Kazakh Lawmaker Calls for Creation of National Cryptobank

Azat Peruashev, leader of the Ak Zhol political party's faction in Kazakhstan's Mazhilis, has proposed the establishment of a national cryptobank, involving the National Bank of Kazakhstan and commercial banks.

In a formal inquiry addressed to Prime Minister Olzhas Bektenov, Peruashev highlighted the growing interest among Kazakhstanis in digital currencies, which are increasingly viewed as tools for investment, capital preservation, and peer-to-peer transactions. However, Kazakhstan currently lacks a legal framework for the use of digital assets, and the circulation of cryptocurrencies remains officially prohibited, The Caspian Post reports, citing The Times of Central Asia.

Peruashev warned that this prohibition has driven the crypto market underground, with up to 90 percent of cryptocurrency transactions taking place outside the legal economy. “The ban has only fostered a shadow market, illegal exchanges, grey schemes, tax evasion, and the financing of illicit activities,” he said. “Citizens are losing vast sums to scammers, pyramid schemes, and unregulated platforms. Billions in crypto assets are being transferred abroad without oversight, and the state is losing out on substantial tax revenues.”

Peruashev believes that establishing a cryptobank, a state-recognized institution for the regulation, exchange, and storage of digital assets, could serve as a vital tool for bringing the crypto sector into the legal domain. He proposed involving the National Bank and select commercial banks that already employ digital financial instruments.

Such a system, he argued, would allow the state to reclaim control over the majority of crypto-assets circulating within the country and better protect users from fraud.

The MP pointed to international precedents. In the United States, Anchorage Digital Bank, Kraken Bank, and Custodia Bank operate with federal oversight. Switzerland is home to SEBA Bank and Sygnum Bank both pioneers in integrating traditional finance with digital assets.

“If something can’t be resisted, there’s only one solution, engage and lead. In this case, that means legalize and regulate,” Peruashev stated.