Kazakhstan has taken a major regulatory step after President Kassym-Jomart Tokayev signed a new banking law on January 17. The legislation integrates digital financial assets into the national banking framework and expands state oversight of crypto activities. The move seeks to protect investors while setting clear rules for exchanging tokens and fintech operations across the country.
The amendments revise the Law on Banking and Banking Activities and formally recognize digital financial assets. They introduce regulatory clarity for crypto trading, token issuance, and digital payments within Kazakhstan’s financial system. The reform follows earlier banking sector changes introduced by Tokayev in 2022.
Until now, digital asset circulation remained limited to specific legal zones. With this law, Kazakhstan broadens access and oversight across its wider economy. Can stricter oversight reshape Kazakhstan’s position in the global crypto market?
The new law formally defines three categories of digital financial assets. These include stablecoin tokens backed by physical assets and electronic financial instruments. Each category now falls under clear banking and financial regulation.
Previously unlicensed digital assets could circulate only within the Astana International Financial Center. Now the scope expands beyond the AIFC into the national financial system. This change allows broader participation under unified oversight.
Tokenized real assets will be issued by licensed platform operators. These operators must meet risk management standards similar to traditional financial instruments. The approach mirrors regulatory models adopted earlier in Russia.
The law also regulates unsecured digital assets such as Bitcoin. It provides a legal basis for cryptocurrency circulation and exchange operations. Crypto activities now operate within the formal banking framework.
Crypto exchanges will operate only with licenses issued by the National Bank of Kazakhstan. The central bank will approve platforms and supervise their activities. This system replaces earlier fragmented oversight.
The NBK will publish a list of cryptocurrencies approved for circulation. It will also introduce trading restrictions aimed at protecting investors. Market participants will face monitoring to reduce money laundering risks.
Authorities continue to enforce compliance across the sector. The Financial Monitoring Agency of Kazakhstan blocked access to more than 1,100 unlicensed crypto trading websites last year. The crackdown targets illegal platforms operating outside the law.
Earlier mining rules required miners to sell coins only through AIFC-registered platforms.
In November, Tokayev signed another law that eased several mining and trading limits. These steps align with broader market legalization efforts.
Commercial banks now gain permission to invest directly in fintech firms. They can develop new financial products and adopt advanced banking technologies. This aims to improve competitiveness across the sector.
Banks may also establish subsidiaries focused on artificial intelligence and advanced technologies. The law opens a pathway for broader innovation within traditional finance. Fintech development becomes part of mainstream banking activity.
The legislation adds provisions for mobile transfers, QR payments, and digital tenge transactions. It supports the creation of a nationwide digital payment infrastructure. These systems strengthen everyday digital finance.
The law formally recognizes the digital tenge as national fiat currency. Its issuance, circulation, and use will be set by the National Bank. This embeds the central bank digital currency within Kazakhstan’s legal system.
Kazakhstan continues efforts to become a regional fintech and crypto hub. Authorities announced plans to legalize crypto investments in December. The country is also building a $1 billion cryptocurrency reserve, with $300 million already allocated.
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Kazakhstan has updated its banking law to formally regulate digital financial assets, crypto exchanges, and the digital tenge. The reform sets licensing rules, strengthens investor protection, and expands fintech activity. Market participants should track how Kazakhstan's crypto regulation shapes regional adoption and compliance standards.