ASTANA — The National Bank of Kazakhstan (NBK) officially launched the crypto card project during a June 3 meeting in Almaty with representatives of banks, crypto exchanges, and fintech companies. This initiative is part of President Kassym-Jomart Tokayev’s directive to accelerate the development of the country’s digital asset ecosystem.
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The crypto card is a payment solution that allows users to conduct cashless transactions linked to wallets held with licensed digital asset service providers, primarily crypto exchanges, operating within the Astana International Financial Centre (AIFC). The project aims to seamlessly integrate digital assets into the existing financial infrastructure while maintaining security and user convenience.
How the crypto card works
According to the NBK’s official press release, the mechanism behind the crypto card involves the real-time sale of a user’s digital assets on the AIFC crypto market at the moment a transaction is initiated. The equivalent fiat value is instantly credited to the crypto card, which functions like a standard payment card linked to a bank account.
“In essence, transactions are processed using fiat currency following the immediate conversion of digital assets. This instantaneous settlement is made possible through the integrated crypto-to-fiat infrastructure between the bank and the licensed AIFC crypto provider,” reads the bank’s press release.
What’s next: potential projects for 2025
The crypto card is only one part of a larger roadmap. Under NBK’s coordination, several pilot projects are scheduled for rollout in 2025 to further develop Kazakhstan’s digital financial ecosystem.
Among the planned initiatives are the issuance of stablecoins backed by the national currency, including the digital tenge, to facilitate settlements involving digital assets; the tokenization of financial assets and real estate, with the potential issuance of tokens treated as securities; the development of systems to record and safeguard the underlying collateral of digital financial instruments; and the creation of infrastructure for crypto asset exchange and secure custody services.
To support these developments, the NBK, in collaboration with relevant government agencies, has drafted legislative amendments aimed at expanding the legal circulation of unbacked digital assets and establishing a regulatory framework for asset-backed digital financial instruments.
Bridging traditional and decentralized finance
In an interview with The Astana Times YouTube channel, Binur Zhalenov, Chief Digital Officer at the NBK, emphasized the broader vision behind the country’s innovations in the financial sector.
“With all these new regulations for digital assets, including cryptocurrencies and stablecoins, we, as a central bank, need to build a bridge between traditional financial infrastructure and decentralized finances so that financial stability, consumer protection, and other benefits would work. Digital tenge is exactly the bridge that helps us to bridge these two worlds,” he explained.
