National Bank of Kazakhstan proposes tokenizing government bonds, real estate, and deposits
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The National Bank of Kazakhstan proposed tokenizing government securities, corporate bonds, and real assets including real estate and mineral deposits. Chairman Timur Suleimenov called on the Ministry of Finance, Samruk-Kazyna, Baiterek, KASE, and the central depository to prepare the first large-scale issues. The proposal was announced at a government meeting on Tuesday.
Key Facts
- The National Bank of Kazakhstan proposed tokenizing government securities, corporate bonds, and real assets including real estate, infrastructure projects, and mineral deposits.
- Chairman Timur Suleimenov called on the Ministry of Finance, Samruk-Kazyna, Baiterek, KASE, and the central depository to prepare the first large-scale issues.
- A special tax regime will exempt personal income tax on income from operations through Kazakh providers in 2026-2028.
- A committee on digital assets and payment systems will be created under the National Bank.
- A national cryptocurrency analytics center will be formed on the basis of the supervisory SupTech platform and integrated with the National Bank's anti-fraud center.
Tokenization of Assets
The National Bank of Kazakhstan proposed tokenizing government securities, government debt instruments, and corporate bonds. The proposal also calls for expanding the list of real assets to include real estate, infrastructure projects, and mineral deposits. Chairman Timur Suleimenov said the Ministry of Finance, Samruk-Kazyna, Baiterek, KASE, and the central depository should prepare the first large-scale issues.
Regulatory and Tax Measures
The decree on stimulating the digital assets industry expands the functions of licensed providers. Full-cycle companies will appear on the market for issuing, selling, exchanging, and storing digital assets, as well as conducting settlements. Banks, brokers, and other traditional financial organizations will be involved in operations. A special tax regime will exempt personal income tax on income from operations through Kazakh providers in 2026-2028.
Digital Asset Infrastructure
A committee on digital assets and payment systems will be created under the National Bank, combining policy development, licensing, supervision, analytics, and support for innovative projects. A national cryptocurrency analytics center will be formed on the basis of the supervisory SupTech platform. The center will analyze fiat and cryptocurrency parts of operations, clients, wallets, and transactions. It will be integrated with the National Bank's anti-fraud center, and banks, law enforcement agencies, and licensed providers will have access to verification tools.
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