The National Bank of Kazakhstan announced a comprehensive set of legislative measures aimed at building a full-fledged digital asset ecosystem and strengthening control over crypto circulation.
Yerlan Ashykbekov, Director of the Payment Systems Department at the National Bank of the Republic of Kazakhstan, presented legislative initiatives providing for the classification of digital financial assets, licensing of crypto providers, and the launch of a regulatory sandbox. These steps are designed to develop digital investment tools, reduce systemic risks, and protect consumer rights.
The National Bank and the Agency for Regulation and Development of the Financial Market prepared amendments to the legislation, creating a legal framework for regulating digital financial assets and cryptocurrencies. In particular, three types of digital assets were identified:
- stablecoins backed by fiat money;
- assets certifying rights to financial instruments;
- tokenized equivalents of bonds, stocks, and promissory notes.
Each type of digital financial asset will be regulated considering the specifics of backing, issuer obligations, and platform requirements.
Under the new rules, operators of crypto exchange platforms must obtain a license from the National Bank. Their activities will be regulated through:
- establishment of qualification and technical requirements;
- creation of internal control and risk management systems;
- obligations to protect client assets and data.
The National Bank will also determine the list of cryptocurrencies allowed for exchange. Meanwhile, crypto exchanges registered in the Astana International Financial Centre (AIFC) will continue to operate under a separate legal regime but will interact with national exchange providers.
To ensure a prompt launch of the digital asset market, existing institutions (the Central Securities Depository and the Kazakhstan Stock Exchange) will be integrated into the process, responsible for issuance, accounting, and servicing of digital assets. Tokenization benefits such as reduced transaction costs, expanded investor base, and simplified business access to financing are expected to be leveraged.
The National Bank also initiated the creation of a regulatory sandbox, an environment to test innovative business models and tokenization technologies under controlled conditions before large-scale implementation.
The document emphasizes that the regulatory framework was developed in accordance with recommendations from FATF, IOSCO, IMF, BIS, and based on practices already implemented in jurisdictions with advanced digital infrastructures, including the European Union, UAE, Singapore, Switzerland, and others.
