The National Bank of Kazakhstan has announced the implementation of crypto regulation, which includes the legalization of the activities of crypto exchanges and related service providers. The regulator’s responsibilities will cover not only crypto exchanges but also digital financial asset (DFA) platforms and the circulation of stablecoins.
This is reported by Finway
Collaboration with Financial Institutions
The regulator reported on its collaboration with the Agency for Regulation and Development of the Financial Market, aimed at ensuring the legal and controlled operation of the crypto industry. In particular, a licensing system for crypto exchanges is being introduced, allowing them to officially exchange cryptocurrencies for fiat.
New Financial Instruments and Regulation
The Director of the Payment Systems Department of the National Bank of Kazakhstan, Erlan Ashikbekov, stated:
“We are forming a comprehensive digital financial ecosystem with a cohesive legal framework that will protect investors’ rights and promote the development of new financial instruments.”
The legalization of crypto exchanges will enable the regulator to establish a list of permitted crypto assets.
Additionally, regulation of the circulation of DFAs will be introduced, which will include stablecoins, DFAs that confirm rights to financial assets, as well as digital analogs of traditional instruments such as bonds and stocks. The new control system will require issuers and investors to adhere to standards of transparency, risk management, and user data protection.
Furthermore, DFAs will be integrated into the existing financial system, with their circulation being facilitated by the Central Depository and the Kazakhstan Stock Exchange. A regulatory sandbox is also planned to be created for testing new technologies in a safe environment.
The regulation is based on international standards and recommendations from organizations such as the Financial Action Task Force, international securities commissions, the International Monetary Fund, as well as practices from the European Union and other countries.
It is worth noting that at the beginning of 2025, the government of Kazakhstan closed over 3,500 online crypto exchanges, and in April, the National Bank announced the creation of a state provider for the exchange of crypto assets.