• Kazakhstan plans crypto banks to support legal and safe trading of digital assets in the country.

  • New crypto banks will help monitor transactions and follow global rules for digital finance.

  • The government wants to boost jobs and innovation by building a strong crypto banking system.

Kazakhstan is preparing to launch crypto banks to support its expanding digital asset sector. The move aims to bring structure and transparency to cryptocurrency trading and storage. Prime Minister Olzhas Bektenov disclosed the plan during an official response to the Mazhilis, Kazakhstan’s lower house of Parliament.

https://twitter.com/BullishTimes_/status/1917796910297145703 Focus on Regulation and Compliance

The proposed crypto banks will operate under a legal framework to regulate digital assets. The country’s authorities plan to harmonize the country’s regulations with international standards. The banks will also monitor digital asset activity and carry out compliance with anti-money laundering (AML) and counterterrorism financing rules.

Digital asset platforms, brokers, dealers and custodians will be part of the system. Some of these are already operating within the Astana International Financial Centre (AIFC). The AIFC is currently the country's main regulatory body for financial services involving crypto.

Services to Support the Sector

The crypto banks will provide services such as asset storage, transaction handling, and digital trading support. These services will help new businesses enter the market while meeting legal and financial requirements. They will also support liquidity between fiat and digital currencies in the financial system.

Kazakhstan sees this as a step toward building a strong and regulated financial base for digital assets. By supporting service providers with proper banking infrastructure, the country plans to attract reliable operators into the space.

Driving Innovation and Employment

Kazakhstan expects the initiative to open up job opportunities in digital finance. Sectors like blockchain analytics and compliance are set to see growth. Skilled workers will be needed to meet the rising demand from institutional and retail participants.

The crypto banks are also expected to promote blockchain development across the country. Officials believe this will lead to advancements in IT and financial technology. Integration with the broader financial system could make Kazakhstan more appealing to foreign investors.

Legislative Updates Underway

To support the new direction, Kazakhstan is updating its digital asset laws. These will extend the list of authorized platforms and clarify rules governing some transactions. The country is seeking to make crypto activities safer and more predictable.

While platforms like Coinbase and Kraken have been recently banned, exchanges still operate under the oversight of the AIFC. Platforms like Binance and Bybit remain active, showing confidence in the regulatory process.

Kazakhstan views crypto banks as a key part of its plan to modernize the economy. With clearer laws and secure services, the country moves closer to establishing itself as a digital finance hub.