Regulator: National Bank of Kazakhstan (NBK), Agency for Regulation and Development of the Financial Market (ARDF), AFSA (Astana Financial Services Authority, AIFC)
Proposed Digital Assets Law expected passage in 2025; three-tier Digital Financial Asset (DFA) classification: stablecoins certifying money (fiat-backed), secured assets issued against collateral, digital financial instruments. The NBK regulates stablecoin issuance and digital infrastructure; ARDF sets requirements for other DFAs; Licensed Digital Platform Operators issue stablecoins; 1:1 backing required; digital tenge recognized as legal tender for payments; stablecoins permitted as loan collateral; financial organizations permitted investment in DFAs within standards; comprehensive regulatory framework on schedule for 2025 implementation. Meanwhile, within the AIFC, the Astana Financial Services Authority (AFSA) has a functioning Stablecoin Framework allowing fiat-backed issuance, and in June 2025 granted its first stablecoin license to AnchorX.KZ.
