Kazakhstan plans tokenized real estate and infrastructure

The plan matters because it creates a new channel for capital formation in an economy that still leans heavily on bank lending and state-led investment. If implemented with clear rules and legal protections, tokenization could help Kazakhstan attract smaller-ticket domestic and foreign investors into projects that have traditionally required large institutions or government backing.

For property owners and developers, digital shares could lower the cost of tapping the market and speed financing for everything from commercial buildings to industrial and infrastructure assets. For regulators, the challenge is to define which assets can be tokenized first and to make the settlement and ownership rules robust enough to prevent fraud, disputes or gaps in investor protection.

Bektenov has ordered the National Bank to draw up a priority list of assets to be converted into digital form and to set out a regulatory framework that guarantees transaction security. That makes the next key catalyst the detailed rulebook, which will determine whether Kazakhstan’s tokenization push becomes a meaningful funding tool or remains a pilot-level experiment.