The National Bank Launches Regulatory Sandbox for Digital Assets – Stablecoins Backed by Tenge and Real Estate Tokenization Among First Pilot Projects, DKnews.kz reports.
Kazakhstan’s National Bank has officially launched a regulatory sandbox to safely test innovations in the digital finance space. As of July 25, 2025, businesses in the country can trial new digital asset solutions in a live but controlled environment – thanks to the adoption of Resolution No. 42 by the Bank’s Management Board.
This sandbox creates a framework where new financial products can be tested even before formal legislation is fully in place – giving both regulators and businesses the flexibility to innovate while safeguarding financial stability.
What is a regulatory sandbox?
Simply put, it’s a safe testing environment where companies can experiment with new financial technologies without the full burden of regulatory compliance – but under close supervision. This is especially valuable for digital asset projects, where the legal framework often lags behind the pace of innovation.
Under Resolution No. 42, the sandbox allows the National Bank to trial services involving digital assets, expanding the scope of its existing regulatory mechanisms.
Eligible participants include:
- second-tier banks
- organizations engaged in specific banking operations
- payment service providers
- other legal entities registered in Kazakhstan
What projects are being tested?
The National Bank has already launched four pilot projects with a high level of readiness. These initiatives were submitted by the business community within the digital asset industry and cover the following areas:
1. Tenge-backed fiat stablecoins
These are digital assets fully backed by funds in the national currency. The goal is to test them as a potential alternative to USD-based stablecoins, boosting the appeal of tenge-denominated instruments in digital finance.
2. Real estate tokenization
Digital tokens certifying rights to real estate properties. This will enable developers to attract funding more flexibly and allow retail investors to access commercial real estate opportunities previously out of reach.
3. Tokenization of real-world assets
This includes digital representation of equity shares in companies and tokenized claims on commercial debt. The initiative is designed to create new mechanisms for raising working capital and broaden investor access to Kazakhstan’s real economy.
4. Crypto-to-fiat exchange
The sandbox will test the risks associated with converting unbacked digital assets (like cryptocurrencies) into money, with the aim of developing sound regulatory strategies. A key objective here is to bring Kazakhstan’s crypto investors out of the shadow economy by offering a compliant and transparent alternative.
Can new projects apply?
Yes – the regulatory sandbox is open to new applications in both digital asset services and payment systems. If you’re developing innovative fintech products in Kazakhstan, this is a unique opportunity to test your ideas legally and gain insights from the central bank itself.
Legal foundation and national impact
The sandbox was made possible by Law No. 205-VIII, adopted on June 30, 2025, which expanded the National Bank’s authority to introduce special regulatory regimes for activities related to digital assets and consumer protection in financial services.
What does this mean for Kazakhstan?
This move marks a bold step toward a modern digital economy. By creating a structured and transparent environment for innovation, Kazakhstan positions itself as a forward-thinking fintech hub in the region.
The introduction of tenge-based stablecoins and real estate tokenization isn’t just experimental – it could soon become part of everyday financial life. For investors, developers, and fintech startups, the message is clear: Kazakhstan is open for digital finance – legally, safely, and with the regulator’s support.
