The project of payment cryptocurrencies linked to wallets on crypto exchanges of the International Financial Centre Astana (MFCA) has been launched in Kazakhstan, the country’s National Bank said.
It is explained that cryptocurrencies can be used to make purchases online and through a terminal, as well as to withdraw cash.
The cryptocard mechanism provides for the sale of the client’s digital assets on the MFCA crypto market at the moment of payment transaction with instant crediting of their value to the cryptocard. It is a standard payment card linked to the customer’s bank account. “In fact, payment will take place using real money after the immediate realisation of crypto-assets,” the National Bank explains in a statement.
The regulator specifies that the payment transaction will be made in fiat money after using the cryptogaman’s balance on the side of a licensed crypto provider MFCA.
“Instantaneous settlement will be ensured through crypto-fiat integration of the Bank and the MFCA crypto-provider,” the National Bank adds.
In addition, during the year, the regulator, together with market participants, plans to pilot the issuance of stablecoins backed by national currency, including the Digital Tenge, for settlement transactions with digital assets and tokenisation of financial assets, real estate and issuance of tokens equated to securities. It will also organise systems for accounting and storage of underlying collateral for digital financial assets and services for exchange transactions with crypto-assets and storage of crypto-assets.
Kazakh President Kasym-Jomart Tokayev earlier this year ordered the urgent creation of infrastructure in the country for a wider legal turnover of digital assets, which will allow Kazakh crypto investors to get out of the “grey zone”.
Tokayev previously stated that Kazakhstan plans to become a leading player in new digital technologies, the crypto ecosystem, and regulated and transparent digital mining. In particular, in May, the country’s authorities announced plans to legalise crypto exchanges. Their licensing will be handled by the National Bank. Interaction between cryptocurrency exchange providers and crypto exchanges of the Astana Financial Centre is also envisaged to ensure an integral infrastructure of the digital market.
Astana International Financial Centre is a territory with a special tax, currency and visa regime in the capital of Kazakhstan, created to attract investments into the economy. The regulatory framework for the placement of tokenised securities came into force in the jurisdiction of MFCA from 2024. There were 10 crypto exchanges operating in MFCA as of October 2024: Onyx Trade Ltd, Neyco Ltd, Swiftex.io Limited, Bigone Investment Ltd, Top Line Limited, Biteeu Eurasia Ltd, ATAIX Eurasia Ltd, Delta DA Ltd, BN KZ Technologies Limited, Bybit Limited.