Kazakhstani lawmaker Azat Peruashev, leader of the Ak Zhol party in the Mazhilis, has called on the government to establish a national cryptocurrency bank. In a formal appeal to Prime Minister Olzhas Bektenov, Peruashev stressed that many citizens are increasingly using digital currencies for investment, capital protection, and peer-to-peer transactions.
He pointed out the lack of a proper legal framework for digital assets in Kazakhstan, which has forced nearly 90% of crypto transactions into the shadow economy. This absence of regulation, he argued, fuels illicit exchanges, tax evasion, and even the financing of unlawful activities. As a result, citizens face financial risks while the state suffers significant tax revenue losses.
To address these challenges, Peruashev proposed the creation of a state-backed cryptobank in collaboration with the National Bank of Kazakhstan and select commercial banks experienced in digital finance. This institution would facilitate the regulation, exchange, and secure storage of digital assets, bringing crypto activities under legal oversight. The goal is to protect users from fraud while ensuring the government can reclaim control over the majority of crypto transactions in the country.
Peruashev also referenced global examples of successful crypto banks, such as Anchorage Digital Bank, Kraken Bank, and Custodia Bank in the U.S., as well as SEBA Bank and Sygnum Bank in Switzerland. These institutions have integrated traditional finance with digital assets under strict regulatory frameworks.
He concluded by emphasizing that since banning cryptocurrency is ineffective, the best approach is for Kazakhstan to take the lead by legalizing and properly regulating digital assets.
