Kazakhstan has taken a decisive step in tightening oversight of its digital asset market by limiting cryptocurrency trading to coins approved by the central bank. President Kassym-Jomart Tokayev has signed new legislation creating licensed crypto exchanges and placing approval powers firmly with the National Bank of Kazakhstan (NBK).
The new laws establish a clear regulatory framework for digital assets, formally classifying them into categories that include stablecoins, asset-backed digital instruments, and electronically issued financial instruments. This move is designed to bring crypto activity closer to traditional financial market standards.
Under the updated rules, the NBK becomes the main regulator, responsible for licensing crypto exchanges, approving which cryptocurrencies can be traded, and setting limits on trading activity. Cryptocurrencies such as Bitcoin and Ether are defined as unsecured digital assets, meaning they will face stricter controls compared with regulated digital financial assets.
A new asset class known as digital financial assets (DFAs) has also been introduced. These instruments will be subject to requirements similar to traditional securities, including risk management, disclosure standards, and investor protection rules. Platforms issuing DFAs must obtain approval and oversight from regulators.
The legislation reflects Kazakhstan’s broader strategy to position itself as a regional digital asset hub in Central Asia, while balancing innovation with tighter market supervision and investor safeguards.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.