Amid global interest in digital assets and blockchain technologies, Kazakhstan is striving to strengthen its position as a regional crypto hub. One of the practical steps was the collaboration between Nurbank and the crypto exchange ATAIX Eurasia – partners launched a service that allows legal entities to swiftly and transparently withdraw funds from a fiat balance. Learn more about the project in an interview with Gulnara Musatayeva, Chairman of the Management Board of Nurbank JSC.
“Banks have become intermediaries between clients and exchanges”
— Does a regulatory system for the crypto industry exist in Kazakhstan today?
— Kazakhstan has a stable regulatory framework for digital assets. A key stage was the adoption of the law “On Digital Assets” in 2023. In addition, as of January 2024, the AIFC Rules came into force, regulating interaction mechanisms between crypto exchanges and second-tier banks. All this has enabled the creation of a transparent, regulated ecosystem where banks, exchanges, and market participants operate within a unified legal framework.
— What role do second-tier banks play in this new digital ecosystem?
— Banks act as crucial intermediaries between corporate clients and crypto exchanges. With the establishment of a legal framework, we gained the ability to develop products considering the specifics of the crypto industry. The pilot project launched in 2022 by AIFC acted as a catalyst – it allowed banks to open accounts for crypto exchanges and test real business cases while meeting all compliance requirements.
— Could you please elaborate on Nurbank's experience within the pilot project?
— We joined the project in September 2022. In collaboration with several crypto exchanges, including ATAIX Eurasia, we established what is known as a crypto-fiat channel. We conduct bilateral settlements with exchange clients, verify transactions in compliance with legislative requirements, including AML/CFT, currency regulation, and AIFC regulations. As a result, we gained practical experience.
“Launched the first service for withdrawing funds from a fiat balance for legal entities”
— After participating in the pilot project, do you continue to cooperate with the ATAIX crypto exchange?
— Yes, moreover, we recently launched a service for withdrawing funds from a fiat balance for legal entities, being the first in the Kazakh market.
— What makes the service unique from a technological standpoint?
— The process is seamless. The crypto exchange client submits an application – and the automated system in the “exchange-bank” link processes it. The service is built on API integration. This is new generation digital banking: fast, transparent, safe.
— Could you provide more details about this service?
— The service fully automates the settlement process for withdrawing funds from a fiat balance both on the side of the crypto exchange and the bank. We believe the mechanism we've developed is particularly interesting for digital miners. Because according to the “Digital Assets” Law, from the beginning of this year, they are required to sell at least 75% of the volume of mined digital assets on AIFC crypto exchanges.
With the service, the bank quickly conducts settlements between the crypto exchange and the legal entity due to automated application acceptance from the crypto exchange and automation of internal banking processes. If the legal entity opens an account with our bank, settlements will be made within minutes from the moment the request is received from the crypto exchange. Therefore, we invite legal entities to be serviced by Nurbank.
— How does the bank plan to develop further in this direction?
— We view the crypto industry as a strategically important direction. Demand for digital solutions is growing, and our task is to offer clients modern, reliable, and regulated financial instruments. The launch of the service with ATAIX Eurasia is just the beginning.
In particular, we are currently working out several services together with crypto exchanges that will be beneficial for clients working with digital assets. We will announce the launch in the near future.
“This year we are participating in a pilot project for the use of digital tenge”
— How do you see the role of digital tenge in Kazakhstan's financial landscape in the coming years?
— Digital tenge is a third form of national currency alongside cash and non-cash funds, issued by the National Bank of Kazakhstan in the form of tokens or digital records.
Nurbank is completing technical work and preparing to join the National Bank of Kazakhstan's pilot project for using digital tenge. By the end of June 2025, we will participate in the pilot project for using digital tenge to mark the spending of budget funds. Clients will be able to work with digital tenge, convert, and transfer these funds.
The next stage will be our participation in a project for accelerated VAT refund from the budget using digital tenge (it will be possible within 15 working days instead of 55 and 75 days).
— What does this mean for your clients?
— Nurbank clients participating in government projects with budget financing will be able to receive digital tenge and convert them to “ordinary” ones if necessary. The process will be available in internet banking for legal entities.
— What operations will clients be able to perform with digital tenge?
— Nurbank clients will be able to open a digital account, track the balance and movements on the digital tenge account, generate statements. In addition, they will be able to buy or sell digital tenge, make transfers to clients of Nurbank or other banks. In one word, it will be possible to fully manage the digital tenge account similarly to working with bank accounts. Completely online.
Participation in the project is our contribution to the development of the national payment infrastructure and our effort to make digital payments accessible and convenient for all clients.
Source: https://digitalbusiness.kz/2025-05-21/kak-nurbank-pomogaet-biznesu-rabotat-s-tsifrovimi-aktivami/