Bank of Kazakhstan plans to launch crypto cards
Kazakhstan launches crypto payment card pilot to enable everyday digital asset use
Kazakhstan’s central bank has launched a pilot program to issue crypto payment cards, enabling citizens to spend digital assets like regular money.
These cards will convert cryptocurrencies into fiat currency at the point of sale, allowing non-cash payments at merchants that accept standard payment cards, reports Cryptopolitan.
The project, unveiled at a meeting in Almaty with banks, exchanges, and fintech firms, reflects President Tokayev’s directive to expand digital asset circulation rather than restrict it. Licensed platforms registered with the Astana International Financial Center (AIFC) will host the crypto wallets linked to the cards. This move marks a strategic step toward integrating crypto into Kazakhstan’s traditional financial ecosystem.
Regulatory Framework and Stablecoin Development in Progress
The National Bank of Kazakhstan (NBK) also announced plans to issue a stablecoin backed by the national currency, both in fiat and digital tenge formats. Additionally, the government aims to tokenize financial assets, real estate, and securities while setting up secure storage and exchange systems for digital financial instruments.
Legislative amendments are being drafted to expand the circulation of unsecured digital assets and formalize regulations for secured digital financial assets. The NBK insists that this infrastructure will safely bridge crypto and fiat, enhancing usability and regulatory oversight. These developments align with Kazakhstan’s broader push to modernize its fintech sector and attract international investment.
CryptoCity and New Licensing Regime Signal Policy Shift
In tandem with the crypto card initiative, Kazakhstan is relaxing its conservative stance on digital assets. Last month, the country announced that crypto trading would be legalized beyond the AIFC through a new licensing regime for exchanges.
President Tokayev also introduced the “CryptoCity” pilot zone, designed to test crypto payments and digital innovation. Kazakhstan’s role as a global Bitcoin mining hub has brought in $35 million in taxes over the past three years, but officials believe annual revenues could reach $350 million with more supportive regulations. Deputy Minister of Digital Development Kanysh Tuleushin emphasized that clear and favorable rules could unlock the sector’s full economic potential.
Recently we wrote that South Korea has recorded its first institutional cryptocurrency transaction since easing a longstanding ban on such activities.
