The National Bank of Kazakhstan Classifies 3 Digital Asset Groups, Licenses Exchanges, and Implements Regulatory Sandbox According to International Standards.
The National Bank of Kazakhstan has just announced a comprehensive legislative package aimed at building a complete digital asset ecosystem and strengthening domestic crypto activities. Payment Systems Department Director Yerlan Ashykbekov presented initiatives including classifying digital financial assets, licensing crypto service providers, and implementing a legal testing model, with the goal of promoting digital investment, reducing systemic risks, and protecting consumer interests.
The National Bank, in coordination with the Kazakhstan Financial Market Regulation and Development Agency, has identified three main digital asset groups: stablecoins backed by fiat currency, assets confirming rights to financial instruments (such as dividend rights, stock purchase rights), and encrypted assets equivalent to bonds, stocks, and bills. Each asset type will be regulated based on collateral characteristics, issuer obligations, and technical requirements for issuance/trading platforms.
According to new regulations, crypto platform operators must obtain a license from the National Bank. Platform operations will be monitored for professional competency standards, technical infrastructure, internal control systems, risk management, and obligations to protect customer assets and data. The National Bank will also determine the list of cryptocurrencies allowed for official trading.
Integration of Traditional Infrastructure and Experimental Sandbox
To quickly deploy the digital asset market, existing financial institutions like the National Securities Depository and Kazakhstan Stock Exchange (KASE) will be integrated into the process, playing a role in issuing, recording, custody, and servicing digital assets. Benefits from Tokenization are expected to include reduced transaction costs, expanded potential investor pool, and increased capital accessibility for businesses.
The National Bank is also launching a regulatory sandbox model – a testing environment for innovative business models and tokenization technologies. The sandbox allows testing under controlled conditions before large-scale deployment, helping balance innovation and system safety. The new legal framework was developed following recommendations from international organizations like FATF, IOSCO, IMF, BIS, and based on experiences from the European Union, UAE, Singapore, Switzerland, demonstrating commitment to international standards in digital financial infrastructure development.
