Kazakhstan to set up state-controlled custodial platform for crypto assets in coming weeks

Financial authorities in Kazakhstan intend to set up a state-controlled custodial platform for crypto assets in the coming weeks, the head of the monetary authority in Astana unveiled.

The announcement comes amid efforts to legalize and liberalize the circulation of cryptocurrencies in the Central Asian nation, which has already established itself as a mining hotspot.

Kazakh government to offer storage services for digital assets

The country will soon have its own crypto custodial solution, the Chairman of the National Bank of Kazakhstan (NBK), Timur Suleimenov, made that clear on Tuesday.

Speaking during a government meeting, the governor highlighted that work on a full legal framework for the nation’s growing digital assets market had been largely completed in 2025.

The comprehensive legislation is meant to underpin the regulated circulation of cryptocurrencies in the former Soviet republic, which will begin in practice in 2026, he emphasized.

Quoted by the Zakon.kz, news outlet, the central bank’s chief executive announced:

“By May of this year, a national crypto-custodial service for storing digital assets will be created based on the Central Depository.”

The statement follows recent comments by his deputy, Aliya Moldabekova, suggesting the bank intends to spend some of the country’s gold and foreign currency reserves on crypto investment.

At the end of January, she revealed that the National Investment Corporation (NIC), a NBK subsidiary, had already received $350 million to acquire coins.

In November, the head of the monetary policy regulator said that Kazakhstan is creating a strategic cryptocurrency reserve that may ultimately reach $1 billion.

It will also be topped up with digital money seized by the government and repatriated assets. The country is now cracking down on capital flight through crypto.

Kazakhstan strives to become Central Asian crypto hub

Addressing other government officials, the NBK chairman also reminded that a regulatory sandbox has been launched to “facilitate the practical implementation of financial innovations.”

It currently hosts 22 projects in 10 different fields, from crypto exchanges and platforms involved in the tokenization of real assets, to stablecoin issuers and providers of crypto-fiat payment solutions, Suleimenov detailed, adding:

“This year, we will continue scaling these projects, transitioning to a fully licensed regime. A special regime for digital asset turnover and capital movement will be created in Alatau City.”

Alatau is a newly established urban area in the Almaty region and is situated along a major transport corridor linking China and Western Europe.

It’s meant to become a major economic and logistics hub, featuring a free economic zone and favorable conditions for foreign investors. It will be built with Chinese help, as reported by Cryptopolitan.

Last May, Kazakhstan’s President, Kassym-Jomart Tokayev, announced a plan to create a so-called “Crypto City” in Alatau. It will serve as a “pilot zone,” he said, where “cryptocurrencies can be used to purchase goods, services and for other purposes.”

Representatives of the local government recently confirmed that the project will go far beyond a typical smart city by allowing the integration of cryptocurrencies into many areas of economic life, including finance, services, data storage, and exchange.

Kazakhstan, which has become a major mining destination in the past few years, has been taking steps to liberalize its crypto market through a series of legislative changes.

Transactions with cryptocurrencies were initially permitted exclusively on platforms registered as residents of the Astana International Financial Center (AIFC), but now the authorities want to introduce a broader licensing regime.

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