Kazakh lawmaker proposes crypto bank to regulate digital assets

ASTANA, Kazakhstan (MNTV) – A senior Kazakh lawmaker has proposed the creation of a state-backed crypto bank to regulate digital assets, arguing that the country’s ban on cryptocurrency transactions has only driven the market underground.

Azat Peruashev, the leader of the Ak Zhol party, addressed his proposal to Prime Minister Olzhas Bektenov, urging the government to introduce a legal framework for digital currencies. He highlighted the growing interest among Kazakhstanis in cryptocurrencies as investment tools and financial instruments, despite their official prohibition.

According to The Times of Central Asia, Peruashev warned that up to 90 percent of crypto transactions in Kazakhstan take place outside the formal economy. “The ban has only fueled a shadow market, enabling illegal exchanges, tax evasion, and illicit financial activities,” he stated. “Citizens are losing vast sums to scams, pyramid schemes, and unregulated platforms. Meanwhile, billions in crypto assets are flowing abroad without oversight, depriving the state of significant tax revenues.”

To address these risks, Peruashev proposed a state-recognized crypto bank that would provide legal oversight for the exchange and storage of digital assets. He suggested involving the National Bank of Kazakhstan and selecting commercial banks that already operate with digital financial instruments. According to Peruashev, such a system would allow the government to regulate the majority of crypto assets circulating in the country and protect people’s money.

He pointed to international models where crypto banks operate under state supervision. In the United States, Anchorage Digital Bank, Kraken Bank, and Custodia Bank function with federal oversight, while Switzerland’s SEBA Bank and Sygnum Bank integrate traditional finance with digital assets.

“If something can’t be resisted, the only solution is to engage and lead. In this case, that means legalizing and regulating,” Peruashev emphasized.