Kazakhstan will tokenize up to $60 million in real estate and logistics projects by the end of 2026 — its first major test of digital assets as a new source of financing for the economy — National Bank Governor Timur Suleimenov announced at a September 15 government session.

The Pilot and the Assets

The pilot allocates up to $50 million for the Iconic Tower complex and $10 million for the Birlik logistics hub, both in Alatau City within the Almaty Region. Both assets are slated for issuance through the digital infrastructure of the Kazakhstan Stock Exchange (KASE). To support this, officials plan to merge the nation's primary regulatory framework with the distinct jurisdictions of Alatau City and the Astana International Financial Centre (AIFC) to create a unified digital asset market. A core component of the strategy is a collaboration with Binance to build a regional payments and settlement hub. Securing a top-tier payment license for a local Binance legal entity would let the hub serve clients across the Commonwealth of Independent States (CIS), Eastern Europe, and Asia.

The 65-Measure Plan and Institutional Rollout

The pilot is anchored by a July presidential decree that sought to establish a fully-fledged digital assets industry, move digital asset transactions into the country's regulated ecosystem, and launch the tokenization of the economy to diversify financing sources. Building on that mandate, the government approved a comprehensive 65-measure plan on September 15. Prime Minister Olzhas Bektenov instructed the National Bank to compile a priority list of assets for tokenization and to implement strict investor protection rules. To execute the first large-scale issuances, Suleimenov called specifically on the Finance Ministry, the Samruk Kazyna Sovereign Wealth Fund, Baiterek Holding, KASE, and the Central Securities Depository to lead the preparations.

Global Context and Market Growth

Tokenization fractionally divides assets — such as real estate or corporate debt — into smaller digital units. BlackRock's Larry Fink and Rob Goldstein have compared the technology's current development to that of the internet in 1996, envisioning a gradual convergence between conventional finance and blockchain networks — a bridge built from two sides: traditional financial institutions on one, and stablecoin issuers, fintech companies, and blockchain networks on the other. The World Economic Forum has labeled 2026 a "defining moment" for digital assets. Boston Consulting Group (BCG) estimates that publicly visible tokenized real-world assets stand at around $30 billion — against roughly $3 trillion in cryptocurrencies and $300 billion in stablecoins — while noting that, under more expansive scenarios, tokenized assets could reach nearly 16% of global investable assets by 2035, though the outcome would vary considerably by asset class. Suleimenov said the global digital asset market now has roughly 750 million users, with stablecoin transaction volume hitting $50 trillion in 2025 and the tokenized asset market expanding 12-fold over the last three years. He outlined three global trends driving the growth: a shift from prohibition toward licensing, supervision, and common international standards; the integration of digital assets with banks, payment infrastructure, and capital markets; and a move toward practical applications such as cross-border payments, custody, and asset tokenization.

Regulatory Milestones and Trading Surges

Kazakhstan's push for a regulated market accelerated with legislation enacted on May 1, which formally recognized stablecoins and tokenized assets and introduced licensing requirements. Suleimenov described it as Central Asia's first comprehensive nationwide regulatory framework for digital assets. That clarity has driven activity. KASE's digital platform has recorded 34,000 transactions worth 20.5 billion tenge ($45.9 million) for a Bitcoin futures ETF, alongside 650 transactions worth 1 billion tenge ($2.2 million) across three newly introduced crypto ETFs. Three licensed cryptocurrency exchange operators processed around 2 billion tenge ($4.5 million) in their first two months, with five more companies now seeking licenses. Growth within the AIFC has been substantial. By the end of 2025, AIFC-based providers had processed $10.6 billion in transactions and attracted approximately 215,000 users, according to figures cited by Suleimenov. Adding detail on the ecosystem's structure, Yerkegali Yedenbayev of the AIFC's Astana Financial Services Authority noted that 35 providers currently operate in the AIFC: 11 digital asset exchanges (including Binance and Bybit, the world's fourth-largest crypto exchange), 16 investment service providers, and 8 payment organizations, three of which are stablecoin issuers. Regulated providers now serve nearly 270,000 clients (up from 53,000 in 2023), with transaction volume reaching $10.5 billion by the end of 2025 and a further $5.5 billion in the first half of 2026. Still, with an estimated one million crypto wallets held by Kazakh citizens globally, much trading continues on foreign platforms.

The Digital Tenge and Banking Hurdles

The plan also emphasizes the digital tenge, Kazakhstan's centralized central bank digital currency. Bektenov instructed the Finance Ministry and the National Bank to examine its use in government procurement, corporate transactions, and programmable contracts. In a separate, earlier interview, NBK Deputy Governor Binur Zhalenov said most real-world use cases for the digital tenge will relate to government spending, including public procurement and social programs. Scaling the ecosystem, however, requires cooperation from traditional banks. Both Suleimenov and RISE Research founder Ainur Zhanturina noted that many local banks remain hesitant to service digital asset firms. Suleimenov urged banks to use targeted compliance controls rather than freezing all accounts tied to a licensed digital asset provider over concerns about a single transaction.

Reining in Crypto Mining

The government is also reforming its established cryptocurrency mining sector. Vice Minister of Artificial Intelligence and Digital Development Gizzat Baitursynov reported that the country has 76 licensed miners and five accredited mining pools, operating roughly 470,000 pieces of equipment. Domestic pools mined approximately 3,600 Bitcoin in 2025 — a fourfold increase from 2023 — pushing tax revenue from 9 billion tenge ($20.1 million) to 22.4 billion tenge ($50.1 million). With Kazakhstan now among the top 10 global Bitcoin mining hubs, Bektenov stressed that the priority must shift away from quantitative capacity growth. He instructed officials to examine gas- and coal-fired generation to supply mining centers, emphasizing transparent taxation, strict energy-consumption controls, and a fully-fledged digital mining industry integrated with exchanges, tokenization, and payment solutions.