Kazakhstan Launches Crypto-to-Fiat Card Pilot With Five Major Banks

The initiative, unveiled on June 3, follows a directive from President Kassym-Jomart Tokayev to strengthen Kazakhstan’s digital asset ecosystem.

The launch was announced during a high-level meeting hosted by the National Bank of Kazakhstan (NBK), which brought together representatives from commercial banks, licensed crypto exchanges, and fintech firms operating within the Astana International Financial Centre (AIFC).

How the Crypto Card Works

The crypto card functions as a non-cash payment tool. Users must have a crypto wallet from a licensed digital asset service provider. When they make purchases, their crypto assets are instantly converted to fiat, enabling seamless payments to merchants in local currency.

According to the information transactions are processed using fiat currency following the immediate conversion of digital assets. This is enabled by the integrated crypto-to-fiat infrastructure between the bank and the licensed AIFC crypto provider.

This infrastructure effectively bridges the gap between traditional banking and blockchain-based assets, allowing for real-time crypto spending without volatility exposure for merchants.

Banks Joining the Pilot

As of June 5, five major Kazakhstani banks have joined the pilot program:

Their participation highlights growing institutional support for digital asset integration and signals momentum for broader adoption across the financial sector.

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A Step Toward Tokenized Finance

The pilot is part of Kazakhstan’s broader effort to develop tokenized financial services, leveraging the AIFC’s regulatory framework and digital infrastructure. The initiative aligns with global trends in crypto-to-fiat payment solutions and reflects the nation’s ambition to become a regional leader in digital finance.

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