Several governments and central banks worldwide have recently voiced alarm regarding the risks of buying or investing in cryptocurrencies. Fabio Panetta, a policymaker at the European Central Bank and governor of the Bank of Italy, expressed concern about the reputational risks banks could face by offering services related to crypto-assets, according to Investing.com. Meanwhile, the Central Bank of Jordan has explicitly prohibited financial institutions from facilitating cryptocurrency transactions, citing high volatility and fraud risks.
Kazakhstan has followed suit. During a June 5 briefing on the base rate decision, National Bank Chairman Timur Suleimenov warned citizens against buying cryptocurrencies, as the country’s financial regulator works on legislative amendments to govern the circulation of digital assets, including crypto.
According to Suleimenov, market liberalization could encourage inexperienced investors to put money into cryptocurrencies despite their high-risk nature.
«People get the impression that it’s some kind of magic wand, as if simply investing in it will solve everything. Scammers and Ponzi schemes only reinforce this illusion,» he said. «These are complex assets from a financial perspective, especially in terms of transparency and consumer protection. It’s not like a deposit, where you go to a bank, put your money in for a year and earn interest. Cryptocurrency is far from being a simple or clear-cut instrument.»
Suleimenov stressed that cryptocurrencies should primarily interest experienced investors with well-developed investment strategies.
«An average investor should not treat this like a bank deposit,» he said. «It’s your right and your choice, but get educated first and only then consider investing.»
He also noted that legislative amendments under consideration in parliament would allow crypto exchanges to operate legally in Kazakhstan, enabling users to convert cryptocurrencies into fiat currency. A broader law regulating digital assets, including but not limited to cryptocurrencies, is expected to be submitted to the Mazhilis, the lower house of parliament, this fall. The National Bank anticipates that the full legislative framework will be in place by early 2026.
So far, the regulator has allowed local banks to issue crypto cards linked to clients’ wallets on licensed exchanges within the Astana International Financial Centre (AIFC). Five banks have joined the pilot project: Halyk Bank, ForteBank, Freedom Bank, Bank RBK and Altyn Bank.
During his speech at the recent Astana International Forum, President Kassym-Jomart Tokayev announced that Kazakhstan intends to establish a special zone called CryptoCity, where cryptocurrency transactions will be allowed.
Furthermore, Kazakhstan’s Ministry of Digital Development has proposed creating a crypto reserve, citing the experiences of Switzerland, Singapore and the United Arab Emirates, countries that already use tokenized assets to boost financial sustainability and attract investment.
