Kazakhstan Takes Decisive Leap Toward Financial Modernization
In a landmark move, Kazakhstan’s president has signed into law the revised 'On Banks and Banking Activities' and the 'Financial Market Regulation and Development Amendments,' setting the stage for a transformed financial landscape. These reforms establish a comprehensive legal foundation for digital innovation while reinforcing regulatory oversight.
Three Clear Categories for Digital Assets
The legislation formally recognizes digital financial assets (DFAs) as a distinct asset class, categorizing them into three types: stablecoins pegged to fiat currencies, asset-backed tokens, and electronic financial instruments. This structured classification supports regulatory clarity and fosters investor trust in emerging markets.
Central Bank to Oversee Licensing and Market Access
Under the new framework, the National Bank of Kazakhstan will assume authority over licensing crypto exchanges, maintaining an official list of permitted digital assets, and enforcing anti-money laundering (AML) standards. This centralized oversight aims to balance innovation with financial integrity.
- Transparent licensing procedures will be introduced for exchange operators
- Strict KYC and AML compliance will be mandatory
- A dynamic whitelist of approved crypto assets will be published and updated
Notably, commercial banks can now invest in fintech ventures and co-develop next-generation solutions such as mobile payment platforms and the digital tenge, accelerating the integration of traditional finance with cutting-edge technology.