On digital assets in the Republic of Kazakhstan

Law of the Republic of Kazakhstan №. 193-VII LRK of February 6, 2023.

Unofficial translation

Chapter 1. GENERAL PROVISIONS

Article 1. Basic concepts used in this Law

The following basic concepts are used herein:

1) registration in the register – inclusion of the operator of the digital financial asset platform, the operator of the digital asset trading platform in the register of operators of the digital financial asset platform, the register of operators of the digital asset trading platform;

2) digital platform for storage and exchange of secured digital assets - a set of digital technologies built on the basis of a distributed data platform that implement certain information interactions and shall be designed to solve specific functional tasks that provide the possibility of information exchange;

3) unsecured digital asset – a digital asset that is not a digital financial asset;

3-1) unsecured digital asset exchange operator - a provider of digital asset services that, based on a license from the National Bank of the Republic of Kazakhstan, carries out dealer activities in the digital asset market - operations for the exchange, purchase and (or) sale of unsecured digital assets in the interests of its clients;

3-2) impeccable business reputation – professionalism and integrity of a person, confirmed, among other things, by the absence of facts:

the commission by the said person of illegal actions (inactions) that led to insolvency, resulting in the forced liquidation of the financial institution, or to the application of a resolution regime to the bank;

the said person has an unremoved or unexpunged criminal record, including the absence of a final and binding judicial decision on the application of criminal punishment to the person in the form of deprivation of the right to hold the position of an executive of a financial organization, banking and (or) insurance holding company and to be a major participant (major shareholder) of a financial organization for life;

the presence of relationships with third parties (control and influence of third parties), whose actions contributed to the legalization (laundering) of proceeds from crime, the financing of terrorism and the financing of the proliferation of weapons of mass destruction, based on information from the authorized financial monitoring body;

4) digital asset – property created in electronic digital form with the assignment of a digital code, including with the use of cryptography and computer calculations, which is not a monetary unit of account and (or) legal tender, registered and ensured by the immutability of information based on distributed data platform technology.

Digital assets shall include the following:

digital financial asset;

unsecured digital asset;

4-1) excluded by the Law of the Republic of Kazakhstan dated 16.01.2026 № 259-VIII (shall come into effect on 01.05.2026);

4-2) digital asset wallet – a software or hardware device that is used to store or manage cryptographic keys, providing access to digital assets and conducting transactions with them;

4-3) circulation (turnover) of digital assets - the execution of civil transactions with digital assets on the territory of the Republic of Kazakhstan or with the participation of a citizen, resident of the Republic of Kazakhstan or a legal entity registered in the Republic of Kazakhstan, including the purchase, sale, exchange, transfer, storage of a digital asset;

5) digital asset exchanges - legal entities engaged in organizational and technical support of trading, issue, settlement and storage of digital assets;

5-1) operator of a digital asset trading platform - a provider of digital asset services included in the register of operators of the digital asset trading platform of the National Bank of the Republic of Kazakhstan, providing organizational and technical support for trading in digital assets by directly conducting them using the trading system of this provider;

5-2) register of operators of the digital asset trading platform - a unified list of operators of the digital asset trading platform that have undergone registration with the National Bank of the Republic of Kazakhstan;

5-3) digital asset service provider – a digital asset market entity that provides services related to digital assets and is registered in the Kazakhstan segment of the Internet.

Digital asset service providers shall include the following:

operator of a digital financial asset platform;

operator of a digital asset trading platform;

unsecured digital asset exchange operator;

participants of the Astana International Financial Centre, including the digital asset exchange, who have the appropriate license to carry out activities related to digital assets;

5-4) a system for analyzing and monitoring transactions with digital assets (hereinafter referred to as the System for analyzing and monitoring transactions) - a digital platform or service designed to monitor transactions with digital assets, track transactions, and identify suspicious activities;

6) excluded by the Law of the Republic of Kazakhstan dated 16.01.2026 № 259-VIII (shall come into effect on 01.05.2026);

6-1) release of a digital asset - an action aimed at the emergence of a digital asset as an object of civil rights;

6-2) placement of digital financial assets – the initial offering of digital financial assets to investors, carried out through the digital platform of the operator of the digital financial assets platform;

6-3) digital financial asset holders accounting system – an accounting system of the digital financial asset platform operator that ensures:

recording and storing information about holders of digital financial assets and the digital financial assets they own;

identification of holders of digital financial assets at a certain point in time;

registration of transactions with digital financial assets;

recording and storage of information on registered restrictions (encumbrances) on the circulation or exercise of rights to digital financial assets;

recording and storage of other information provided for by the legislation of the Republic of Kazakhstan.

The procedure for maintaining the digital financial asset platform's accounting system for holders of digital financial assets, the list of other information subject to accounting and storage in the accounting system for holders of digital financial assets, as well as the procedure for transferring information from the accounting system for holders of digital financial assets by digital financial asset platform operators to the central depository shall be determined by a joint regulatory legal act of the National Bank of the Republic of Kazakhstan and the authorized body for regulation, control and supervision of the financial market and financial organizations;

6-4) operator of the digital financial asset platform - a provider of digital asset services included in the register of operators of the digital financial asset platform of the National Bank of the Republic of Kazakhstan, providing access to the digital platform and its functioning, using which the following shall be carried out:

issue and (or) circulation (turnover) of digital financial assets;

accounting and storage of digital financial assets;

formation, maintenance and storage of a system for recording holders of digital financial assets issued and/or circulated on the specified digital platform;

6-5) register of digital financial asset platform operators - a unified list of digital financial asset platform operators who have undergone registration with the National Bank of the Republic of Kazakhstan;

6-6) digital financial asset:

a digital asset certifying the right to a monetary and (or) other claim in relation to the underlying asset of such a digital asset, issued on the digital platform of the operator of the digital financial asset platform and circulated on the digital platform of the operator of the digital financial asset platform and (or) the operator of the digital asset trading platform;

a financial instrument and/or a financial asset issued on the digital platform of a digital financial asset platform operator and circulated on the digital platform of a digital financial asset platform operator and/or a digital asset trading platform operator.

The placement, circulation (turnover) and redemption of a digital financial asset shall be carried out in accordance with the terms of issue of such digital financial asset;

6-7) redemption of a digital financial asset – withdrawal of a digital financial asset from circulation (turnover) in connection with the redemption of the corresponding obligations of the issuer of such digital financial asset and (or) for other reasons in accordance with the terms of issue of the digital financial asset;

6-8) the underlying asset of a digital financial asset - property, the value or quantity of which (including any fluctuation in such value or quantity) determines the value of the relevant digital financial asset and in relation to which the holder of the digital financial asset has a right to a monetary and/or other claim.

The underlying asset of a digital financial asset may be a financial instrument (including money, securities, including derivative securities, derivative financial instruments, another digital financial asset), a property right (claim), a commodity and (or) other property;

6-9) custodian of the underlying asset of a digital financial asset - a legal entity - a resident of the Republic of Kazakhstan, which carries out the accounting and storage of the underlying asset of a digital financial asset with the assumption of obligations for its safety, as well as other activities in accordance with the laws of the Republic of Kazakhstan;

6-10) issuer of a digital financial asset – a legal entity – a resident of the Republic of Kazakhstan, issuing (issuance) digital financial assets;

7) digital miner- an individual entrepreneur or a legal entity of the Republic of Kazakhstan involved in digital mining activities;

8) digital mining - the process of conducting computing operations using computer power in accordance with given encryption algorithms, which shall ensure confirmation of the integrity of data blocks via the blockchain;

9) digital mining data processing center - a digital infrastructure object consisting of a hardware and software complex for digital mining, providing the functioning of computing power, located outside the territory of the residential area, using electric energy in accordance with the Law of the Republic of Kazakhstan "On Electric power";

10) digital mining pool - a legal entity accredited in accordance with the legislation of the Republic of Kazakhstan on digital assets, providing a service for combining the capacities of a hardware and software complex for digital mining of digital miners, distributing digital assets between digital miners that arose (created) as a result of their joint activities.

Footnote. Article 1 as amended by the Law of the RK dated 05.07.2024 № 115-VIII (shall enter into upon expiry of six months after the date of its first official publication); dated 17.11.2025 № 231-VIII (shall enter into force upon expiry of sixty calendar days after the day of its first official publication); dated 09.01.2026 № 256-VIII (shall enter into force upon expiry of six months after the day of its first official publication); dated 16.01.2026 № 259-VIII (shall come into effect on 01.05.2026).

Article 2. Legislation of the Republic of Kazakhstan on digital assets

1. The legislation of the Republic of Kazakhstan on digital assets is based on the Constitution of the Republic of Kazakhstan, the Constitutional Law of the Republic of Kazakhstan “On the Astana International Financial Centre”, comprises this Law and other normative legal acts of the Republic of Kazakhstan.

2. Should an international treaty ratified by the Republic of Kazakhstan establish rules other than those laid down herein, the rules of the international treaty shall apply.

Article 3. Purpose and principles of government regulation of social relations in the sphere of digital assets

1. The purpose of government regulation in the sphere of digital assets shall be the development of digital asset production and circulation activities and digital mining in the Republic of Kazakhstan for the economic development and competitiveness of the Republic of Kazakhstan.

2. Government regulation of digital assets shall be based on the following principles:

1) legitimacy;

2) respect for the rights, freedoms and legitimate interests of natural persons and the rights and legitimate interests of legal entities;

3) equality of rights of natural and legal entities to participate in and make use of digital asset activities;

4) freedom of search, formation and transfer of any digital resources, access to which shall not be limited in accordance with the Laws of the Republic of Kazakhstan;

5) ensuring the safety of natural persons, society and the state in the use, issue of digital assets and digital mining;

6) creating an environment for the development of digital asset production, the use of digital assets, digital mining, and fair competition.

Footnote. Article 3 as amended by the Law of the RK dated 09.01.2026 № 256-VIII (shall enter into force upon expiry of six months after the day of its first official publication).

Article 4. Competence of authorized state bodies

1. National Bank of the Republic of Kazakhstan shall:

1) carry out state regulation, control and supervision of issuers of digital financial assets, as provided for in subparagraph 1) of Article 5 of this Law, as well as providers of digital asset services, except for providers of digital asset services of participants of the Astana International Financial Centre;

2) approve regulatory legal acts that are mandatory for execution by providers of digital asset services, except for providers of digital asset services of participants of the Astana International Financial Centre, organizations for the storage of the underlying asset of a digital financial asset and issuers of digital financial assets, as provided for in subparagraph 1) of Article 5 of this Law;

3) carry out the registration of operators of the digital financial asset platform, operators of the digital asset trading platform and maintain their registers;

4) determine the requirements for issuers and investors of digital financial assets, as provided for in subparagraph 1) of Article 5 of this Law;

5) exercise control over the compliance of digital asset service providers, except for digital asset service providers of participants of the Astana International Financial Centre, and issuers of digital financial assets, as provided for in subparagraph 1) of Article 5 of this Law, with the requirements of the legislation of the Republic of Kazakhstan on combating the legalization (laundering) of proceeds from crime, the financing of terrorism and the financing of the proliferation of weapons of mass destruction;

6) carry out state regulation, control and supervision over the activities of operators of exchange of unsecured digital assets;

7) issue (refuse to issue), reissue, suspend, revoke licenses for dealer activities in the digital asset market - exchange transactions with unsecured digital assets (hereinafter referred to as License for exchange transactions with unsecured digital assets);

8) introduce a special regulatory regime in the manner prescribed by Chapter 8-2 of the Law of the Republic of Kazakhstan “On the National Bank of the Republic of Kazakhstan” in relation to activities related to digital assets;

9) exercise other powers provided for by this Law, laws of the Republic of Kazakhstan and acts of the President of the Republic of Kazakhstan.

The National Bank of the Republic of Kazakhstan shall approve:

1) rules for the operation of operators of exchange of unsecured digital assets, which shall determine:

the procedure for licensing unsecured digital asset exchange operator and the qualification requirements for unsecured digital asset exchange operator;

list of documents submitted to the National Bank of the Republic of Kazakhstan to obtain a license for exchange transactions with unsecured digital assets;

requirements for the executive officer and founders (participants) (one of the founders, participants or shareholders), the beneficial owner of the operator of the exchange of unsecured digital assets;

requirements for the minimum authorized capital of an operator of the exchange of unsecured digital assets;

requirements for the organizational and legal form of an operator for the exchange of unsecured digital assets;

information security requirements;

the procedure for the reorganization of the operator of the exchange of unsecured digital assets;

qualification requirements for unsecured digital asset exchange operator;

the procedure for the implementation of activities of operators of the exchange of unsecured digital assets;

the procedure for conducting transactions for the purchase, sale and (or) exchange of unsecured digital assets;

requirements for the system of analysis and control of operations;

restrictions and limits on customer transactions;

the procedure for interaction between operators of exchange of unsecured digital assets with second-tier banks and the National Postal Operator;

the procedure for opening and servicing clients' digital asset wallets;

2) rules for the implementation of activities of operators of the digital financial asset platform, operators of the digital asset trading platform, which shall determine:

the procedure for registration of operators of digital financial assets platforms and operators of digital asset trading platforms;

list of documents submitted by the applicant to the National Bank of the Republic of Kazakhstan for registration;

requirements for the organizational and legal form of the applicant;

requirements for the minimum size of the applicant’s authorized capital;

the procedure for certification and monitoring by the operator of the digital financial assets platform of the availability and condition (safety) of the underlying asset of digital financial assets;

requirements for internal rules for the implementation of activities of operators of digital financial assets platforms, operators of digital asset trading platforms;

information security requirements applicable to the digital platforms of the digital financial asset platform operator and the digital asset trading platform operator;

the procedure for the reorganization of the operator of the digital financial assets platform, the operator of the digital assets trading platform;

qualification requirements, conditions and procedure for combining types of professional activity of the operator of a digital financial asset platform and the operator of a digital asset trading platform;

the procedure for transferring all data (information) recorded and stored by operators of the digital financial asset platform, operators of the digital asset trading platform, including data (information) on issuers of digital financial assets, holders of digital financial assets and the digital financial assets belonging to them, to another operator of the digital financial asset platform, another operator of the digital asset trading platform;

the procedure for maintaining by operators of the digital financial asset platform the system for recording holders of digital financial assets, and a list of other information subject to recording and storage in the system for recording holders of digital financial assets;

3) requirements for organizations for storing the underlying asset of a digital financial asset in relation to digital financial assets whose underlying asset is money and its equivalents;

4) rules for the issuance of digital financial assets, their placement, circulation (turnover) and redemption, which shall determine:

the procedure and conditions for the issue of digital financial assets, their placement, circulation (turnover) and redemption;

requirements for issuers of digital financial assets and decisions on the issue of digital financial assets;

requirements for investors in digital financial assets;

the procedure and conditions for recognizing persons as qualified investors for the purpose of carrying out transactions with digital financial assets;

a list of digital financial assets permitted for acquisition only using funds from qualified investors;

5) rules for the submission of reports by operators of the exchange of unsecured digital assets, operators of the digital financial asset platform, operators of the digital asset trading platform, issuers of digital financial assets to the National Bank of the Republic of Kazakhstan, including the forms, frequency and deadlines for its submission;

6) together with the authorized body for regulation, control and supervision of the financial market and financial organizations, rules for the submission of reports by organizations storing the underlying asset of a digital financial asset to the National Bank of the Republic of Kazakhstan, including the forms, frequency and deadlines for its submission;

7) rules for the application of supervisory response measures to the operator of the exchange of unsecured digital assets;

8) rules for the application of limited measures of influence to the operator of the digital financial asset platform, the operator of the digital asset trading platform, and the issuer of digital financial assets;

9) together with the authorized body for regulation, control and supervision of the financial market and financial organizations, rules for the submission of information to the central securities depository by operators of the digital financial asset platform and operators of the digital asset trading platform;

10) rules for the formation of a risk management and internal control system for operators of the exchange of unsecured digital assets, operators of the digital financial asset platform, operators of the digital asset trading platform;

11) requirements for internal control rules for the purpose of countering the legalization (laundering) of proceeds from crime, the financing of terrorism and the financing of the proliferation of weapons of mass destruction for operators of the exchange of unsecured digital assets, operators of the digital financial asset platform, operators of the digital asset trading platform, issuers of digital financial assets provided for in subparagraph 1) of Article 5 of this Law, participants in the special regulatory regime of the National Bank of the Republic of Kazakhstan, operating in the field of digital assets;

12) list of offshore zones;

13) together with the authorized body for regulation, control and supervision of the financial market and financial organizations, requirements for financial organizations of the Republic of Kazakhstan for the purposes of admission to the issue of digital financial assets on the territory of the Astana International Financial Center, as well as rules for admission of participants of the Astana International Financial Center to the issue of digital financial assets on the digital platform of the operator of the digital financial assets platform;

14) jointly with the authorized body for regulation, control and supervision of the financial market and financial organizations and the Committee of the Astana International Financial Center for Regulation of Financial Services, rules for the admission of legal entities of the Republic of Kazakhstan to issue digital financial assets on the territory of the Astana International Financial Center.

2. Authorized body for regulation, control and supervision of the financial market and financial organizations shall:

1) carry out state regulation, control and supervision of issuers of digital financial assets, as provided for in subparagraphs 2) and 3) of Article 5 of this Law;

2) determine the conditions and procedure for the issue, placement, circulation (turnover) and redemption of digital financial assets provided for in subparagraphs 2) and 3) of Article 5 of this Law;

3) determine the requirements for issuers and investors of digital financial assets, as provided for in subparagraphs 2) and 3) of Article 5 of this Law;

4) approve, jointly with the National Bank of the Republic of Kazakhstan, the list, forms, deadlines and procedure for submitting reports by issuers of digital financial assets, as provided for in subparagraphs 2) and 3) of Article 5 of this Law;

5) approve the list (types) of property that may act as the underlying asset of digital financial assets provided for in subparagraph 2) of Article 5 of this Law, as well as the procedure for accounting and storing the underlying asset for such digital financial assets;

6) approve the requirements for organizations that have the right to act as custodian of the underlying asset of a digital financial asset in relation to digital financial assets provided for in subparagraph 2) of Article 5 of this Law;

7) approve, jointly with the National Bank of the Republic of Kazakhstan, the list, forms, deadlines and procedure for submitting reports by organizations storing the underlying asset of a digital financial asset to the National Bank of the Republic of Kazakhstan;

8) approve, in agreement with the National Bank of the Republic of Kazakhstan, the rules and conditions for recognizing actions in the digital financial assets market as committed for the purpose of manipulation;

9) exercise control over the compliance by issuers of digital financial assets, as provided for in subparagraphs 2) and 3) of Article 5 of this Law, with the requirements of the legislation of the Republic of Kazakhstan on combating the legalization (laundering) of proceeds from crime, the financing of terrorism and the financing of the proliferation of weapons of mass destruction;

10) exercise other powers provided for by this Law, laws of the Republic of Kazakhstan and acts of the President of the Republic of Kazakhstan.

3. Authorized body in the field of digital mining shall:

1) issue (refuses to issue), reissue, suspends, revoke licenses for digital mining activities;

2) in agreement with the authorized body exercising management in the area of ensuring the receipt of taxes and other mandatory payments to the budget, approve the rules for the submission of information on the income of digital miners and digital mining pools for tax purposes;

3) approve the rules for accreditation of digital mining pools;

4) in agreement with the authorized body in the field of permits and notifications, approves the rules for licensing digital mining activities;

5) carry out accreditation of digital mining pools;

6) maintain a register of hardware and software systems for digital mining;

7) approve the rules for recording and maintaining the register of hardware and software systems for digital mining;

8) exercise other powers provided for by this Law, other laws of the Republic of Kazakhstan, acts of the President of the Republic of Kazakhstan and the Government of the Republic of Kazakhstan.

4. Authorized body for financial monitoring shall:

1) maintain a unified register of digital asset wallets used for the purposes of legalization (laundering) of proceeds from crime, financing terrorism and financing the proliferation of weapons of mass destruction and (or) other criminal purposes;

2) determine the procedure, including the composition, terms and form of providing information for maintaining a unified register of digital asset wallets used for the purposes of legalization (laundering) of proceeds from crime, financing terrorism and financing the proliferation of weapons of mass destruction and (or) other criminal purposes;

3) exercise other powers provided for by this Law, other laws of the Republic of Kazakhstan and acts of the President of the Republic of Kazakhstan.

5. State body exercising management in the field of electric power shall:

1) defines the requirements for connecting digital miners to electrical networks in accordance with the Law of the Republic of Kazakhstan “On Electric Power Industry”;

2) approves the mechanism for determining the quota for electrical energy for digital miners;

3) exercises other powers provided for by other laws of the Republic of Kazakhstan, acts of the President of the Republic of Kazakhstan and the Government of the Republic of Kazakhstan.

Footnote. Article 4 - as amended by the Law of the Republic of Kazakhstan dated 16.01.2026 № 259-VIII (shall come into effect on 01.05.2026).

Chapter 2. Digital financial assets

Footnote. The title of Chapter 2 - as amended by the Law of the Republic of Kazakhstan dated 16.01.2026 № 259-VIII (shall come into effect on 01.05.2026).

Article 5. Types of digital financial assets

The types of digital financial assets shall include:

1) digital financial assets whose underlying asset is money (stablecoin);

2) digital financial assets whose underlying assets are financial instruments (including securities, including derivative securities, derivative financial instruments, other digital financial assets), financial assets, property rights (claims), goods and (or) other property, except for money;

3) financial instruments issued in electronic digital form on the digital platform of the operator of the digital financial assets platform.

Footnote. Article 5 - as amended by the Law of the Republic of Kazakhstan dated 16.01.2026 № 259-VIII (shall come into effect on 01.05.2026).

Article 6. Issue and circulation (turnover) of digital financial assets

1. The issue of digital financial assets shall be carried out by the issuer of digital financial assets on the digital platform of the operator of the digital financial assets platform based on the decision of the said issuer to issue these digital financial assets.

The procedure and conditions for the issuance of digital financial assets, their placement, circulation (turnover) and redemption, requirements for issuers of digital financial assets and for the decision to issue digital financial assets, requirements for investors in digital financial assets, including the procedure and conditions for recognizing individuals as qualified investors for the purpose of conducting transactions with digital financial assets, as well as a list of digital financial assets permitted for acquisition only using funds from qualified investors, shall be established:

By the National Bank of the Republic of Kazakhstan in relation to digital financial assets provided for in subparagraph 1) of Article 5 of this Law;

regulatory legal act of the authorized body for regulation, control and supervision of the financial market and financial organizations in relation to digital financial assets, provided for in subparagraphs 2) and 3) of Article 5 of this Law.

2. Registration of the issue of digital financial assets shall be carried out by the operator of the digital financial assets platform and includes review of the documents submitted by the issuer for compliance with the legislation of the Republic of Kazakhstan.

3. The operator of the digital financial assets platform shall carry out:

1) providing the issuer of digital financial assets with access to its digital financial asset platform, subject to the issuer of digital financial assets complying with the requirements of the legislation of the Republic of Kazakhstan when issuing digital financial assets;

2) issuance of digital financial assets by placing a record on the digital platform of the operator of the digital financial assets platform.

In cases where the terms of the issue of a digital financial asset provide for the existence of an underlying asset, the issue of the digital financial asset shall be carried out only after the operator of the digital financial asset platform has verified the existence of such an underlying asset.

4. Accounting and storage of the underlying asset of the digital financial asset shall be carried out by the organization storing the underlying asset of the digital financial asset.

Requirements for organizations that have the right to act as custodian of the underlying asset of a digital financial asset in relation to digital financial assets, as provided for in subparagraph 1) of Article 5 of this Law, shall be established by the National Bank of the Republic of Kazakhstan.

The list (types) of property that may act as the underlying asset of digital financial assets provided for in subparagraph 2) of Article 5 of this Law, the procedure for recording and storing the underlying asset for such digital financial assets, the requirements for organizations that have the right to act as custodian of the underlying asset of a digital financial asset in relation to digital financial assets provided for in subparagraph 2) of Article 5 of this Law, shall be established by a regulatory legal act of the authorized body for regulation, control and supervision of the financial market and financial organizations.

The procedure for submitting reports by organizations storing the underlying asset of a digital financial asset to the National Bank of the Republic of Kazakhstan, including the forms, frequency and deadlines for its submission, shall be determined jointly by the National Bank of the Republic of Kazakhstan and the authorized body for regulation, control and supervision of the financial market and financial organizations.

5. The circulation of digital financial assets, including the exchange of digital financial assets of one type for digital financial assets of another type, shall be carried out on the digital platform of the operator of the digital financial asset platform and (or) the operator of the digital asset trading platform.

The operator of a digital financial asset platform may act as an operator of a digital asset trading platform if it has the appropriate registration with the National Bank of the Republic of Kazakhstan.

The operator of the digital asset trading platform organizes trading in digital assets in accordance with the procedure established by the regulatory legal act of the National Bank of the Republic of Kazakhstan.

6. The Central Depository shall maintain a system of registers of holders of digital financial assets, as provided for in subparagraphs 2) and 3) of Article 5 of this Law, in the manner established by the Law of the Republic of Kazakhstan “On the Securities Market”.

The procedure for submitting information to the central depository by operators of the digital financial asset platform and operators of the digital asset trading platform, as well as other issues of interaction between operators of the digital financial asset platform and operators of the digital asset trading platform and the central depository, shall be determined by a joint act of the National Bank of the Republic of Kazakhstan and the authorized body for regulation, control and supervision of the financial market and financial organizations.

7. The operator of the digital financial assets platform and the operator of the digital assets trading platform carry out activities based on registration with the National Bank of the Republic of Kazakhstan.

Registration of the operator of the digital financial asset platform and the operator of the digital asset trading platform with the National Bank of the Republic of Kazakhstan shall be carried out for the purposes of regulation, control and supervision of their activities and is a mandatory condition for the provision of relevant services by the operator of the digital financial asset platform and the operator of the digital asset trading platform.

Activities related to the provision of services by an operator of a digital financial asset platform or an operator of a digital asset trading platform, carried out without registration with the National Bank of the Republic of Kazakhstan, shall be prohibited.

8. To undergo registration, an applicant intending to operate as an operator of a digital financial asset platform and/or an operator of a digital asset trading platform must meet the qualification requirements established by the National Bank of the Republic of Kazakhstan.

9. The procedure for completing the registration of an operator of a digital financial asset platform, an operator of a digital asset trading platform, qualification requirements, conditions and procedure for combining types of professional activity of an operator of a digital financial asset platform and an operator of a digital asset trading platform shall be approved by the National Bank of the Republic of Kazakhstan.

10. The regulatory legal act of the National Bank of the Republic of Kazakhstan, specified in paragraph 9 of this Article, shall include:

1) a list of documents submitted by the applicant to the National Bank of the Republic of Kazakhstan for registration;

2) requirements for the organizational and legal form of the applicant;

3) requirements for the minimum size of the applicant’s authorized capital;

4) the procedure for certification and monitoring by the operator of the digital financial assets platform of the availability and condition (safety) of the underlying asset of digital financial assets;

5) requirements for the internal rules for the implementation of activities of the operator of the digital financial assets platform, the operator of the digital assets trading platform;

6) information security requirements applicable to the digital platforms of the operator of the digital financial assets platform, the operator of the digital assets trading platform;

7) the procedure for reorganizing the operator of the digital financial assets platform, the operator of the digital assets trading platform.

11. The founders and participants (shareholders) of the operator of the digital financial assets platform, the operator of the digital assets trading platform may be individuals and legal entities - residents and non-residents of the Republic of Kazakhstan, except for persons:

1) specified in paragraph 12 of this Article;

2) not having an impeccable business reputation.

12. Legal entities and (or) foreign organizations that do not have the status of a legal entity, registered in a foreign state (on a territory) included in the list of states (territories) compiled by the authorized body for financial monitoring that do not implement and (or) insufficiently implement the recommendations of the Financial Action Task Force (FATF), as well as registered in offshore zones, the list of which is established by the National Bank of the Republic of Kazakhstan, may not directly or indirectly own and (or) use and (or) dispose of:

voting shares or participation interests in the authorized capital of the operator of the digital financial assets platform, the operator of the digital assets trading platform;

derivative securities issued in accordance with the legislation of the Republic of Kazakhstan or a foreign state, the underlying asset of which is the voting shares of the operator of the digital financial asset platform, the operator of the digital asset trading platform.

The prohibition established by the first part of this paragraph shall also apply to persons included in the list of organizations and persons associated with the financing of terrorism and extremism, as well as the list of organizations and persons associated with the financing of the proliferation of weapons of mass destruction, in accordance with the legislation of the Republic of Kazakhstan on combating the legalization (laundering) of proceeds from crime, the financing of terrorism and the financing of the proliferation of weapons of mass destruction.

For the purposes of this paragraph, indirect ownership and (or) use and (or) disposal of voting shares, derivative securities and (or) participation interests in the authorized capital of the operator of the digital financial asset platform, the operator of the digital asset trading platform shall be understood as the ability to determine the decisions of a participant (shareholder) of the operator of the digital financial asset platform, the operator of the digital asset trading platform through the ownership of voting shares, participation interests, units or other forms of participation in other legal entities and (or) foreign organizations that do not have the status of a legal entity.

13. Individuals registered in a foreign state (territory) included in the list of states (territories) compiled by the authorized financial monitoring authority that do not comply and/or insufficiently comply with the recommendations of the Financial Action Task Force, as well as individuals registered in offshore zones, the list of which is established by the National Bank of the Republic of Kazakhstan, may not serve as senior management personnel of a digital financial assets platform operator or a digital assets trading platform operator.

It shall be prohibited to elect or appoint to the position of a managerial employee of the operator of the digital financial assets platform or the operator of the digital assets trading platform a person:

1) who served as a manager, a member of a governing body, a chief executive officer, a member of an executive body, or a chief accountant of a financial institution, including a financial institution that is a non-resident of the Republic of Kazakhstan, during a period of not more than one year preceding the decision of the authorized authority for regulation, control and supervision of the financial market and financial institutions, or the financial supervisory authority of the state of which the financial institution that is a non-resident of the Republic of Kazakhstan is a resident, to place a bank under a resolution regime, to revoke the licence of a financial institution, including a financial institution that is a non-resident of the Republic of Kazakhstan, resulting in its liquidation and/or termination of its activities in the financial market, or preceding the entry into legal force of a court decision on the compulsory liquidation of such financial institution, including a financial institution that is a non-resident of the Republic of Kazakhstan, or on declaring it insolvent (bankrupt) in accordance with the legislation of the Republic of Kazakhstan or the legislation of the state of which the financial institution that is a non-resident of the Republic of Kazakhstan is a resident.

The prohibition provided for in the first part of this subparagraph shall apply for ten years after the adoption of the relevant decision by the authorized body for regulation, control and supervision of the financial market and financial organizations or the financial supervisory body of the state of which the financial organization - non-resident of the Republic of Kazakhstan is a resident, or the entry into force of the relevant judicial act;

2) does not have an impeccable business reputation.

For the purposes of this paragraph, the following shall be recognized as the executives of the operator of the digital financial assets platform, the operator of the digital assets trading platform:

1) the head of the governing body, his/her deputy and members of the governing body;

2) the head of the executive body, his/her deputy and members of the executive body;

3) chief accountant.

14. The authorized capital of the operator of the digital financial assets platform, the operator of the digital assets trading platform is formed exclusively in money in the national currency of the Republic of Kazakhstan.

The authorized capital of the operator of the digital financial asset platform, the operator of the digital asset trading platform shall be formed before the applicant intending to carry out the activities of the operator of the digital financial asset platform, the operator of the digital asset trading platform applies to the National Bank of the Republic of Kazakhstan for registration.

15. To complete the registration process, an applicant intending to operate as an operator of a digital financial asset platform and/or an operator of a digital asset trading platform shall submit the following documents and information to the National Bank of the Republic of Kazakhstan:

1) an application in the form established by the National Bank of the Republic of Kazakhstan, containing, among other things, information about the head (members) of the executive body (with attached copies of the diploma (diplomas) and a document confirming the employee’s work experience in accordance with the Labor Code of the Republic of Kazakhstan);

2) a document confirming payment of the authorized capital, the minimum amount of which is established by the National Bank of the Republic of Kazakhstan;

3) the charter, except in cases where the applicant carries out activities under a standard charter;

4) a document defining the procedure for interaction between the operator of the digital financial assets platform and the operator of the digital assets trading platform, the bank and (or) the National Postal Operator;

5) internal rules for the implementation of activities of the operator of the digital financial assets platform, the operator of the digital assets trading platform, approved by the governing body of the applicant;

6) a document confirming the authority of the person to submit the application and the documents and information attached thereto.

16. An application for registration as an operator of a digital financial asset platform or an operator of a digital asset trading platform shall be reviewed by the National Bank of the Republic of Kazakhstan within twenty working days from the date of submission of the full package of documents required for registration.

The National Bank of the Republic of Kazakhstan shall have the right to suspend the period for consideration of an application for registration as an operator of a digital financial asset platform or an operator of a digital asset trading platform in any of the following cases:

identification of inaccurate data (information) about the applicant and (or) its founders, participants (shareholders), contained in the submitted documents and (or) information;

non-compliance of the content of the submitted documents and (or) information with the requirements of the legislation of the Republic of Kazakhstan;

the need to verify the accuracy of the data in the submitted documents and information;

The period for the applicant to address the comments of the National Bank of the Republic of Kazakhstan on the submitted documents and (or) information shall not exceed ten working days.

The period for consideration of an application for registration as an operator of a digital financial asset platform or an operator of a digital asset trading platform shall be resumed after the applicant has eliminated the comments of the National Bank of the Republic of Kazakhstan on the submitted documents and (or) information and the National Bank of the Republic of Kazakhstan has completed a verification of the accuracy of the data in the said documents and (or) information or in the event of failure by the applicant to submit revised (corrected) documents and (or) information within the period specified in part three of this paragraph.

17. The National Bank of the Republic of Kazakhstan shall assign to the applicant who has completed the registration a registration number of the operator of the digital financial asset platform, the operator of the digital asset trading platform, shall make an entry in the register of operators of the digital financial asset platform, the register of operators of the digital asset trading platform, and shall send to the applicant a written notification indicating the registration number about completing the registration within the time period established by paragraph 16 of this Article.

The register of digital financial asset platform operators and the register of digital asset trading platform operators who have completed registration shall be posted on the website of the National Bank of the Republic of Kazakhstan.

In case of refusal of registration, the National Bank of the Republic of Kazakhstan shall send the applicant a written notice of refusal of registration, indicating the reason for refusal, within the time period established by paragraph 16 of this Article.

18. Denial of registration of an operator of a digital financial asset platform or an operator of a digital asset trading platform shall be made on any of the following grounds:

1) inaccuracy and (or) incompleteness of data and (or) information in the documents submitted for registration;

2) submission of an incomplete package of documents or non-compliance of documents with the requirements of this Law and the regulatory legal act of the National Bank of the Republic of Kazakhstan;

3) non-compliance of the founder, participant (shareholder) of the operator of the digital financial asset platform, operator of the digital asset trading platform with the requirements established by paragraphs 11 and 12 of this Article;

4) failure of management personnel to comply with the requirements established by paragraph 13 of this Article;

5) failure to comply with the requirements established by paragraph 14 of this Article;

6) the beneficial owner has an unremoved or unexpunged criminal record.

19. In the event of a refusal to register, an applicant intending to carry out the activities of an operator of a digital financial asset platform and/or an operator of a digital asset trading platform shall have the right to re-submit an application for registration upon elimination of the reasons that led to the refusal of registration, or to decide to change its name or reorganize or liquidate.

Failure to eliminate the reasons that led to the refusal to register the operator of the digital financial asset platform or the operator of the digital asset trading platform shall constitute grounds for refusing to re-examine the said application.

The re-submitted application shall be reviewed by the National Bank of the Republic of Kazakhstan within ten working days.

20. The procedure for submitting reports, including the forms, frequency and deadlines for their submission, by operators of the digital financial asset platform and operators of the digital asset trading platform to the National Bank of the Republic of Kazakhstan shall be determined by the National Bank of the Republic of Kazakhstan.

21. The operator of the digital financial assets platform and the operator of the digital assets trading platform shall ensure compliance with international standards for combating money laundering, terrorist financing, and the financing of the proliferation of weapons of mass destruction and the legislation of the Republic of Kazakhstan on combating the legalization (laundering) of proceeds from crime, terrorist financing, and the financing of the proliferation of weapons of mass destruction.

The operator of the digital financial asset platform and the operator of the digital asset trading platform form a risk management and internal control system.

The procedure for the formation of a risk management and internal control system for the operator of a digital financial asset platform and the operator of a digital asset trading platform shall be determined by the National Bank of the Republic of Kazakhstan.

22. Financial organizations and residents of the Republic of Kazakhstan shall be permitted to issue digital financial assets on the territory of the Astana International Financial Center, subject to compliance with the requirements established by a joint act of the authorized body for regulation, control and supervision of the financial market and financial organizations and the National Bank of the Republic of Kazakhstan.

23. The issuance of digital financial assets by participants of the Astana International Financial Centre on the digital platform of the operator of the digital financial assets platform shall be permitted subject to compliance with the requirements established by a joint act of the authorized body for regulation, control and supervision of the financial market and financial organizations and the National Bank of the Republic of Kazakhstan.

24. The requirements of this Article, except for paragraph 7 of this Article, shall apply to the stock exchange and the central depository when they carry out their activities as an operator of a digital financial asset platform and (or) an operator of a digital asset trading platform in the part not regulated by the Law of the Republic of Kazakhstan “On the Securities Market”.

The stock exchange and the central depository have the right to carry out activities as an operator of a digital financial asset platform and (or) an operator of a digital asset trading platform without undergoing registration with the National Bank of the Republic of Kazakhstan, subject to compliance with the qualification requirements established by the National Bank of the Republic of Kazakhstan for this activity.

25. Legal entities of the Republic of Kazakhstan have the right to issue digital financial assets on the territory of the Astana International Financial Centre in the manner and under the conditions determined by a joint act of the National Bank of the Republic of Kazakhstan, the authorized body for regulation, control and supervision of the financial market and financial organizations and the Astana International Financial Centre Committee for Financial Services Regulation.

Participants of the Astana International Financial Centre shall have the right to issue digital financial assets on the digital platform of the digital financial assets platform operator in the manner and under the conditions determined by a joint act of the National Bank of the Republic of Kazakhstan, the authorized body for regulation, control and supervision of the financial market and financial organizations.

26. When carrying out transfers of digital financial assets, the operator of the digital financial asset platform and the operator of the digital asset trading platform shall collect and store information about the sender and recipient of digital financial assets, including information that allows for the identification of the said persons and/or beneficial owners, in the manner prescribed by the regulatory legal act of the National Bank of the Republic of Kazakhstan.

27. In the event of the absence or incomplete provision of the information specified in paragraph 26 of this Article, the operator of the digital financial assets platform, the operator of the digital assets trading platform must suspend the transaction for a period of at least forty-eight hours until the client provides the required information.

If the client fails to provide the information necessary to identify the sender and/or recipient, upon expiration of the established period, the operator of the digital financial asset platform and the operator of the digital asset trading platform shall refuse to carry out the transaction.

Footnote. Article 6 - as amended by the Law of the Republic of Kazakhstan dated 16.01.2026 № 259-VIII (shall come into effect on 01.05.2026).

Article 7. Control and supervision of the activities of operators of the digital financial asset platform, operators of the digital asset trading platform

1. For the purposes of control and supervision of the digital financial assets market, the National Bank of the Republic of Kazakhstan shall carry out inspections and other forms of control (supervision) in relation to the activities of digital financial asset platform operators and digital asset trading platform operators.

2. Inspections and other forms of control (supervision) in relation to the activities of operators of the digital financial asset platform, operators of the digital asset trading platform shall be carried out in accordance with the procedure for organizing and implementing control and supervision of the financial market and financial organizations established by the laws of the Republic of Kazakhstan and the financial legislation of the Republic of Kazakhstan.

3. The National Bank of the Republic of Kazakhstan, upon detection of violations of the legislation of the Republic of Kazakhstan on issues within its competence, shall apply limited measures of influence and sanctions in relation to the operator of the digital financial asset platform, the operator of the digital asset trading platform in accordance with the requirements of this Law and other laws of the Republic of Kazakhstan.

4. In relation to operators of the digital financial asset platform, operators of the digital asset trading platform, the National Bank of the Republic of Kazakhstan shall apply the following types of limited enforcement measures for violation of the requirements of the legislation of the Republic of Kazakhstan on digital assets in the Republic of Kazakhstan, on combating the legalization (laundering) of proceeds from crime, the financing of terrorism and the financing of the proliferation of weapons of mass destruction, on the securities market:

1) sending a mandatory written order;

2) issuing a written warning;

3) drawing up a written agreement.

The procedure for applying limited enforcement measures to the operator of a digital financial asset platform, the operator of a digital asset trading platform, as well as the grounds for selecting the type of limited enforcement measure applied shall be determined by a regulatory legal act of the National Bank of the Republic of Kazakhstan.

5. The operator of the digital financial asset platform, the operator of the digital asset trading platform shall be excluded from the register of operators of the digital financial asset platform, the register of operators of the digital asset trading platform on any of the following grounds:

1) the adoption by the operator of the digital financial assets platform, the operator of the digital assets trading platform of a decision to voluntarily terminate its activities through reorganization or liquidation;

2) a court decision to terminate the activities of the operator of the digital financial assets platform, the operator of the digital assets trading platform;

3) failure to comply with the requirements for executives and (or) participants (shareholders) of the operator of the digital financial assets platform, the operator of the digital assets trading platform;

4) systematic (three or more times within twelve consecutive calendar months) violation by the operator of the digital financial assets platform, the operator of the digital assets trading platform of the legislation of the Republic of Kazakhstan on issues within the competence of the National Bank of the Republic of Kazakhstan;

5) systematic (three or more times within twelve consecutive calendar months) failure by the operator of the digital financial asset platform, the operator of the digital asset trading platform to comply with the limited enforcement measures applied by the National Bank of the Republic of Kazakhstan;

6) failure by the operator of the digital financial assets platform or the operator of the digital assets trading platform to carry out activities in accordance with the accounting registration for twelve consecutive calendar months from the date of accounting registration or termination of activities for a period of more than six consecutive calendar months;

7) failure to comply with the qualification requirements imposed on the operator of the digital financial asset platform, the operator of the digital asset trading platform;

8) systematic (three or more times within twelve consecutive calendar months) failure to submit to the National Bank of the Republic of Kazakhstan by the operator of the digital financial assets platform, the operator of the digital assets trading platform, of data (information) on the activities carried out;

9) systematic (three or more times within twelve consecutive calendar months) submission to the National Bank of the Republic of Kazakhstan by the operator of the digital financial assets platform, the operator of the digital assets trading platform of inaccurate data (information) on the activities carried out;

10) obstruction of control and supervision by the National Bank of the Republic of Kazakhstan in relation to the operator;

11) identification of inaccurate data (information) in documents and (or) information submitted for registration.

6. In the event of exclusion from the register of operators of the digital financial asset platform, the register of operators of the digital asset trading platform, the National Bank of the Republic of Kazakhstan shall, within five working days from the date of exclusion, notify the operator of the digital financial asset platform, the operator of the digital asset trading platform of this in writing and post the relevant information on its Internet resource.

The decision of the National Bank of the Republic of Kazakhstan to exclude the operator of a digital financial asset platform, the operator of a digital asset trading platform from the register of operators of a digital financial asset platform, the register of operators of a digital asset trading platform may be appealed in accordance with the procedure established by the laws of the Republic of Kazakhstan.

An appeal against the decision of the National Bank of the Republic of Kazakhstan specified in part two of this paragraph shall not suspend its execution.

7. The operator of the digital financial asset platform, the operator of the digital asset trading platform shall be prohibited from providing services after receiving a written notice from the National Bank of the Republic of Kazakhstan about its exclusion from the register of operators of the digital financial asset platform, the register of operators of the digital asset trading platform.

8. The operator of the digital financial asset platform, the operator of the digital asset trading platform, within thirty calendar days from the date of receipt of a written notice from the National Bank of the Republic of Kazakhstan on exclusion from the register of operators of the digital financial asset platform, the register of operators of the digital asset trading platform, shall be obliged to:

1) carry out state re-registration of a legal entity in connection with a change in name to exclude from its name the words “operator of a digital financial asset platform” or “operator of a digital asset trading platform” or make a decision to liquidate the payment organization;

2) ensure the transfer of all data (information) recorded and stored on their digital platforms, including data (information) on issuers of digital financial assets, holders of digital financial assets and the digital financial assets belonging to them, to another operator of a digital financial asset platform, to the operator of a digital asset trading platform in the manner determined by the National Bank of the Republic of Kazakhstan.

Footnote. Article 7 - as amended by the Law of the Republic of Kazakhstan dated 16.01.2026 № 259-VIII (shall come into effect on 01.05.2026).

Chapter 3. DIGITAL MINING

Article 8. Digital mining activities

1. Activities of digital mining shall be implemented by a digital miner via a digital mining pool using a digital mining data centre.

2. Digital miners shall operate under the licences for digital mining activities.

3. A digital miner shall be the owner of unsecured digital assets resulting from digital mining.

4. As excluded by the Law of the Republic of Kazakhstan dated 17.11.2025 № 231-VIII (shall enter into force upon expiry of sixty calendar days after the day of its first official publication).

5. The implementation of digital mining activities on the territory of the Republic of Kazakhstan shall be allowed for individual entrepreneurs, legal entities of the Republic of Kazakhstan and shall not relate to the organization of the turnover of digital assets.

6. As excluded by the Law of the Republic of Kazakhstan dated 17.11.2025 № 231-VIII (shall enter into force upon expiry of sixty calendar days after the day of its first official publication).
Footnote. Article 8 as amended by the Law of the RK dated 17.11.2025 № 231-VIII (shall enter into force upon expiry of sixty calendar days after the day of its first official publication).

Article 9. Licensing of digital mining activities

1. Digital mining operations shall be based on a license for digital mining activities issued to the applicant for a period of three years.

Digital mining licences shall be issued for the following sub-types:

sub-type I - to a digital miner owning or otherwise legally owning a digital mining data centre;

sub-type II - to a digital miner who does not own or otherwise legally own a digital mining data centre and who engages in digital mining using a digital mining hardware and software complex owned by the digital miner and housed in a digital mining data centre.

2. Licences for digital mining activities shall be granted under the requirements of the laws of the Republic of Kazakhstan and the regulations on the licensing of digital mining activities.

3. The size and procedure for calculating and paying the licence fee shall be established by the Code of the Republic of Kazakhstan “On Taxes and Other Obligatory Payments to the Budget” (the Tax Code).

4. Suspension of a license to carry out digital mining activities shall be carried out by a decision of the authorized body in the field of digital mining for a period of one to six months in the following cases:

1) identifying false information when obtaining a license to carry out digital mining activities;

2) non-compliance by the digital miner with the requirements established by the legislation of the Republic of Kazakhstan;

3) failure to correct violations within the established timeframe based on the results of an unscheduled inspection by an authorized body in the field of digital mining;

4) failure of a digital miner to provide information to the authorized body in the field of digital mining about changes in data within the timeframes established by the legislation of the Republic of Kazakhstan on digital assets;

5) voluntary appeal of a digital miner to an authorized body in the field of digital mining;

6) in other cases provided for by the laws of the Republic of Kazakhstan.

5. The decision to suspend the license to carry out digital mining activities must indicate the reasons and duration of suspension of the license to carry out digital mining activities.

Suspension of a license to carry out digital mining activities entails a ban on carrying out digital mining activities for the period of suspension.

6. Renewal of the license to carry out digital mining activities is carried out at the request of the digital miner in the manner established by paragraphs 3 and 7 of Article 45 of the Law of the Republic of Kazakhstan “On Permits and Notifications”.

7. Deprivation of a license to carry out digital mining activities is carried out by a court.

Footnote. Article 9 as amended by the Law of the Republic of Kazakhstan dated 11.12.2023 № 44-VIII (shall be enforced upon expiration of sixty calendar days after the day of its first official publication); dated 16.01.2026 № 259-VIII (shall come into effect on 01.05.2026).

Article 10. Activities of digital mining pools

1. Accreditation of a digital mining pool shall refer to the procedure whereby a digital mining pool obtains official recognition of its conformity with the requirements imposed by the laws of the Republic of Kazakhstan.

Digital mining pools shall be accredited with their own funds.

2. The prerequisites for the accreditation of a digital mining pool shall be:

1) actual location of the hardware and software complex of the digital mining pool on the territory of the Republic of Kazakhstan;

2) availability of test reports with positive test results for compliance with cybersecurity requirements;

3) meeting other requirements as specified in the accreditation regulations for digital mining pools.

3. The digital mining pool shall provide the authorized body in the field of digital mining and the authorized body responsible for ensuring the collection of taxes and other mandatory payments to the budget with information in accordance with the rules for submitting information on the income of digital miners and digital mining pools for tax purposes.

4. Distribution by digital mining pools between digital miners of digital assets arising (created) as a result of their activities shall not apply to the organization of the turnover of digital assets.

Footnote. Article 10 as amended by the Law of the Republic of Kazakhstan dated 11.12.2023 № 44-VIII (shall be enforced upon expiration of sixty calendar days after the day of its first official publication); dated 17.11.2025 № 231-VIII (shall enter into force upon expiry of sixty calendar days after the day of its first official publication); dated 09.01.2026 № 256-VIII (shall enter into force upon expiry of six months after the day of its first official publication); dated 16.01.2026 № 259-VIII (shall come into effect on 01.05.2026).

Article 11. Exchanges of digital assets

Footnote. Article 11 is excluded by the Law of the Republic of Kazakhstan dated 16.01.2026 № 259-VIII (shall come into effect on 01.05.2026).

Article 11-1. General Provisions on the National Strategic Cryptocurrency Reserve

1. The National Strategic Cryptocurrency Reserve - a fund created to invest in digital assets, derivative financial instruments whose underlying asset is digital assets, as well as shares and stakes of companies developing and/or investing in digital assets.

2. The National Strategic Cryptocurrency Reserve shall be managed by the National Bank of the Republic of Kazakhstan, a joint-stock company that provides brokerage, dealer, and investment portfolio management services.

3. The annual report on the results of the management of the National Strategic Cryptocurrency Reserve shall be submitted for consideration to the Management Council of the National Fund of the Republic of Kazakhstan.

4. Investment of assets of the National Strategic Cryptocurrency Reserve shall be carried out in accordance with the legal acts of the National Bank of the Republic of Kazakhstan.

Footnote. The Law has been supplemented by Article 11-1 in accordance with the Law of the Republic of Kazakhstan dated 16.01.2026, № 259-VIII (shall come into effect on sixty calendar days after the date of its first official publication).

Article 12. State control in the field of digital assets, except for digital financial assets

State control in the field of digital mining shall be carried out in the form of inspections in accordance with the Entrepreneurial Code of the Republic of Kazakhstan.

Footnote. Article 12 as amended by the Law of the Republic of Kazakhstan dated 16.01.2026 № 259-VIII (shall come into effect on 01.05.2026).

Chapter 3-1. Unsecured digital assets

Footnote. The Law has been supplemented with Chapter 3-1 in accordance with Law № 259-VIII of 16.01.2026 (shall come into effect on 01.05.2026).

Article 12-1. Circulation of unsecured digital assets

1. On the territory of the Republic of Kazakhstan, the issuance and activities related to the organization of circulation (turnover) of unsecured digital assets shall be permitted exclusively in the following cases:

1) the issue and organization of circulation of unsecured digital assets, including the purchase, sale and (or) exchange of unsecured digital assets carried out by operators of the exchange of unsecured digital assets or operators of the digital asset trading platform that have a license from the National Bank of the Republic of Kazakhstan or registration with the National Bank of the Republic of Kazakhstan.

The procedure for the implementation of activities of operators of the exchange of unsecured digital assets, including the procedure for conducting transactions for the purchase, sale and (or) exchange of unsecured digital assets, shall be determined by the National Bank of the Republic of Kazakhstan.

Operators of unsecured digital asset exchanges are required to implement a system for analysis and control of transactions, the requirements for which shall be determined by the National Bank of the Republic of Kazakhstan;

2) the issue and organization of circulation of unsecured digital assets on the territory of the Astana International Financial Center through digital asset exchanges of the Astana International Financial Center and through other participants of the Astana International Financial Center that have the appropriate license to carry out activities related to digital assets.

Requirements for the digital asset exchange and other participants of the Astana International Financial Centre that have the appropriate license to carry out activities related to digital assets of the Astana International Financial Centre shall be determined in accordance with the current law of the Astana International Financial Centre;

3) the issue and organization of circulation of digital assets within the framework of the special regulatory regime of the National Bank of the Republic of Kazakhstan;

4) the circulation (traffic) of digital assets by law enforcement and special government agencies associated with the arrest, seizure and confiscation of digital assets;

5) circulation of digital assets obtained as a result of digital mining by digital miners;

6) turnover and organization of circulation (turnover) of digital assets by the National Bank of the Republic of Kazakhstan and (or) its subsidiaries within the framework of the functions provided for by the legislation of the Republic of Kazakhstan.

2. In the territory of the Republic of Kazakhstan, unsecured digital assets shall not be recognized as means of payment, financial instruments or financial assets.

Digital assets that do not meet the requirements established by this Law in relation to digital financial assets, for the purposes of this Law, shall be recognized as unsecured digital assets in the territory of the Republic of Kazakhstan.

3. Operators of the exchange of unsecured digital assets and the digital asset exchange of the Astana International Financial Centre service clients’ transactions using bank accounts opened in second-tier banks of the Republic of Kazakhstan and/or with the National Postal Operator.

The second-tier bank and the National Postal Operator open bank accounts for digital asset service providers subject to the relevant license (permission) to carry out activities related to digital assets.

The procedure for interaction between digital asset exchanges and other participants of the Astana International Financial Centre, who have the appropriate license to carry out activities related to the digital assets of the Astana International Financial Centre, with second-tier banks and the National Postal Operator shall be determined by an act of the Astana International Financial Centre in agreement with the National Bank of the Republic of Kazakhstan and the authorized body for regulation, control and supervision of the financial market and financial organizations.

The procedure for interaction between operators of exchange of unsecured digital assets with second-tier banks and the National Postal Operator shall be determined by the National Bank of the Republic of Kazakhstan.

The list, deadlines and procedure for submitting reports of the digital asset exchange of the Astana International Financial Centre and other participants of the Astana International Financial Centre that have the appropriate license to carry out activities related to the digital assets of the Astana International Financial Centre shall be determined by an act of the Astana International Financial Centre in agreement with the National Bank of the Republic of Kazakhstan.

4. Persons carrying out exchange transactions with unsecured digital assets through operators of the exchange of unsecured digital assets, the digital asset exchange of the Astana International Financial Centre and operators of the digital asset trading platform independently bear responsibility for changes in the value of the unsecured digital asset.

Operators of the exchange of unsecured digital assets, the operator of the digital asset trading platform, the digital asset exchange of the Astana International Financial Centre and other participants of the Astana International Financial Centre that have the appropriate license to carry out activities related to the digital assets of the Astana International Financial Centre shall be obliged to inform the person carrying out exchange transactions with unsecured digital assets about the risks associated with the acquisition, ownership of unsecured digital assets and the execution of transactions with them.

5. The operator of the exchange of unsecured digital assets services clients' transactions in accordance with the restrictions and limits established by the National Bank of the Republic of Kazakhstan.

6. The operator of the exchange of unsecured digital assets services the transactions of clients after identifying the client in the manner prescribed by the legislation of the Republic of Kazakhstan.

7. Requirements for opening and servicing clients’ digital asset wallets shall be determined by the National Bank of the Republic of Kazakhstan.

8. Operators of the exchange of unsecured digital assets, operators of the digital asset trading platform, the digital asset exchange of the Astana International Financial Centre and other participants of the Astana International Financial Centre that have the appropriate license to carry out activities related to the digital assets of the Astana International Financial Centre, participants in the special regulatory regime of the National Bank of the Republic of Kazakhstan, carrying out activities in the field of digital assets, when carrying out transfers of unsecured digital assets, collect and store information about the sender and recipient of digital assets, including information that allows for the identification of the said persons and (or) beneficial owners, in accordance with the legislation of the Republic of Kazakhstan.

9. In cases of absence or incomplete provision of the information specified in paragraph 8 of this Article, operators of the exchange of unsecured digital assets, operators of the digital asset trading platform, the digital asset exchange of the Astana International Financial Centre and other participants of the Astana International Financial Centre that have the appropriate license to carry out activities related to digital assets of the Astana International Financial Centre, participants in the special regulatory regime of the National Bank of the Republic of Kazakhstan, carrying out activities in the field of digital assets, must suspend the transaction for a period of at least forty-eight hours until the client provides the required information.

If the client fails to provide the information necessary to identify the sender and/or recipient, upon expiration of the established period, the operators of the exchange of unsecured digital assets, the operators of the digital asset trading platform, the digital asset exchange of the Astana International Financial Centre and other participants of the Astana International Financial Centre that have the appropriate license to carry out activities related to digital assets of the Astana International Financial Centre, participants in the special regulatory regime of the National Bank of the Republic of Kazakhstan, carrying out activities in the field of digital assets, shall refuse to carry out the transaction.

10. Operators of the exchange of unsecured digital assets, operators of the digital asset trading platform, the digital asset exchange of the Astana International Financial Centre and other participants of the Astana International Financial Centre that have the appropriate license to carry out activities related to the digital assets of the Astana International Financial Centre, do not charge a commission from state, law enforcement and special state bodies, including authorized bodies for organizing work on the accounting, storage, evaluation and further use of property transferred (received) into state ownership, as defined in Article 211 of the Law of the Republic of Kazakhstan "On State Property", for opening and maintaining a digital asset wallet, as well as for carrying out transactions with digital assets.

Article 12-2. Regulation of the activities of the operator of the exchange of unsecured digital assets

1. The operator of the exchange of unsecured digital assets carries out activities based on a license issued by the National Bank of the Republic of Kazakhstan for exchange operations with unsecured digital assets.

2. Activities related to the provision of services of an operator for the exchange of unsecured digital assets, carried out by persons without a license for exchange operations with unsecured digital assets, issued by the National Bank of the Republic of Kazakhstan, are not permitted.

3. To obtain a license for exchange operations with unsecured digital assets, an applicant intending to operate as unsecured digital asset exchange operator must meet the qualification requirements established by the National Bank of the Republic of Kazakhstan.

The procedure for licensing unsecured digital asset exchange operator and the qualification requirements for unsecured digital asset exchange operator shall be determined by the National Bank of the Republic of Kazakhstan.

4. The regulatory legal act of the National Bank of the Republic of Kazakhstan, provided for in part two of paragraph 3 of this Article, shall include the following:

1) a list of documents submitted to the National Bank of the Republic of Kazakhstan to obtain a license for exchange transactions with unsecured digital assets;

2) requirements for the minimum size of the authorized capital of an operator of the exchange of unsecured digital assets;

3) requirements for the organizational and legal form of the operator of the exchange of unsecured digital assets;

4) requirements for information security;

5) the procedure for reorganizing the operator of the exchange of unsecured digital assets.

5. An application for a license for exchange operations with unsecured digital assets shall be reviewed by the National Bank of the Republic of Kazakhstan within twenty working days from the date of submission by the applicant of a complete package of documents specified in the regulatory legal act of the National Bank of the Republic of Kazakhstan.

6. To obtain a license, the applicant shall submit the following documents and information to the National Bank of the Republic of Kazakhstan:

1) an application in the form established by the National Bank of the Republic of Kazakhstan, containing, among other things, information about the head (members) of the executive body (with attached copies of the diploma (diplomas) and a document confirming the employee’s work experience in accordance with the Labor Code of the Republic of Kazakhstan);

2) documents confirming payment of the authorized capital, the minimum amount of which is established by the National Bank of the Republic of Kazakhstan;

3) the charter, except in cases where the operator of the exchange of unsecured digital assets carries out activities under a standard charter;

4) a document defining the procedure for interaction between the unsecured digital asset exchange operator and a bank or the National Postal Operator, with a digital asset exchange or other persons providing access to unsecured digital assets;

5) Rules for the operation of an operator of unsecured digital asset exchange, approved by the governing body of the operator of unsecured digital asset exchange.

The list of mandatory conditions and rules for carrying out the activities of an operator of unsecured digital asset exchange is established by the National Bank of the Republic of Kazakhstan;

6) a document confirming the authority of the person to submit the application and the documents and information attached thereto.

7. A fee shall be charged for issuing a license for exchange transactions with unsecured digital assets, the amount and payment procedure of which shall be determined by the tax legislation of the Republic of Kazakhstan.

8. A license for exchange operations with unsecured digital assets is issued for an unlimited period.

9. The decision to issue a license for exchange operations with unsecured digital assets shall be posted on the website of the National Bank of the Republic of Kazakhstan in Kazakh and Russian.

10. The authorized capital of the operator of the exchange of unsecured digital assets shall be formed exclusively in money in the national currency of the Republic of Kazakhstan.

The authorized capital of unsecured digital asset exchange operator shall be formed before the applicant intending to operate as unsecured digital asset exchange operator applies to the National Bank of the Republic of Kazakhstan to obtain a license for exchange operations with unsecured digital assets.

11. The operator of the exchange of unsecured digital assets ensures compliance with international standards for combating money laundering, terrorist financing and the financing of the proliferation of weapons of mass destruction and the legislation of the Republic of Kazakhstan on combating the legalization (laundering) of proceeds from crime, terrorist financing and the financing of the proliferation of weapons of mass destruction.

The operator of the exchange of unsecured digital assets shall develop a risk management and internal control system.

The procedure for the formation of a risk management and internal control system for an operator of the exchange of unsecured digital assets shall be determined by the National Bank of the Republic of Kazakhstan.

12. Participation of the operator of the exchange of unsecured digital assets in the authorized capital of other organizations (residents and non-residents of the Republic of Kazakhstan) shall be prohibited.

13. The exclusive type of business activity of the operator of the exchange of unsecured digital assets is the implementation of exchange transactions with unsecured digital assets.

14. The procedure for submitting reports, including the forms, frequency and deadlines for their submission, by operators of the exchange of unsecured digital assets to the National Bank of the Republic of Kazakhstan shall be determined by the National Bank of the Republic of Kazakhstan.

15. The founders (participants) (one of the founders, participants or shareholders), beneficial owners of the operator of the exchange of unsecured digital assets shall include individuals and legal entities - residents and non-residents of the Republic of Kazakhstan, except for:

1) persons who do not have an impeccable business reputation;

2) persons included in the list of organizations and persons associated with the financing of terrorism, extremism and (or) the financing of the proliferation of weapons of mass destruction, in accordance with the Law of the Republic of Kazakhstan “On Combating the Legalization (Laundering) of Proceeds from Crime, the Financing of Terrorism and the Financing of the Proliferation of Weapons of Mass Destruction”;

3) persons registered (resident) in a state (territory) that does not implement or insufficiently implements the recommendations of the Financial Action Task Force (FATF).

For the purposes of this subparagraph, a state (territory) that does not implement or insufficiently implements the recommendations of the Financial Action Task Force (FATF) refers to a state (territory) included in the list compiled by the authorized body for financial monitoring in accordance with the Law of the Republic of Kazakhstan "On Combating the Legalization (Laundering) of Proceeds from Crime, the Financing of Terrorism and the Financing of the Proliferation of Weapons of Mass Destruction."

16. The managing employee of the operator of the exchange of unsecured digital assets is an individual who is a resident of the Republic of Kazakhstan, except for:

1) persons specified in subparagraphs 1), 2) and 3) of paragraph 15 of this Article;

2) persons who do not have higher education.

Article 12-3. Grounds for refusal to issue a license for unsecured digital asset exchange operator

A license for unsecured digital asset exchange operator may be refused on any of the following grounds:

1) inaccuracy and (or) incompleteness of the data and (or) information in the documents submitted to obtain a license for exchange transactions with unsecured digital assets;

2) submission of an incomplete package of documents or non-compliance of documents with the requirements of this Law and the regulatory legal act of the National Bank of the Republic of Kazakhstan;

3) failure of the head of the executive body of the operator of the exchange of unsecured digital assets to comply with the established requirements;

4) the beneficial owner has an unremoved or unexpunged criminal record.

Article 12-4. Requirements for the head of the executive body of the operator of the exchange of unsecured digital assets

It shall be prohibited to elect or appoint as the head of the executive body of the operator of the exchange of unsecured digital assets a person:

1) who was the head, member of the management body, head, member of the executive body, chief accountant of a financial organization for a period of no more than one year before the adoption of a decision to apply the resolution regime to the bank, a decision to revoke the license of a financial organization, which resulted in its liquidation and (or) termination of operations in the financial market, or the entry into force of a judicial act on the forced liquidation of a financial organization or recognition of it as bankrupt in the manner determined by the legislation of the Republic of Kazakhstan or the legislation of the state of which the financial organization - non-resident of the Republic of Kazakhstan is a resident;

2) previously served as the head of the executive body of unsecured digital asset exchange operator that was excluded from the register of unsecured digital asset exchange operators. The grounds specified in this subparagraph shall apply for five consecutive calendar years from the date of exclusion of the unsecured digital asset exchange operator from the register of unsecured digital asset exchange operators;

3) does not have an impeccable business reputation.

Article 12-5. Control and supervision of the activities of operators of exchange of unsecured digital assets

1. Inspections and other forms of control (supervision) in relation to the activities of operators of the exchange of unsecured digital assets shall be carried out by the National Bank of the Republic of Kazakhstan in accordance with the procedure for organizing and implementing control and supervision of the financial market and financial organizations established by the Law of the Republic of Kazakhstan "On state regulation, control and supervision of the financial market and financial organizations" and the financial legislation of the Republic of Kazakhstan.

2. To ensure the protection of the interests of clients of unsecured digital asset exchange operators, the National Bank of the Republic of Kazakhstan shall apply supervisory response measures to the unsecured digital asset exchange operator for violations of the requirements of the legislation of the Republic of Kazakhstan on digital assets, on combating the legalization (laundering) of proceeds from crime, the financing of terrorism and the financing of the proliferation of weapons of mass destruction.

3. The National Bank of the Republic of Kazakhstan shall have the right to apply the following types of supervisory response measures in relation to operators of the exchange of unsecured digital assets:

1) advisory supervisory response measures;

2) measures to improve the financial condition and (or) minimize risks;

3) compulsory supervisory response measures.

4. When determining the appropriateness of applying supervisory response measures and selecting a supervisory response measure, the following shall be taken into account:

1) the level of risk, the nature of violations and (or) deficiencies, their consequences;

2) the scale and significance of the violations and (or) deficiencies committed and their consequences;

3) systematicity, duration of violations and (or) deficiencies;

4) the impact of the violations and (or) deficiencies on the financial condition;

5) the ability to correct the situation as a result of applying the selected supervisory response measure;

6) the presence and effectiveness (efficiency) of previously applied supervisory response measures;

7) the adequacy of the supervisory response measure applied to the grounds for its application;

8) the reasons that led to the occurrence of the identified violations and (or) deficiencies, and (or) risks.

5. A supervisory response advisory measure shall be formalized by a letter from the National Bank of the Republic of Kazakhstan, containing the grounds for applying this measure and a notification of the identified deficiencies, risks or violations and (or) recommendations for eliminating the identified deficiencies, risks or violations, and (or) a warning about the possibility of applying other supervisory response measures in cases of repeated identification by the National Bank of the Republic of Kazakhstan of deficiencies, risks or violations, as well as failure to implement the supervisory response advisory measures.

6. The National Bank of the Republic of Kazakhstan, to eliminate deficiencies, risks, or violations, shall apply measures to improve the financial condition and/or minimize risks. Measures to improve the financial condition and/or minimize risks shall be applied in the form of a written order or written agreement.

The National Bank of the Republic of Kazakhstan shall indicate in a written order the adoption of mandatory measures and the need to submit, within the time period specified in the written order, an action plan for their implementation.

The action plan shall contain a description of the deficiencies, risks or violations, the reasons that led to their occurrence, a list of planned activities, the timeframes for their implementation, as well as the managers responsible for the implementation of each item of the action plan.

The National Bank of the Republic of Kazakhstan shall review the action plan submitted by the entity subject to financial improvement and/or risk mitigation measures within ten business days of its receipt by the National Bank of the Republic of Kazakhstan. If the National Bank of the Republic of Kazakhstan has any comments on the submitted action plan and/or if the scope of the planned actions exceeds twenty, the action plan review period shall be extended only once, for no more than ten business days.

If the National Bank of the Republic of Kazakhstan has any comments on the action plan submitted by an entity subject to measures to improve its financial condition and/or minimize risks, the National Bank of the Republic of Kazakhstan shall send written comments and/or hold joint discussions to revise the action plan. The entity subject to measures to improve its financial condition and/or minimize risks shall submit a revised action plan, taking into account the comments of the National Bank of the Republic of Kazakhstan, within the timeframe specified in the letter from the National Bank of the Republic of Kazakhstan or, if it disagrees with such comments, shall provide its justification.

The National Bank of the Republic of Kazakhstan approves or disapproves in writing the action plan submitted by the person to whom measures to improve the financial condition and (or) minimize risks have been applied.

If the National Bank of the Republic of Kazakhstan approves the submitted action plan, the person to whom measures to improve the financial condition and (or) minimize risks have been applied, shall begin to implement it.

7. The National Bank of the Republic of Kazakhstan shall apply compulsory supervisory response measures to eliminate violations in the activities of the operator of the exchange of unsecured digital assets.

The person to whom the compulsory supervisory response measure has been applied, within the time period established by the compulsory supervisory response measure, shall submit to the National Bank of the Republic of Kazakhstan an action plan for fulfilling the requirements of the National Bank of the Republic of Kazakhstan, indicating the list of planned measures, the timeframes for their implementation, as well as the executives responsible for the implementation of each item of the action plan for fulfilling the requirements of the National Bank of the Republic of Kazakhstan.

The National Bank of the Republic of Kazakhstan shall consider the action plan for fulfilling the requirements of the National Bank of the Republic of Kazakhstan within a period not exceeding ten working days from the date of its receipt by the National Bank of the Republic of Kazakhstan.

If the National Bank of the Republic of Kazakhstan has any comments regarding the action plan for fulfilling the requirements of the National Bank of the Republic of Kazakhstan submitted by the entity subject to the enforcement supervisory response measure, the National Bank of the Republic of Kazakhstan shall submit written comments and/or hold joint discussions to finalize the action plan. The entity subject to the enforcement supervisory response measure shall submit an action plan for fulfilling the requirements of the National Bank of the Republic of Kazakhstan, finalized taking into account the comments of the National Bank of the Republic of Kazakhstan, within the timeframe specified in the letter from the National Bank of the Republic of Kazakhstan, or, in the event of disagreement with such comments, shall provide its justification.

The National Bank of the Republic of Kazakhstan shall approve in writing the plan of measures for the fulfillment of the requirements of the National Bank of the Republic of Kazakhstan, submitted by the person to whom the compulsory supervisory response measure has been applied, or shall send its opinion on it, which shall contain an instruction to the person to whom the compulsory supervisory response measure has been applied on the need to adjust the planned measures and (or) the deadlines for their implementation.

8. The implementation by a person to whom a measure to improve the financial condition and (or) minimize risks, as well as a compulsory supervisory response measure, of the activities provided for in the plan of activities to meet the requirements of the National Bank of the Republic of Kazakhstan, shall begin from the date of receipt of the approved plan of activities to meet the requirements of the National Bank of the Republic of Kazakhstan or the conclusion of the National Bank of the Republic of Kazakhstan, which contains an indication to the person to whom the supervisory response measure has been applied of the need to adjust the planned activities and (or) the deadlines for their implementation.

A person to whom a measure to improve the financial condition and (or) minimize risks, as well as a compulsory supervisory response measure, has been applied, shall notify the National Bank of the Republic of Kazakhstan of the implementation of the measures, including for each measure provided for in the action plan for fulfilling the requirements of the National Bank of the Republic of Kazakhstan, no later than five working days after the date of their implementation, provided for in the action plan for fulfilling the requirements of the National Bank of the Republic of Kazakhstan.

Article 12-6. Grounds for suspension or revocation of the license of an operator of the exchange of unsecured digital assets

1. Suspension of licenses for conducting exchange transactions with unsecured digital assets shall be carried out on any of the following grounds:

1) establishing the inaccuracy of the information based on which the license for conducting exchange transactions with unsecured digital assets was issued;

2) failure by the operator of the exchange of unsecured digital assets to comply with the requirements for the management employees and (or) participants (shareholders) of the operator of the exchange of unsecured digital assets;

3) the implementation by the operator of the exchange of unsecured digital assets of operations that go beyond the scope of its legal capacity established by this Law, the charter of the operator of the exchange of unsecured digital assets or the license for exchange operations with unsecured digital assets;

4) failure to comply with the qualification requirements imposed on unsecured digital asset exchange operator;

5) systematic (three or more times within twelve consecutive calendar months) failure to submit to the National Bank of the Republic of Kazakhstan information on services related to the purchase, sale and (or) exchange of unsecured digital assets;

6) systematic (three or more times within twelve consecutive calendar months) submission to the National Bank of the Republic of Kazakhstan of false information on services related to the purchase, sale and (or) exchange of unsecured digital assets;

7) obstruction by the operator of the exchange of unsecured digital assets of the control and supervision by the National Bank of the Republic of Kazakhstan.

2. Licenses for conducting exchange transactions with unsecured digital assets may be revoked for any of the following reasons:

1) the adoption by the operator of the exchange of unsecured digital assets of a decision to voluntarily terminate its activities through reorganization or liquidation, or the adoption by a court of a decision to terminate the activities of the operator of the exchange of unsecured digital assets;

2) systematic (three or more times within twenty-four consecutive calendar months) violation of the legislation of the Republic of Kazakhstan on issues within the competence of the National Bank of the Republic of Kazakhstan;

3) systematic (three or more times within twelve consecutive calendar months) failure to comply with supervisory response measures applied by the National Bank of the Republic of Kazakhstan;

4) the implementation by the operator of the exchange of unsecured digital assets of another type of entrepreneurial activity;

5) failure by the operator of the exchange of unsecured digital assets to carry out activities in accordance with the license issued to it for the conduct of exchange operations with unsecured digital assets for twelve consecutive calendar months from the date of its issue or termination of its activities for a period of more than six consecutive months.

3. A decision to suspend or revoke the license of an operator of exchange of unsecured digital assets to conduct exchange transactions with unsecured digital assets, except for a decision to revoke a license on the basis provided for in subparagraph 1) of paragraph 2 of this Article, shall enter into effect on the date on which such decision is communicated to the operator of unsecured digital asset exchange by the National Bank of the Republic of Kazakhstan.

The National Bank of the Republic of Kazakhstan shall notify the operator of the exchange of unsecured digital assets of a preliminary decision to suspend or revoke the license of the operator of the exchange of unsecured digital assets at least three working days before the date of the decision to suspend or revoke the license.

4. The decision to revoke a license to conduct exchange transactions with unsecured digital assets, except for cases provided for in subparagraph 1) of paragraph 2 of this Article, may be appealed on behalf of the unsecured digital asset exchange operator only by its head.

Chapter 4. FINAL AND TRANSITIONAL PROVISIONS

Article 13. Liability for breach of laws of the Republic of Kazakhstan in the sphere of digital assets

Breach of the laws of the Republic of Kazakhstan on digital assets shall entail liability prescribed by the laws of the Republic of Kazakhstan.

Article 14. Procedure for the enactment of this Law

This Law shall come into force dated April 1, 2023.

Footnote. Article 14 as amended by the Law of the Republic of Kazakhstan dated 17.11.2025 № 231-VIII (shall enter into force upon expiry of sixty calendar days after the day of its first official publication).

President of the Republic of Kazakhstan

K. TOKAYEV