President Kassym-Jomart Tokayev has signed into law a foundational regulatory framework for the digital asset sector, positioning the country for structured growth in the crypto industry.
Regulatory Structure & Oversight:
The new law designates the National Bank of Kazakhstan (NBK) as the primary regulator, granting it authority to:
* License cryptocurrency exchanges and digital platform operators.
* Approve specific cryptocurrencies for legal circulation.
* Set trading limits and restrictions on regulated platforms.
Classification of Digital Assets:
The framework creates three distinct categories:
1. Digital Financial Assets (DFAs): An umbrella class for tokenized traditional assets (securities, property). The Agency for Regulation and Development of the Financial Market (ARDFM) will set issuance and circulation rules.
2. Stablecoins: Treated as a separate, regulated category.
3. Unsecured Digital Assets (e.g., Bitcoin, Ether): Defined as cryptocurrencies not backed by traditional assets. Their exchange will be licensed and overseen by the NBK.
Key Requirements:
Operators and issuers of DFAs will be subject to requirements mirroring those of traditional finance, including risk management, investor protection, and disclosure rules. Issuers of new digital assets will require central bank licensing.
Strategic Context:
This move formalizes Kazakhstan's ambition to become a regional hub for digital assets in Central Asia. It builds upon the country's existing role in crypto mining, the recent launch of Bitcoin ETFs, and pilot programs for stablecoin payments, aiming to provide legal clarity and attract regulated industry participants. $BTC $ETH #CryptoNews
