23-4-2025 – The governor of Kazakhstan’s National Bank (NBK), Timur Suleimenov, has made a compelling case for establishing a domestic cryptocurrency exchange, responding to the nation’s burgeoning digital asset market. The proposal aims to curtail Kazakhstani citizens’ reliance on unregulated overseas trading platforms.
Speaking before the Majilis, Kazakhstan’s parliamentary lower house, Suleimenov outlined a vision for a transparent, regulated cryptocurrency marketplace within national borders. The proposed exchange would operate under strict oversight, offering enhanced consumer protection whilst maintaining compliance with domestic financial regulations.
The NBK is simultaneously developing an innovative stablecoin dubbed “Crypto-DT”, backed by the Digital Tenge. This new financial instrument is designed to facilitate digital asset settlements and serve as a stability mechanism during market volatility.
Whilst the existing prohibition on cryptocurrency payments will continue, the NBK envisions integrating the proposed exchange with licensed digital asset service providers operating under the Astana International Financial Centre (AIFC) framework. This integration aims to create a comprehensive ecosystem for cryptocurrency operations.
A regulatory sandbox is also in development, with legislative amendments already submitted to Parliament. The initiative will enable controlled testing of innovative crypto-related services, with a new banking bill scheduled for August.
The proposal has sparked parliamentary dialogue, with MP Azat Peruaşev suggesting a collaborative venture between the central bank and private institutions to establish a “crypto bank”. Fellow parliamentarian Ekaterina Smyshlyaeva has called for comprehensive reforms to the nation’s digital asset regulations.
Suleimenov acknowledged the inherent risks in cryptocurrency markets, citing price volatility, cybersecurity threats, and potential illicit usage. However, he maintains that a regulated national exchange would better protect retail investors, particularly those with limited financial literacy, whilst bringing cryptocurrency transactions into the formal economy.
The governor emphasised that this balanced approach aims to harness economic opportunities whilst implementing appropriate safeguards against market risks. The proposed framework would establish Kazakhstan as a significant player in the regulated cryptocurrency space, offering secure, transparent trading services within its jurisdiction.
