Kazakhstan President Signs New Legislation to Fully Relax Cryptocurrency Regulations

Kazakhstan President Tokayev has signed new legislation to relax cryptocurrency trading rules and promote financial technology innovation. The bill defines digital financial assets as a new asset class, with the National Bank responsible for regulation and licensing. Commercial banks are permitted to invest in fintech companies.

ChainCatcher reports that, according to Cryptopolitan, President Tokayev signed the "Banking and Banking Activities Law" and the "Financial Market Regulation and Development Amendments," aimed at easing cryptocurrency trading regulations and fostering fintech innovation.

The new legislation defines digital financial assets (DFAs) as a new asset class, divided into three categories: stablecoins, tokens backed by physical assets, and electronic financial instruments. Under the new regulations, the National Bank of Kazakhstan will be responsible for issuing cryptocurrency exchange licenses, creating a list of permitted cryptocurrencies, and supervising the market to prevent money laundering.

Commercial banks are authorized to invest in fintech companies and develop innovative financial products, including mobile payment systems and digital Tenge systems.