Kazakhstan Sets Legal Framework for Digital Financial Assets
Kazakhstan plans to regulate digital financial assets (DFAs) under a new banking law, introducing stablecoins, tokenized assets, and digital financial instruments as a distinct class within the national financial system.
The draft law, presented in the Mazhilis by Madina Abylkassymova, Chair of the Agency for Regulation and Development of the Financial Market, defines DFAs in three categories: stablecoins certifying rights to claim money, digital assets backed by underlying assets, and financial instruments issued in digital form.
Issuance will be carried out by licensed digital platform operators, with the National Bank overseeing stablecoins and the agency regulating other DFAs. The law formally recognizes the digital tenge as a new national currency and strengthens oversight of payment organizations.
Under the proposed framework, DFAs may be used as loan collateral, and financial institutions can invest in them under regulated standards, ensuring transparency, risk management, and investor protection.
Photo credit: primeminister.kz
