Kazakhstan: crypto and stablecoin regulation (as of 1 November 2026)
Kazakhstan has two digital asset regimes. Outside the Astana International Financial Centre (AIFC), the National Bank of the Republic of Kazakhstan (NBK) licenses, regulates and supervises the circulation of digital assets and digital asset service providers, under a framework that came into force on 1 May 2026. NBK Board Resolution No. 39 sets the rules for stablecoins backed by money from the same date. Inside the AIFC, the Astana Financial Services Authority (AFSA) applies the AIFC's own regime: the AIFC Rules on Digital Asset Activities (DAA). AFSA's stablecoin framework first took effect on 1 January 2024; the current DAA version, in force since 1 January 2026, covers both fiat stablecoins and commodity stablecoins. The NBK says the AIFC continues to regulate digital asset organisations within its own jurisdiction and legal regime.
This page states what the government sources say. It is not legal advice.
Status as of 1 November 2026
| Status | Rule | Since / from | Source |
|---|---|---|---|
| In force | NBK framework for the circulation of digital assets. The NBK carries out licensing, regulation and supervision of digital asset circulation and of digital asset service providers in Kazakhstan outside the territory of the AIFC (NBK notice of 30 April 2026). | 1 May 2026 | NBK |
| In force | NBK Board Resolution No. 39 of 10 April 2026 approving the Rules on the issue, placement, circulation and redemption of digital financial assets (Правила выпуска цифровых финансовых активов, их размещения, оборота (обращения) и погашения). Para 1 of the Rules: they set the procedure and conditions for issuing digital financial assets whose underlying asset is money (stablecoins), their placement, circulation and redemption, and the requirements for stablecoin issuers. | 1 May 2026 | NBK |
| In force | AIFC (own regime): AFSA Stablecoin Framework in the AIFC Rules on Digital Asset Activities, first introduced with effect from 1 January 2024. The current rules are in the next row. | 1 January 2024 | AFSA |
| In force | AIFC (own regime): AIFC Rules No. FR00062 of 2023 on Digital Asset Activities, with amendments as of 7 December 2025. Part 4 covers the issuance of fiat stablecoins and commodity stablecoins. | 1 January 2026 | AIFC |
Key rules
National Bank regime (outside the AIFC)
- Types of digital assets. The NBK notice lists unsecured digital assets (cryptoassets) as one type, and digital financial assets (DFAs) as another; DFAs include stablecoins backed by money. (NBK)
- Regulators. The NBK licenses, regulates and supervises digital asset circulation and digital asset service providers outside the AIFC. Turnover of digital financial assets other than stablecoins is regulated by the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market. (NBK)
- Issuers. Resolution No. 39 rules, para 5: stablecoin issuers are legal entities in the form of a joint-stock company or a limited liability partnership. (NBK)
- Full reserve before issue. Para 18: the underlying assets of stablecoins consist only of money. Issuance follows ex-ante full reserving: stablecoins may be minted only after underlying assets of at least 100% of the issue value are actually placed in a bank account. (NBK)
- Investment of reserves. After issuance, the issuer may use up to 50% of the issue value of the money serving as the underlying asset to invest in the highly liquid assets the rules list. (NBK)
- Redemption in tenge. The issuer buys back or redeems stablecoins in the national currency, based on the value of the underlying assets. If the underlying asset is in a foreign currency, the tenge value is calculated on the buy-back or redemption date at the latest market exchange rate. (NBK)
- Non-qualified investors. Para 37: persons not recognised as qualified investors may not buy stablecoins whose issuers have not disclosed financial statements for the last reporting year or information on the state of the underlying and highly liquid assets. (NBK)
Astana International Financial Centre (the AIFC's own regime)
- Fiat stablecoins: one reference currency. DAA 4.7.1(3): the reserve assets of a fiat stablecoin must consist of only one of the listed fiat currencies: the Australian dollar, British pound sterling, Canadian dollar, Chinese yuan renminbi, euro, Japanese yen, New Zealand dollar, Norwegian krone, Swedish krona, Swiss franc, US dollar, or (4.7.1(3)(l)) "any other currency, except for Kazakhstani tenge, agreed with the AFSA". (AIFC)
- Commodity stablecoins. DAA 4.7.1(3-1): "Issuer of a Commodity stablecoin must issue stablecoins whose reserve assets consist of referenced Commodities only." (AIFC)
- Full backing. DAA 4.7.1(2): an issuer of a Fiat stablecoin or Commodity stablecoin must fully back it with reserve assets. (AIFC)
- Monthly reconciliation. The issuer must reconcile each Fiat or Commodity stablecoin monthly to demonstrate that it is fully backed with reserve assets. (AIFC)
- Annual audit. DAA 4.7.2(1): the issuer must mandate an independent third-party audit of the reserve assets annually, no later than four months after the close of its financial year. (AIFC)
- Redemption at par. Holders should be able to redeem their Fiat or Commodity stablecoins at any moment and at par value against the referenced asset. (AIFC)
Timeline
| Date | Event | Source |
|---|---|---|
| 1 January 2024 | AFSA Stablecoin Framework takes effect in the AIFC | AFSA |
| 1 January 2026 | AIFC Rules on Digital Asset Activities with amendments as of 7 December 2025 commence | AIFC |
| 10 April 2026 | NBK Board adopts Resolution No. 39 | NBK |
| 30 April 2026 | NBK notice on the new digital asset framework | NBK |
| 1 May 2026 | NBK framework for the circulation of digital assets and Resolution No. 39 in force | NBK, NBK |
Not covered here
The text of the Law "On Digital Assets in the Republic of Kazakhstan" as amended is not quoted: it was not read for this page, so its article numbers and amendment date are not given. How the NBK stablecoin rules and the AIFC stablecoin regime apply to the same token is not stated in the sources this page uses. The NBK registers of service providers and the NBK list of permitted unsecured digital assets, the AFSA public register and the digital tenge are not covered.