Kazakhstan’s crypto law puts central bank in control

Kazakhstan’s new laws give the central bank control over crypto, require exchange licensing, approve tradable assets, confirm the digital tenge as currency, and modernize banking standards.

Kazakhstan has enacted comprehensive legislation to regulate digital assets and banking, granting the National Bank significant authority over the crypto market. The new laws require crypto exchanges to obtain licenses and establish a list of approved cryptocurrencies, with operational limits set by the central bank. The National Bank now oversees the issuance, circulation, and redemption of digital assets, and the digital tenge is officially recognized as a form of national currency. The banking sector is being aligned with international standards, and the regulatory framework aims to formalize the market, enhance financial stability, and attract institutional investors. The legislation also addresses risks such as fraud and money laundering, ensuring compliance with risk management and investor protection standards. The Astana International Financial Centre is positioned as a key player in Kazakhstan’s fintech ambitions. The laws mark a shift from a permissive to a tightly controlled environment and modernize payment infrastructure, including open banking and mobile payments.