The President of Kazakhstan signed a new law to bring digital financial assets under regulation and allow their circulation.
TL;DR
Kazakhstan's President signed laws regulating digital financial assets, classifying them into stablecoins, asset-backed tokens, and electronic instruments, and allowing licensed crypto exchanges with central bank oversight to protect investors and combat money laundering.
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PANews reported on January 17th, citing Cryptopolitan, that Kazakh President Tokayev signed the Law on Banking and Banking Activities and the Amendments to the Law on Financial Market Regulation and Development, explicitly including digital financial assets (DFAs) as a new asset class under regulation and allowing their circulation within the country to promote the development of the fintech and crypto industry. The new law categorizes DFAs into three types: stablecoins, tokens based on physical assets, and electronic financial instruments. Furthermore, the law formally regulates unsecured digital assets (such as Bitcoin), allows the establishment of crypto exchage licensed by the central bank, and the central bank will develop a list of cryptocurrencies permitted for circulation and impose certain restrictions on cryptocurrency trading activities to protect investor rights. Market participants will be monitored to combat money laundering activities.