Starting from May 1, 2026, Kazakhstan’s law “On Digital Assets in the Republic of Kazakhstan” will come into force, establishing a full legal framework for cryptocurrencies and tokenized financial instruments. The legislation marks one of the country’s most significant financial regulatory reforms in recent years.
Two classes of digital assets
The law distinguishes between two main classes of assets. The first is unsecured digital assets, meaning traditional cryptocurrencies such as Bitcoin and Ethereum. The second is digital financial assets (DFAs), including fiat-backed stablecoins, tokenized real-world assets, and digital equivalents of traditional financial instruments such as bonds and shares.
DFAs are expected to form a new class of investment instruments, giving companies additional channels for raising capital while expanding investor access to a broader range of assets.
Three types of service providers
A central element of the reform is the introduction of digital asset service providers. The law defines three categories:
• DFA platform operators, responsible for issuing, circulating, and maintaining records of tokenized instruments
• Trading platform operators, organizing trading in both DFAs and cryptocurrencies, including crypto exchanges
• Unsecured digital asset exchange operators, providing cryptocurrency buying and selling services through crypto exchange platforms
All three categories will also be allowed to open and maintain crypto wallets for users.
From May 1, crypto exchange operators will be required to obtain a license, while trading platforms and DFA operators must complete registration procedures with the National Bank of Kazakhstan. Applications will be submitted directly to the regulator, with the full list of requirements published on its official website.
Division of supervisory responsibilities
Regulatory oversight will be divided among three institutions:
• The National Bank of Kazakhstan will oversee licensing, regulation, and supervision of digital asset circulation and service providers operating outside the Astana International Financial Centre (AIFC)
• The Agency for Regulation and Development of the Financial Market will supervise the circulation of DFAs, excluding stablecoins
• The AIFC will retain its own legal framework for organizations operating within its jurisdiction
End of the legal grey zone
Until now, Kazakhstan’s crypto market has operated in a legal grey zone: cryptocurrency mining was regulated, while asset circulation largely remained outside a clear legal framework. The new law addresses this gap by bringing operators out of the grey market and establishing transparent rules for businesses and investors.
For the market, the reform represents both an additional compliance burden through licensing and regulatory requirements, and a new opportunity. Legal status is expected to provide access to banking infrastructure, institutional clients, and international partnerships.
Kazakhstan continues positioning itself as a regional hub for digital finance, and the new legislation is seen as a major step in that direction.