A member of Kazakhstan's lower house of parliament, Azat Peruashev, has proposed the creation of a 'crypto bank' in the country. The aim is to provide a legal exchange and custody platform for digital assets.

Peruashev pointed out the absence of a proper legal infrastructure for cryptocurrency in Kazakhstan. It has led to the proliferation of illegal exchanges and the shadow economy. He suggested that a national crypto bank could prevent scams, protect citizens, and stop money from leaving the country illegally.

The lawmaker argued that, currently, 90% of cryptocurrency transactions occur outside the legal sector. He claimed that this gap in regulation has allowed criminals to use crypto for illicit activities. These activities include tax evasion and financing criminal operations.

Peruashev highlighted that billions of tenge worth of cryptocurrency are being transferred abroad without state control. His proposal envisions a legal framework for managing digital assets and preventing fraudulent activities.

Other lawmakers, including Ekaterina Smyshlyaeva, have shown support for crypto reform. Smyshlyaeva has suggested decriminalising crypto trading for individuals on licensed platforms. She is also calling for tighter control over licensed exchanges.

President Kassym-Jomart Tokayev has also shown interest in expanding Kazakhstan's crypto infrastructure to ensure the country remains competitive in the global crypto economy.

The country's crypto mining sector was later impacted by power shortages. Despite this, global crypto operators continue to set up shop in Kazakhstan, attracted by its low energy costs.