Kazakhstan outlines vision for a blockchain-enabled economy
The panel “CryptoCity: from vision to value – developing a blockchain-enabled economy” at Astana Finance Days brought together regulators, industry leaders and innovators to discuss Kazakhstan’s role in shaping a blockchain-powered digital economy, Kazinform News Agency correspondent reports.
Moderator Bryan Stirewalt, AFSA Board Member, emphasized adaptability as the core principle: “It is not the strongest who survives. It is not the most intelligent who survives. It is the survivor [who] is the most adaptable to change. And that’s exactly where we are right now in building a digital economy.”
Ministry of Digital Development: transparent regulation without overreach
Minister of Digital Development, Innovations and Aerospace Industry Zhaslan Madiyev said Kazakhstan must remain at the forefront of crypto adoption: “It’s important for Kazakhstan to be at the forefront of this important technology.”
He stressed the need to attract activity into the regulated sphere while avoiding excessive restrictions: “We have to not to over-regulate the market.” According to him, the “CryptoCity” concept is not a physical location but an enabling environment for everyday use, covering payments, crypto ATMs, crypto cards, GovTech blockchain solutions, and tokenization of assets.
National Bank: CBDC and sovereign stablecoins
Binur Zhalenov, Chief Digital Officer and Advisor to the Governor of the National Bank of Kazakhstan, presented the regulator’s initiatives, including the country’s blockchain-based digital tenge: “We already have 270 billion digital tenge circulating in the economy.”
He announced forthcoming reforms: “We fundamentally will withdraw the ban for crypto circulation in the mainland Kazakhstan economy. We’re creating a licensing regime for OTC crypto shops, crypto exchanges.” Zhalenov highlighted the role of sovereign stablecoins: “We do believe that in effect, stablecoin is an important part of the recipe of monetary sovereignty in this new crypto era.”
Binance Kazakhstan: speed and competition
Nurkat Kushimov, General Manager of Binance Kazakhstan, described “CryptoCity” as a broader ecosystem rather than a single location: “It’s a much broader concept. A development of the industry where the whole ecosystem and infrastructure could come together.”
He underlined the importance of regulatory flexibility and pace: “We need to move quickly and decisively, because there is also jurisdictional competition.”
Solana Superteam KZ: building human capital
Talgat Dossanov, Founder of Intebix and leader of Solana Superteam Kazakhstan, said the country can become a builder of digital assets, not just a user: “Kazakhstan has a unique opportunity right now to position itself not just as a user of digital assets, but as a builder of digital assets.”
He noted progress in education: “We have 650 people going through the education on Web3 right now, 140 already passed module one and received a certificate.”
Speakers agreed that liberalization, interoperable payment rails, regulatory sandboxes, and investment in talent are the foundation for transforming Kazakhstan’s vision of a “CryptoCity” into tangible economic value.
Earlier, during a panel at Astana Finance Days, representatives of the central banks of Hungary and Türkiye emphasized that artificial intelligence is playing an increasingly central role in the global financial sector.
