Kazakhstan Enacts Legislation to Regulate Digital Financial Assets

According to PANews, Kazakhstan's President Tokayev has signed the Law on Banks and Banking Activities and the Financial Market Regulation and Development Amendments. This legislation officially recognizes digital financial assets (DFAs) as a new asset class, allowing their circulation within the country to foster the growth of fintech and the crypto industry. The new law categorizes DFAs into three types: stablecoins, tokens based on physical assets, and electronic financial instruments. Additionally, the law regulates unsecured digital assets, such as Bitcoin, and permits the establishment of crypto exchanges licensed by the central bank. The central bank will create a list of cryptocurrencies allowed for circulation and impose certain restrictions on crypto trading activities to protect investor interests. Market participants will be monitored to combat money laundering activities.