Kazakhstan Opens Sandbox for Property Tokens

Kazakhstan’s National Bank has launched sandbox rules that let developers issue blockchain tokens proving ownership of real estate. The first pilot started on 29 July and allows fractional stakes in a new apartment block to change hands for as little as 10 000 tenge. Officials say results will guide a full‑scale law next year.

The sandbox, created by Resolution 42, also covers tenge‑backed stablecoins and other asset tokens. Under the program, issuers must keep property titles in a special registry while smart contracts handle investor payouts. The regulator hopes this model will cut paperwork and widen access to income‑producing buildings across Central Asia.

“The Digital Asset Regulatory Sandbox will let market players test bold ideas before we put them into national law,” Deputy Governor Berik Sholpankulov told reporters. He added that early real‑estate pilots should “show ordinary citizens new ways to invest without huge entry costs.”

Kazakhstan has courted blockchain firms since President Tokayev announced CryptoCity in May, a wider sandbox that covers retail payments and even on‑chain home sales. With Dubai and Singapore already trading tokenized towers, analysts say Astana wants to keep up by proving that regulated tokens can move property deals from months to minutes.