The Mazhilis has introduced a draft law that, for the first time, legally secures the status of the digital tenge as a form of the national currency. This step is aimed at building a modern financial infrastructure in Kazakhstan and integrating the country into global digital processes.
New status of the national currency
The digital tenge will be enshrined in legislation as an equal form of national currency alongside cash and non-cash money. According to Madina Abylkassymova, Chair of the Agency for Regulation and Development of the Financial Market, this will allow the state to control the issuance and circulation of digital money while maintaining transparency and market participants’ trust.
Digital financial assets
The draft law also introduces regulation of digital financial assets (DFAs). Three categories are defined:
• stablecoins — backed by money;
• assets backed by a basic underlying asset (for example, commodities);
• financial instruments in digital form — such as shares and bonds.
These instruments may only be issued through licensed operators of digital platforms, who will become new participants in the financial market under the supervision of the National Bank.
Regulation and investor protection
The document provides for a number of innovations:
• the use of digital assets as collateral for obtaining loans;
• strengthened regulation of payment organizations’ activities;
• modernization of the national financial infrastructure with an emphasis on the digital economy.
Importance for the economy
The draft law lays the foundation for the development of the digital economy in Kazakhstan. The digital tenge and DFAs are expected to accelerate the transformation of the financial sector, expand business opportunities, and simplify public access to new instruments. In the long term, this will help strengthen the country’s position on the international stage and integrate it into global digital markets.