, the transaction occurs in tenge, but thanks to the swift technical integration between the bank and the AIFC crypto provider, the process is nearly instantaneous.
This year, several pilot projects are on the horizon in the digital assets sector,driven by the coordination of the National Bank:
- The issuance of stablecoins backed by national currency (including digital tenge) for digital asset settlements.
- The tokenization of financial assets, real estate, and the issuance of token equivalents to securities.
- The establishment of accounting and storage systems for digital financial assets' basic collateral.
- The creation of exchange services for crypto-assets and their storage.
- A host of other innovative financial services.
Eleven cryptocurrency exchanges under the jurisdiction of the AIFC are currently operational, including big names like WhiteBIT Kazakhstan Ltd. and Cronex Ltd. Several Kazakh banks have ventured into crypto-linked payment cards, playing a crucial role in integrating digital assets into mainstream financial services, according to reports from June 2025[2].
Kazakhstan is strengthening its regulatory framework for digital assets, as the National Bank proposes legislative amendments to govern digital asset turnover and regulate unsecured cryptocurrencies through licensing exchange service providers[4][5]. The nation also plans to establish a pilot zone called "CryptoCity," offering a regulated sandbox environment for cryptocurrency adoption and economic growth boost[3].
Enforcing stricter regulations is on the agenda for Kazakhstan, with licensing requirements for crypto service providers and stricter Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures in the pipeline, in response to a substantial capital outflow, with a portion linked to unregulated crypto activities[5]. Kazakhstan is also developing its Central Bank Digital Currency (CBDC), the digital tenge, with an initial launch expected for 2025[1].
In conclusion, Kazakhstan is leveraging its position as a digital assets hub in Central Asia by crafting an inviting regulatory environment and driving innovative projects such as CryptoCity. The nation is simultaneously taking steps to address systemic risks associated with unregulated crypto activities through stricter regulations.
The National Bank of Kazakhstan's cryptocard project, in conjunction with banks, cryptocurrency exchanges, and fintech companies, marks the integration of cutting-edge technology into the country's business and finance sectors. With the launch of innovative projects like stablecoins, tokenization, exchange services, and the establishment of CryptoCity, Kazakhstan is revolutionizing its digital asset landscape while ensuring secure and compliant financial transactions through stricter regulations.
