Kassym-Jomart Tokayev has signed a strategic decree aimed at creating a "modern and transparent ecosystem of digital financial services." The document, developed by the Ministry of Artificial Intelligence and Digital Development in collaboration with the National Bank and the Astana International Financial Centre, lays the foundation for the full integration of cryptocurrencies into the country's economy.
Cross-Border Payments and Stablecoins
A key element of the decree is the development of mechanisms for using digital assets and stablecoins in cross-border payments. The authorities intend to provide businesses with regulated channels for export-import operations, which will significantly simplify international trade and reduce dependence on traditional banking systems.
Legalization and Tax Incentives
A separate section of the document focuses on bringing crypto asset transactions into the legal framework. It provides for the voluntary disclosure of digital assets previously held on foreign unregulated platforms, followed by their transfer to platforms of Kazakhstani providers. For individuals, it is planned to exempt income from operations through regulated infrastructure from personal income tax — a powerful incentive for transitioning to the official sector.
Mining Using Associated Gas
The decree also introduces a mechanism for using associated petroleum and natural gas at fields for autonomous electricity generation. These resources can be directed towards cryptocurrency mining if they are not required for state needs. This not only reduces the carbon footprint but also provides the energy-intensive industry with a cheap and stable energy source.
Tokenized Assets and Blockchain Infrastructure
Additionally, the document includes the development of tokenized financial instruments and a national trading blockchain infrastructure. The implementation of these initiatives will be formalized in a separate action plan with clear deadlines and responsible executors.
My comment: Kazakhstan is consistently moving towards becoming one of the leading crypto hubs in the region. Tokayev's decree is not just a declaration but a clear action plan, which, combined with the previously announced formation of a state crypto reserve of up to $1 billion, creates a unique environment for institutional investors and miners. The attention to stablecoins in cross-border payments is particularly telling — it is a direct response to the growing need for alternative payment systems amid geopolitical tensions.