During the expanded government meeting on January 28, President of Kazakhstan Kassym-Jomart Tokayev emphasized the need to broaden the use of cryptocurrency in the country: “There is an urgent need to create an infrastructure for a wider legal circulation of digital assets. Financial regulators must work on establishing the corresponding legislative framework.”
The solution presented at the forum by Mastercard, the cryptocurrency exchange Intebix, and the Eurasian Bank addresses this challenge. Kazakhstan is confidently advancing its digital economy by implementing cutting-edge technologies in the realm of cryptocurrencies and blockchain. Over the past few years, the country has made significant strides in creating an innovative infrastructure that facilitates the integration of digital assets into the financial system.
The development of the cryptocurrency asset issuance project has been ongoing since 2022, which marked a pivotal moment for the crypto industry in Kazakhstan – the Eurasian Bank successfully conducted the first cryptocurrency transaction in the region in tenge from an account linked to a client account on the Intebix exchange, confirming the feasibility of safe and legal operations with digital assets. In 2023, the country took another step forward by launching the first loyalty program tokenization project in Kazakhstan. In partnership with Intebix, the Eurasian Bank, Mastercard, the Technodom ecosystem, and AIRBA, a unique rewards system based on blockchain technologies was developed, allowing users to earn and utilize tokenized bonuses. 2024 marked another technological breakthrough: Kazakhstan became the first country in Central Asia to conduct a transaction using Mastercard Crypto Credential – a global solution ensuring the security and convenience of transactions with digital assets.
Today, Kazakhstan is preparing for the next significant milestone – the launch of the first cryptocurrency payment card Mastercard in the country. Currently, it is undergoing testing in the regulatory sandbox of the National Bank of the Republic of Kazakhstan. This initiative opens new opportunities for users, combining the advantages of traditional payments with the potential of digital assets.
“We are grateful to the National Bank for its inspiring approach and the opportunity to test innovative financial products in the regulatory sandbox. We see our mission as providing customers with a modern, secure, and fully legal tool for working with digital assets within the existing legislation,” said Lyazzat Satieva, Chairwoman of the Board of the Eurasian Bank.
“As part of the government’s initiatives to integrate innovative solutions into the national financial system, Intebix actively contributes to the formation of a digital asset ecosystem in Kazakhstan, providing the necessary infrastructure and support to ensure the security and efficiency of cryptocurrency trading,” emphasized Talgat Dosanov, Director of the Intebix digital asset exchange.
“Mastercard actively supports the development of fintech and the implementation of solutions that combine the convenience and security of traditional payments with the capabilities of crypto assets worldwide. Thus, the cryptocurrency payment card from the Eurasian Bank, Intebix, and Mastercard will become an important tool in expanding the legal use of digital assets by citizens of Kazakhstan,” noted Sanjar Jamalov, General Director of Mastercard in Kazakhstan and Central Asia.
In recent years, there has been significant interest in cryptocurrency operations in Kazakhstan, with initiatives aimed at integrating digital assets into the financial system, fostering greater trust in cryptocurrencies and their wider use. For businesses and individual users, the relevance of crypto operations is driven by the potential for fast and convenient cross-border payments, risk hedging, and asset diversification. The launch of innovative products, such as cryptocurrency payment cards, promotes the further development of Kazakhstan's digital economy, providing users with safe and convenient tools for working with crypto assets.