Kazakhstan’s Digital Asset Initiative
Kazakhstan has announced plans to create a test zone for digital assets as part of its ambition for digitalization. This pilot program aims to explore the potential for mainstream adoption.
Introduction of CryptoCity
President Kassym-Jomart Tokayev revealed this initiative during a keynote speech at the Astana International Forum 2025, emphasizing that it will act as a sandbox for digital assets. Named CryptoCity, this project will be located in Alatau, a burgeoning tech hub in Southeastern Kazakhstan.
Operational Freedom in CryptoCity
Once established, residents and businesses will have the freedom to buy, sell, and store digital currencies without limitations. Additionally, the city will permit the use of digital assets for payments for goods and services.
Encouraging Foreign Investment
Minister of Digital Development Zhaslan Madiyev expressed enthusiasm for the initiative, indicating it aims to attract international developers and IT experts. Plans also include offering tax incentives and various regulatory benefits to emerging Web3 companies interested in establishing a presence in CryptoCity.
Transformative Potential
The proposed sandbox environment, along with its location in Alatau, is anticipated to draw numerous digital asset businesses. Madiyev noted that “CryptoCity will promote cryptocurrency circulation, supportive legislation, and legal acceptance as a payment method,” highlighting the need for these aspects to be incorporated into the law.
Stablecoin Payment Growth
In related news, stablecoin payment volumes have surged significantly, nearing $100 billion since 2023. A recent report from Artemis revealed that stablecoin transactions have grown nearly threefold, primarily driven by changes in consumer behavior and technological advancements.
