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Kazakhstan will introduce cryptocurrency regulation and establish licensed crypto exchange services. The status of digital tenge as a new form of national currency will also be defined in law. These measures are included in the draft law “On Banks and Banking Activities” and related amendments, which the Majilis (lower house of parliament) adopted in the first reading on November 5, Vlast.kz reports.
The legislation was presented by Madina Abylkasymova, Chair of the Agency for Regulation and Development of the Financial Market. “The key innovation of the bill is to allow circulation and introduce regulation of digital financial assets as a new class of assets,” she said.
For the first time in Kazakhstan, the bill proposes regulation of stablecoins, asset-backed tokens, and other digital financial instruments. Their issuance will be permitted for operators of digital platforms licensed by the National Bank.
In addition, regulation of cryptocurrency is envisaged — licensed crypto exchanges will operate within the country’s financial system. “To protect investors, the National Bank will set a list of cryptocurrencies allowed for circulation, as well as limits and restrictions on crypto exchange operations. To counter money laundering and terrorist financing, crypto exchanges and infrastructure participants will be added to the financial monitoring system,” Abylkasymova emphasized.
The National Bank first announced work on the bill last spring. By summer, the regulator launched a pilot program for crypto-linked payment cards enabling cashless transactions through wallets on crypto exchanges in the Astana International Financial Centre. Several crypto services are registered there, including Binance’s local division and the Bybit exchange.
