Kazakhstan Sets Central Bank Control Over Crypto Trading

• Kazakhstan limits crypto trading to NBK-approved coins under the new banking law framework.
• The central bank gains power to license exchanges, block platforms, and control circulation.
• New laws recognize digital financial assets and bring banks into regulated crypto.

Kazakhstan has formally restricted crypto trading to assets approved by its central bank after President Kassym-Jomart Tokayev signed sweeping digital asset legislation. The move integrates crypto into national banking law while tightening oversight. Authorities say the framework clarifies rules, limits risk, and brings most trading under licensed platforms.

Central Bank Gains Control Over Crypto Circulation

The newly signed laws amend Kazakhstan’s long-standing banking framework to formally include digital assets within the financial system. President Kassym-Jomart Tokayev approved the changes through the laws “On Banks and Banking Activities” and related financial amendments, according to a government statement.

Notably, the legislation gives the National Bank of Kazakhstan, or NBK, broad authority over crypto markets. The central bank will license crypto exchanges, approve which cryptocurrencies may circulate, and impose limits on trading activity.

Under the rules, cryptocurrencies such as Bitcoin and Ethereum fall under a category called “unsecured digital assets.” However, exchanges may only list coins that appear on an NBK-approved list. As a result, trading access will narrow to assets that regulators consider acceptable.

Moreover, the NBK will supervise crypto exchange operations in a similar manner to traditional financial institutions. These requirements include consumer protection standards, operational controls, and compliance monitoring.

This structure follows earlier enforcement efforts. Over the past year, authorities blocked access to more than 1,100 unlicensed crypto platforms operating in Kazakhstan. Regulators say the new framework strengthens legal tools to curb unauthorized trading.

Digital Financial Assets Get Legal Recognition

Alongside crypto restrictions, the legislation introduces a new regulated asset class called digital financial assets, or DFAs. These assets receive formal legal recognition under Kazakhstan’s banking law for the first time.

DFAs fall into three defined categories. The first includes stablecoins backed by fiat currency. The second covers tokenized assets linked to financial instruments, property rights, or goods. The third category covers financial products that exist only in digital form.

Kazakhstan’s financial regulator, ARDFM, will decide how these assets can be issued, traded, and paid back, though stablecoins are excluded. At the same time, the central bank will be in charge of approving and supervising the digital platforms that create them.

Importantly, companies issuing these assets must follow rules similar to those in traditional financial markets. This includes managing risks properly, clearly informing investors, and preventing market manipulation.

This marks a change from Kazakhstan’s earlier approach to crypto. A 2023 law mainly applied within the Astana International Financial Centre, a special regulatory zone. Outside the AIFC, digital assets were mostly separate from normal banking rules.

Now, however, banks and licensed financial institutions may issue, hold, and service DFAs under national law. Consequently, digital assets move closer to Kazakhstan’s mainstream financial system.

Related: Kazakhstan’s National Bank Plans Crypto Reserve for Growth

Banking Reform Expands Fintech and Digital Payments

The digital asset rules form part of a broader overhaul of Kazakhstan’s banking sector. The updated law allows commercial banks to invest in fintech companies and launch digital subsidiaries.

Banks may now develop products in artificial intelligence, cybersecurity, biometrics, and e-commerce. The law also brings in more flexible banking licenses to encourage more competition. 

Banks will be allowed to provide Islamic banking services within their existing structures, rather than establishing entirely new institutions. Regulators say this makes financing options more accessible. At the same time, the law clearly supports digital payments. 

Mobile transfers, QR code payments, and payments made with the digital tenge are now formally recognized by law. The digital tenge is still overseen by the National Bank. Kazakhstan’s approach to crypto reflects its past as a major global mining center. 

Instead of strict bans, authorities are now focusing on controlled access to the market. The government has also shared plans to create a national crypto reserve. The central bank has already allocated $300 million toward this initiative, according to officials.

Meanwhile, the reforms bring crypto trading, digital assets, and banking activity under a single regulatory framework. The laws define which assets may trade, who may offer services, and how oversight will function. As a result, Kazakhstan’s crypto market now operates within clearly defined legal boundaries.