Astana was compared with these two leaders by a prominent industry figure whose views command widespread attention across the sector.
Astana could follow the development path of Dubai or Singapore. This forecast was made by American entrepreneur and investor Balaji Srinivasan at The Network State Conference in Singapore, according to the Telegram channel @toughbuthones. A former Chief Technology Officer (CTO) of the cryptocurrency exchange Coinbase, Srinivasan described Kazakhstan’s capital as a beautiful, well-maintained and clean city, and invited conference participants to invest in Alatau City.
Approximately 3,500 people attended the conference at Marina Bay Sands.
The participants
Among the attendees was Vitalik Buterin, one of the co-founders of Ethereum. The network supports financial services, digital collectibles and thousands of applications built on smart contracts.
Richard Teng heads Binance, the world’s largest cryptocurrency exchange by trading volume. The company itself reports having more than 300 million registered users.
Olaf Carlson-Wee founded and leads Polychain Capital, one of the first venture capital funds to invest in blockchain projects. He began his career in the industry as Coinbase’s first employee.
Who is Balaji Srinivasan?
Srinivasan is widely known as the author of The Network State. In the book, he explores how communities formed online can acquire land and negotiate with states to establish their own rules for living and working.
In the summer of 2026, his Network School relocated its operations to Kazakhstan. Srinivasan signed a five-year memorandum of understanding with Kazakhstan providing for the construction of a new campus and the annual hosting of the Network State Conference.
In July, Prime Minister Olzhas Bektenov discussed with Srinivasan the establishment of an international technology hub in Akmola Region, with subsequent expansion to Alatau City. Plans for Network City, a technology community in the Burabay area, were also presented at the time. Srinivasan emphasised that Network School projects are financed by private investors without the use of public budget funds.
What Alatau has to offer
In May 2026, the President signed the Constitutional Law On the Special Legal Regime of the City of Alatau.
The legislation establishes a special regulatory framework for digital assets and cryptocurrencies and introduces the status of an “Alatau Resident”. It also governs investor protections, fiscal and tax policy, urban planning and land relations.
Under the Head of State’s vision, Alatau City is to become the region’s first fully digital city, where goods and services can be paid for using cryptocurrency. A Singaporean expert has been appointed as the city’s chief construction adviser, giving the comparison with Singapore a practical foundation.
The development models of Dubai and Singapore
Dubai attracted banks and investment funds through the Dubai International Financial Centre, which operates its own courts based on English common law. Singapore focused on streamlined approval procedures, low taxes and regulatory sandboxes for financial technologies.
Kazakhstan already has comparable instruments in place. Since 2018, the Astana International Financial Centre (AIFC) has operated in the capital, with its own court and arbitration system based on the principles of English common law. Alatau adds a separate regulatory framework for technology and cryptocurrency projects.
The role of Zhaslan Madiyev
The article’s author specifically highlights the contribution of Deputy Prime Minister and Minister of Artificial Intelligence and Digital Development Zhaslan Madiyev, who, according to the author, established the ties with Srinivasan.
Madiyev has first-hand experience in the cryptocurrency industry. Before his appointment as minister in 2024, he served as General Manager of Binance Kazakhstan. He received his education at Columbia University and the Massachusetts Institute of Technology (MIT).
Under Madiyev’s leadership, the Ministry organised the AI & Digital Bridge forum, which took place in Astana in early October. The forum’s open programme recorded more than 47,000 visits, while the HackAlem AI hackathon entered the Guinness World Records as the world’s largest artificial intelligence hackathon. Srinivasan was also among the forum’s headline speakers, meaning that his remarks about Kazakhstan’s capital in Singapore were informed by his recent first-hand experience of the city.
Capital Follows Clear Rules
The memorandum with Network School provides for the annual hosting of the Network State Conference in Kazakhstan. Investors who heard Srinivasan speak in Singapore now have an additional reason to visit the country and see Alatau for themselves.
Kazakhstan has made its choice. Cryptocurrency now has a legal framework, a dedicated court system and a special regulatory regime in the country. From an investor’s perspective, what matters most is a predictable and transparent regulatory environment and Kazakhstan is positioning itself to provide one.
The capital discussed at Marina Bay Sands knows how to choose its destination. It flows to places where it is welcomed. Astana has already been called the next Dubai. The next move is up to investors.
