The possibility of establishing a crypto bank to legalise the digital asset market in Kazakhstan has been discussed. This was reported by the local publication Tengrinews.
The initiative was proposed by Azat Peruashev, a deputy of the Majilis. He sent a request to Prime Minister Olzhas Bektenov, suggesting the development of a legal framework for regulating digital assets.
Peruashev believes that a crypto bank could be a significant step towards the legalisation of cryptocurrencies. This would allow most operations to be conducted legally, reduce the shadow market, and eliminate tax evasion schemes.
According to him, Kazakhstan is a leader in mining, but the country lags significantly in cryptocurrency circulation. Currently, more than 90% of digital asset operations occur outside legal regulation.
The deputy opines that the introduction of a crypto bank would make Kazakhstan a hub of the digital economy in the region. Such an institution could oversee exchanges, storage, and other cryptocurrency operations, as well as attract investments in the fintech sector.
Similarly, Deputy Ekaterina Smyshlyaeva addressed Bektenov with a request to revise the law “On Digital Assets” and adjust the regulation of crypto exchanges.
Among the initiatives are the legalisation of digital currency operations for individuals through licensed platforms and the tightening of rules for market operators.
The deputies assert that further development of digital technologies and the implementation of innovations require the creation of modern infrastructure. This would strengthen Kazakhstan’s position in the global market.
Back in January, the Deputy Chairman of the National Bank of Kazakhstan, Berik Sholpankulov, announced that the regulator is considering the introduction of a stablecoin as an investment instrument.