The Law of the Republic of Kazakhstan 'On Digital Assets in the Republic of Kazakhstan' № 193-VII LRK, dated February 6, 2023, established the legal framework for the state regulation of digital asset circulation. Entering into force on April 1, 2023, the Law formalized the institutional classification of digital assets, defined mining as a licensed activity, and set forth requirements for the turnover of digital assets within the Republic of Kazakhstan.
This regulatory act became the basis for the legal regulation of digital assets and formed the prerequisites for the subsequent development and modernization of government regulation, supervision and control mechanisms.
In the Address to the People of Kazakhstan titled «Kazakhstan in the Era of Artificial Intelligence: Current Tasks and Solutions through Digital Transformation» dated September 8, 2025, Head of State Kassym-Jomart Tokayev mandated accelerating the development of a comprehensive digital asset ecosystem.
To implement the order at the national level, a comprehensive model of state regulation of digital assets has been introduced, based on the recommendations of the international community and international financial organizations (IMF, IBRD, EBRD and EAG) and the principles of technological neutrality, balanced and proportional regulation (same activity, same risk, same regulation).
A systematic review of the regulation of the digital assets industry has been carried out through the adoption of legislative amendments to the Law «On Digital Assets in the Republic of Kazakhstan» within the framework of the Law « On amendments and additions to certain legislative acts of the Republic of Kazakhstan on regulation and development of the financial market, communications and bankruptcy » dated January 16, 2026.
As a result, a new class of financial instruments has been put into circulation – digital financial assets (DFAs), including stablecoins, tokenized real and tangible assets, and financial instruments issued in digital/tokenized form. To do this, tokenization mechanisms for real assets and the concept of regulated digital asset service providers (DFA platform operator) have been introduced into the general legal framework.
The legal turnover of unsecured digital assets (cryptocurrencies, foreign stablecoins, etc.) has been expanded through service providers licensed by the National Bank (the cryptocurrency exchange operator for unsecured digital assets is a crypto exchange, the operator of the digital assets trading platform is a crypto exchange).
Legal requirements for infrastructure, capital, risk management, compliance control, and AML/CFT/CPF have been established for digital asset service providers. This will allow the integration of new instruments into the financial system under the control of the regulator.
The conditions created for the formation of cryptographic channels (the conversion of crypto assets into secured digital assets such as stablecoin) ensure the controlled interaction of digital platforms with the banking sector.
Thus, Kazakhstan has moved from fragmented and prohibitive regulation to a systemic cryptographic model of regulation of the digital asset industry.
CRYPTO CARDS
On June 3, 2025, in Almaty, the National Bank held a meeting with representatives of banks, crypto exchanges and fintech companies, at which the implementation of the cryptocard project was launched.
Crypto cards are payment cards that allow consumers to make non–cash transactions using funds placed in wallets on crypto exchanges licensed by the Astana International Financial Center. This solution enables the safe and convenient integration of digital asset turnover into the existing payment infrastructure.
THE REGULATORY SANDBOX OF THE NATIONAL BANK
On June 30, 2025, the National Bank launched a regulatory sandbox, the main platform for testing and implementing innovative solutions in the field of financial technologies and digital assets.
This is a special regime that allows you to launch projects before making changes to legislation, test business models and technologies in a safe and controlled environment, with the participation of the regulator and stakeholders.
Collectively, the regulatory sandbox projects form a universal testing ecosystem that encompasses both international companies, financial and payment organizations, and small «startup projects».
The regulatory sandbox of the National Bank is a key element of the "proactive testing" policy – it allows not only analyzing the effectiveness of products and technologies, but also taking risks into account, collecting data and opinions from the market, before regulation is implemented on an ongoing basis.
SUBJECTS OF THE DIGITAL ASSET MARKET
Digital asset market participants include digital asset service providers, digital miners, issuers, investors, and organizations for the custody of the underlying asset of a digital financial asset.
A digital asset service provider is a digital asset market participant that provides services related to digital assets and holds a corresponding license or registration with the National Bank.
Digital asset service providers are:
- a digital financial asset platform operator, included in the register of digital financial asset platform operators of the National Bank of the Republic of Kazakhstan, providing access to and operation of a digital platform used for the issuance and (or) circulation of digital financial assets, the accounting and custody of digital financial assets, and the formation, maintenance, and storage of the accounting system for holders of digital financial assets issued and (or) circulating on said digital platform;
- a digital asset trading platform operator, included in the register of digital asset trading platform operators of the National Bank of the Republic of Kazakhstan, providing organizational and technical support for trading in digital assets, including unsecured digital assets, by directly conducting them using the trading system of the given provider;
- an unsecured digital asset exchange operator, carrying out dealer activities in the digital asset market on the basis of a license from the National Bank of the Republic of Kazakhstan, as well as operations for the exchange, purchase, and (or) sale of unsecured digital assets in the interests of its clients.
Digital miner – an individual entrepreneur or a legal entity of the Republic of Kazakhstan carrying out digital mining activities based on a license from the Ministry of Artificial Intelligence and Digital Development of the Republic of Kazakhstan.
Organization for the custody of the underlying asset of a digital financial asset – a legal entity that is a resident of the Republic of Kazakhstan, carrying out the accounting and custody of the underlying asset of a digital financial asset while assuming obligations for its safekeeping.
Issuer of a digital financial asset – a legal entity that is a resident of the Republic of Kazakhstan, carrying out the issuance (emission) of digital financial assets.
Investor in digital assets – individuals and legal entities, residents and non-residents of the Republic of Kazakhstan.
