Kazakhstan’s President Kassym-Jomart Tokayev has signed legislation establishing a regulatory framework for digital assets, including licensed cryptocurrency exchanges and granting the country’s central bank authority to approve which cryptocurrencies can be traded on regulated platforms.
The legislation amends Kazakhstan’s banking and financial market laws, setting out new rules for the issuance and circulation of digital assets and introducing licensing requirements for crypto exchanges operating in the country, according to a government statement.
The rules introduce a classification for digital assets, including stablecoins, assets backed by financial instruments and property, and financial instruments issued in electronic digital form.
The National Bank of Kazakhstan (NBK) will act as a key regulator of the sector, granting it authority to license exchanges, approve cryptocurrencies for circulation and set trading activity limits on regulated platforms.
Kazakhstan’s new asset class: Three types of digital financial assets
The introduction of a new asset class, comprising three types of “digital financial assets” (DFAs), is a key component of the signed legislation.
The Agency for Regulation and Development of the Financial Market (ARDFM), the authority responsible for developing the laws, is assigned to establish requirements for the issuance, circulation and redemption of DFAs, excluding stablecoins.
New digital platform operators that serve as DFA issuers will be licensed by the central bank. DFAs will also be subject to requirements similar to those established for traditional financial instruments, including requirements for risk management, information disclosure and investor protection.
Cryptocurrencies part of legislation with strict requirements
The law includes provisions covering cryptocurrencies such as Bitcoin (BTC) and Ether (ETH), referred to as “unsecured digital assets.”
The legislation provides for the creation of cryptocurrency exchange organizations, whose activities will be licensed and regulated by the NBK.
To protect investors, the central bank will establish a list of crypto assets permitted for circulation, as well as limits and restrictions on crypto exchange operations.
Related: Russia plans limited crypto access for retail investors, lawmaker says
Cointelegraph approached ARDFM for comment on the list of permitted crypto assets and other rules, but did not receive a response by the time of publication.
Kazakhstan’s digital asset regulation aligns with the country’s ambitions to become a regional industry hub in Central Asia. The nation has been actively adopting stablecoin payments and saw the launch of Bitcoin exchange-traded funds in 2025, while also being a major player in global crypto mining.
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