Kazakhstan's President signs new legislation, fully easing cryptocurrency regulations

ChainCatcher News reports that according to Cryptopolitan, Kazakh President Tokayev signed the “Banking and Banking Activities Law” and the “Financial Market Regulation and Development Amendments,” aimed at relaxing cryptocurrency trading rules and promoting 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 licenses to crypto exchanges, creating a list of permitted cryptocurrencies for circulation, and regulating the market to prevent money laundering. Commercial banks are permitted to invest in fintech companies and develop innovative financial products, including mobile payments and digital Tenge systems.