The National Bank of Kazakhstan Announces Payment Card Initiative from Crypto Wallet, Along with a Comprehensive Digital Asset Ecosystem Development Plan.
The National Bank of Kazakhstan (NBK) has officially announced the implementation of a breakthrough initiative for crypto payment cards, allowing citizens to conduct transactions directly from crypto wallets linked to licensed exchanges. This move marks an important step in integrating digital assets into Kazakhstan's official financial system.
According to the official announcement, NBK's crypto card will enable users to make non-cash transactions using funds from crypto wallet addresses managed by licensed digital asset service providers. All enterprises participating in the project must possess operating licenses issued by the Astana International Financial Centre (AIFC).
A highlight of this system is the instant conversion mechanism at the point of payment, meaning the recipient will receive fiat currency instead of cryptocurrency, similar to traditional bank card transactions. This design helps minimize price volatility risks and creates familiarity for end-users.
Comprehensive Legal Framework for Digital Assets
NBK is also collaborating on several other important pilot projects in the digital asset field. Initiatives include issuing a stablecoin backed by the local tenge currency, tokenizing real estate and financial assets, issuing securities-equivalent tokens, and developing custody services and accounting storage systems for digital assets.
Kazakhstan plans to introduce a new legal framework for the digital asset market in the near future. A draft amendment has been prepared to expand the legal circulation of unsecured digital assets while establishing a legal foundation for digital financial instruments with asset-backed guarantees.
President Kassym-Jomart Tokayev has also announced the establishment of a special zone allowing cryptocurrency use in goods, services, and investment payments. This move demonstrates the highest level of Kazakhstan's government commitment to building a comprehensive digital asset ecosystem.
