Plans are underway to tokenize the Iconic Tower complex, valued at up to $50 million, and the Birlik logistics center, valued at up to $10 million, in the new city of Alatau, Kazakhstan’s flagship urban development project, by the end of 2026. The initiative aims to turn ownership rights in these future projects into digital assets that can be offered to investors.
During a recent government meeting on the development of digital assets, National Bank Governor Timur Suleimenov said one of the objectives outlined in the presidential decree on developing the digital asset industry is to launch economic tokenization and diversify funding sources for the real economy.
How tokenization works
Tokenization involves converting rights to real-world assets, such as real estate, goods and services, into digital tokens using blockchain technology. Each token can represent an ownership interest or other rights associated with an underlying asset and can be purchased by investors.
Suleimenov said the «Tokenization by Default» concept will be introduced in Alatau. Under the initiative, tokenization of the Iconic Tower business complex is expected to begin by the end of 2026. The Birlik logistics center is also slated for tokenization.
Toward a unified digital asset market
«Both projects will use the infrastructure of the Kazakhstan Stock Exchange (KASE). The next step is to create a unified national market. This market must integrate the capabilities of the national regulatory framework, the Astana International Financial Centre (AIFC) and Alatau City. These jurisdictions should complement one another,» Suleimenov said.
According to Suleimenov, developing tokenization is a key area of the National Bank’s work. However, he said it will require large-scale token issuances backed by high-quality assets.
A pool of eligible assets needs to be established in cooperation with relevant government agencies, he said.
«It should include government securities, sovereign debt instruments and corporate bonds. The list of real assets also needs to be expanded to include real estate, infrastructure projects and natural resource deposits,» Suleimenov said.
«We believe the Ministry of Finance, the Samruk-Kazyna sovereign wealth fund, the Baiterek holding company, KASE and the Central Securities Depository should prepare the initial major issuances,» he added.
Alatau to become a tokenization hub
Kazakh authorities previously said they plan to tokenize ownership rights to major assets in Alatau. The initiative is expected to cover real estate, goods and services, with digital tokens representing rights to these assets available for purchase by investors.
