Kazakhstan President Kassym-Jomart Tokayev has just signed into law a new legal framework for managing digital assets, including cryptocurrencies such as Bitcoin and Ether. According to the government statement, the new law classifies digital assets into several categories such as stablecoins, asset-backed financial instruments, and electronically issued tools.
The National Bank of Kazakhstan (NBK) is designated as the primary regulatory authority, with the power to license exchanges, approve the list of permitted cryptocurrencies, and impose trading limits. The law also introduces the concept of “digital financial assets” (DFA) with three types, requiring issuers to be licensed and adhere to standards for risk management, transparency, and investor protection.
This move aligns with Kazakhstan’s ambition to become a digital asset hub in Central Asia, as the country has already implemented stablecoin payments, plans to launch a Bitcoin ETF in 2025, and plays a significant role in the global cryptocurrency mining industry.
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