Kazakhstan lawmaker Azat Peruashev is advocating for a national ‘crypto bank’ to serve as a legal framework for cryptocurrency exchange operations. This initiative aims to safeguard citizens from scams and illicit financial flows, addressing the 90% of crypto transactions occurring outside regulatory oversight.

The proposal includes collaboration with the National Bank of Kazakhstan and regulated financial institutions to create a legal custodian and exchange platform for digital assets, aiming to reduce illegal transactions and increase state regulation in the cryptocurrency sector.