Kazakhstan’s National Bank has launched a «regulatory sandbox» for digital assets, a controlled environment allowing companies to test new services using blockchain-based technologies, according to the regulator’s press office.
The first round of pilot projects has been launched in four key areas:
Real estate tokenization
Digital tokens will be issued to certify rights to real estate. This system enables developers to raise funds and allows individual investors to purchase shares in commercial properties.
A token is a digital asset that exists on a blockchain and represents a certain value or right. In real estate, it serves as an electronic certificate of ownership in a property, such as an apartment, office building or construction project.
This model makes investing more accessible, particularly for those who may not have enough capital to purchase an entire property. Investors can buy fractional shares — for example, 1% of an asset — with relatively small amounts.
Tokenization of real assets
This includes digitizing rights to equity shares in companies and tokenizing claims on commercial debt. The approach is designed to help businesses attract working capital, while making it easier for investors to access the real economy.
Tenge-denominated stablecoins
These fiat-backed digital currencies, pegged to Kazakhstan’s national currency, the tenge, will be tested as a local alternative to U.S. dollar stablecoins. The goal is to boost the appeal of tenge-denominated digital financial instruments.
Stablecoins are cryptocurrencies backed by stable assets, typically fiat currencies such as the U.S. dollar or euro.
Cryptocurrency-to-fiat exchange
The regulatory sandbox will also allow the legal exchange of cryptocurrencies for fiat currency. Banks, payment providers and other licensed entities are eligible to participate in the sandbox.
