Kazakhstan’s President Kassym-Jomart Tokayev has signed new legislation creating a regulatory framework for digital assets and licensed cryptocurrency exchanges.
The law grants the National Bank of Kazakhstan authority to approve which cryptocurrencies may be traded on regulated platforms.
Amendments to banking and financial market laws set new rules for the issuance, circulation and oversight of digital assets in the country.
The framework introduces classifications covering stablecoins, asset-backed tokens and financial instruments issued in electronic digital form.
The central bank will license crypto exchanges, approve tradable coins and impose limits on trading activity to protect investors.
A new asset class known as digital financial assets will include three categories governed by requirements similar to traditional financial instruments.
The Agency for Regulation and Development of the Financial Market will oversee rules for the issuance and circulation of digital financial assets, excluding stablecoins.
Cryptocurrency trading is addressed under the law through the category of unsecured digital assets, including Bitcoin and Ether.