Kazakhstan Establishes Regulatory Framework for Digital Assets

According to Cointelegraph, Kazakhstan's President Kassym-Jomart Tokayev has enacted legislation to regulate digital assets, including cryptocurrencies like Bitcoin (BTC). The newly signed laws, titled 'On Banks and Banking Activities' and 'On Amendments and Supplements to Certain Legislative Acts on the Regulation and Development of the Financial Market, Communications, and Bankruptcy,' aim to create a structured framework for digital asset management. This legislation introduces a classification system for digital assets, encompassing stablecoins, assets backed by financial instruments and property, and financial instruments issued in electronic digital form. The National Bank of Kazakhstan (NBK) is designated as the primary regulator, with the authority to license exchanges, approve cryptocurrencies for circulation, and set trading activity limits on regulated platforms. Kazakhstan's legislative framework introduces a new asset class comprising three types of digital financial assets (DFAs). The Agency for Regulation and Development of the Financial Market (ARDFM) is tasked with establishing requirements for the issuance, circulation, and redemption of DFAs, excluding stablecoins. New digital platform operators serving as DFA issuers will require licensing from the central bank. DFAs will adhere to requirements similar to those for traditional financial instruments, including risk management, information disclosure, and investor protection. The legislation also covers cryptocurrencies such as Bitcoin (BTC) and Ether (ETH), categorized as 'unsecured digital assets.' The NBK will regulate and license cryptocurrency exchange organizations, establishing a list of permitted crypto assets and setting limits and restrictions on exchange operations. Kazakhstan's digital asset regulation aligns with its ambitions to become a regional industry hub in Central Asia. The country has been proactive in adopting stablecoin payments and witnessed the launch of Bitcoin exchange-traded funds in 2025, while also playing a significant role in global crypto mining. Cointelegraph reached out to the ARDFM for comments on the list of permitted crypto assets and other rules but did not receive a response by the time of publication. This regulatory move reflects Kazakhstan's strategic efforts to position itself as a key player in the digital asset sector, fostering a secure and structured environment for digital financial activities.