For the first time, the National Bank of Kazakhstan is bringing to market securities of a single issue simultaneously in two formats — traditional and tokenized. Banks and large institutional investors are getting a short-term instrument with a known yield in advance, and the corporate sector, in perspective, is getting ready-made infrastructure for its own bond borrowings.
The regulator plans to raise 50 billion tenge ($111.4 million) through short-term notes with a maturity of 91 days. These are discount securities: the investor buys them below the nominal value of 100 tenge, and upon maturity receives the full value — the difference forms the income.
The digital format at the start is aimed at large participants: the minimum bid for tokenized securities is 50 thousand notes, or 5 million tenge ($11.1 thousand) at nominal value. Traditional notes are recorded in the Central Securities Depository, and the entry threshold there is one security. The gap in minimum bid requirements reaches a thousand times, which at the first stage makes the digital issue an instrument for banks, brokers, and institutional investors.
How the auction is structured
The placement on the Kazakhstan Stock Exchange (KASE) is scheduled for 07:00–09:30 Moscow time. Bids are submitted with a price calculated taking into account the discount to the nominal value. Circulation of the notes will begin on November 11, 2026, and redemption on February 10, 2027.
The tokenized version will be placed on the KASE digital financial assets platform, and rights to it are reflected in a unified register of holders of securities and digital assets. Clearing and settlement of transactions will be provided by the KASE Clearing Center.
Why the National Bank needs digital debt
Tokenized government securities can simplify digital circulation not only of government debt but also of corporate bonds, making it easier for companies to enter the debt market. The regulator has already tested digital debt instruments: in 2018, the Invest Online blockchain platform was launched, where citizens purchased short-term notes directly, without banks and brokers.
That mechanism allowed sterilization of tenge liquidity directly from the population, bypassing traditional banking intermediation: the regulator withdrew excess tenge from circulation and returned the nominal value upon redemption. The current auction continues these experiments, but the emphasis has shifted to market infrastructure — in perspective, it can be used for issuance, circulation, and settlement of government and corporate bonds.
Kazakhstan's capital market is being restructured
Digital notes appeared against the backdrop of a large-scale reform: on November 6, it became known that Kazakhstan will rewrite exchange rules with a new capital market law. The number of retail investment accounts has already exceeded 5 million, but private business occupies only 11% of the bond market — and digital infrastructure for corporate debt can change this balance.
At the same time, the offering for private investors is expanding: the country's private companies worth $14.7 billion will go for an IPO, although with an inflated valuation the first buyers risk losing money. For those who are not ready to select securities on their own, collective investments are being prepared — bond funds will provide access to the debt market through the purchase of a unit, and before the transaction everyone will receive a single document with risks and commissions.
Cryptalist analysis: Kazakhstan is forming one of the few full-fledged contours of tokenized debt in the region — from issuance to clearing, which reduces the market's dependence on banking intermediation. The high entry threshold for the digital format at the start signals a phased approach: first institutional liquidity, then corporate issuers and retail. For the global market, this is another indicator that tokenization of government debt is moving from pilots to regular practice.