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.
Licensed crypto exchange organisations will be established, operating under direct supervision of the central bank.
Authorities said the measures are designed to balance innovation with tighter investor protections and market controls.
Kazakhstan’s regulatory push supports its ambition to become a regional digital asset hub in Central Asia.
The country has expanded crypto activity in recent years through stablecoin payments, Bitcoin exchange-traded funds and large-scale mining operations.
At the time of reporting, Bitcoin price was $92,454.50.