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Kazakhstan is preparing to issue tokenized government bonds as the next step after placing 10 billion tenge in digital National Bank notes. The regulator then plans to develop products for individuals and businesses, National Bank Deputy Governor Binur Zhalenov said (kursiv.media).
What happened
The National Bank’s first tokenized notes have already been placed on the Kazakhstan Stock Exchange (KASE). Government bonds are next. Meanwhile, the Finance Ministry is proposing changes to the rules governing government securities to allow them to be issued in electronic digital form.
The draft resolution is open for public consultation until November 27, 2026. It also provides for developing the primary dealer system, which the authorities hope will boost demand for government securities and trading activity (inbusiness.kz).
There’s an important detail here: the new rules have yet to be adopted. The final terms will be set after consultation on the draft and adoption of the resolution.
What this means for individuals and businesses
According to Zhalenov, products for individuals and companies should follow government bonds. Banks still find it difficult to work with new participants in the digital asset market, however: questions remain over transaction screening.
To address this, the National Bank is working on a National Cryptocurrency Analytics Center. Banks and licensed service providers will get the same screening tools. Zhalenov also believes the market needs more blockchain products with clear benefits for customers.
Zhalenov outlined the expected outcome: “useful products for people, new sources of financing for businesses, international capital and technology for the country.”
How digital assets fit into the financial strategy
Developing Kazakhstan as a regional financial hub will be one of the goals of the Unified Financial Market Development Strategy. Zhalenov said the document should connect KASE, AIX and Alatau City, with plans for mutual recognition of their financial instruments and joint promotion abroad (digitalbusiness.kz).
The first step with digital securities has already been taken. On November 9, the National Bank offered 50 billion tenge in notes from a single issue in traditional and tokenized formats. Tokenized notes accounted for 10 billion tenge.
The notes had a maturity of 91 days, with a weighted average annual yield of 15.72% at auction. Tokenized government bonds will be the next announced product.
