The National Bank of Kazakhstan is considering the introduction of a stablecoin as an investment tool, according to local media citing the regulator’s deputy chairman, Berik Sholpankulov.
He stated that an initial vision for the project has been formed, taking into account international experience. The National Bank is currently awaiting proposals from market participants to test them within a regulatory sandbox.
“After that, we will include enforcement norms in the law. We plan to present its draft in August 2025,” Sholpankulov said.
The authorities in Kazakhstan do not plan to recognize crypto assets as a means of payment.
“Their main function is the ability to buy and sell assets without mandatory registration on exchange platforms. This mechanism will provide market participants with convenient tools for working with digital assets,” explained the deputy chairman of the National Bank.
The primary goal of introducing digital financial instruments, according to the regulator, is to expand opportunities for businesses.
“Market participants will be able to independently issue such assets and, for example, use them to work with accounts receivable. Why not sell accounts receivable and attract additional funds for business development?” he exemplified.
The stablecoin will become an additional regulated investment tool.
However, the National Bank currently lacks precise data regarding the volume of the crypto market in the country due to the presence of “grey” schemes for buying and selling such assets.
In December 2022, Kazakhstan’s authorities completed the second phase of testing the digital tenge platform, involving real consumers and trade-service enterprises.
In autumn 2023, the National Bank introduced a new structure—the National Payment Corporation, which will be responsible for implementing the CBDC project.
Earlier, ForkLog reported that Kazakhstan’s President Kassym-Jomart Tokayev was impressed by DeepSeek and urged the creation of infrastructure for the broader legal circulation of cryptocurrencies.