WNAM REPORT: Kazakhstan is set to regulate digital financial assets (DFAs) under a new banking law, introducing stablecoins, tokenized assets, and digital financial instruments as a distinct class in the country’s financial system.
The draft law was presented in the Mazhilis, the lower house of the Kazakh Parliament, by Madina Abylkassymova, chair of the Agency for Regulation and Development of the Financial Market.
She explained that the bill defines DFAs in three forms: stablecoins certifying rights to claim money, digital assets backed by underlying assets, and financial instruments issued in digital form. The National Bank will oversee the issuance and circulation of stablecoins, while the agency will set requirements for other types of DFAs, reported Kazinform on Sept. 15.
Issuance will be carried out by licensed digital platform operators, a new category of entities in Kazakhstan’s financial market. Comparable to traditional financial instruments, these assets will be subject to strict rules on risk management, disclosure, and investor protection to ensure transparency and reliability.
The draft law also formally recognizes the digital tenge as a new form of national currency and strengthens the regulation of payment organizations. Abylkassymova emphasized that the reforms will modernize Kazakhstan’s financial infrastructure and expand opportunities in the digital economy.
She also noted that DFAs are planned to be allowed as collateral for loans, while financial organizations will be permitted to invest in them within established standards. The measure will take effect after the draft law’s adoption.
In an interview with The Astana Times, Binur Zhalenov, a chief digital officer at the National Bank of Kazakhstan (NBK), revealed why Kazakhstan needs digital currency and whether cash is still a thing in today’s world.
