Law of the Republic of Kazakhstan No. 193-VII RK of February 6, 2023, 'On Digital Assets in the Republic of Kazakhstan' (as amended and supplemented as of May 1, 2026)

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LAW
OF THE REPUBLIC OF KAZAKHSTAN
On Digital Assets in the Republic of Kazakhstan (as amended and supplemented as of May 1, 2026) See amendments:
Law of the Republic of Kazakhstan dated January 9, 2026, No. 256-VIII (enters into force on July 11, 2026)

Chapter 1. GENERAL PROVISIONS

Article 1. Basic Terms Used in This Law
The following basic terms are used in this Law:

Subparagraph 1 is worded in the edition of the Law of the Republic of Kazakhstan dated July 5, 2024, No. 115-VIII (enters into force on January 7, 2025) (see old edition); Law of the Republic of Kazakhstan dated January 16, 2026, No. 259-VIII (enters into force on May 1, 2026) (see old edition)

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

2) digital platform for storage and exchange of backed digital assets - a set of information and communication technologies built on the basis of a distributed data platform, implementing certain information interactions and designed to solve specific functional tasks, providing the opportunity for information exchange;

Subparagraph 3 is worded in the edition of the Law of the Republic of Kazakhstan dated July 5, 2024, No. 115-VIII (enters into force on January 7, 2025) (see old edition); Law of the Republic of Kazakhstan dated January 16, 2026, No. 259-VIII (enters into force on May 1, 2026) (see old edition)

3) unbacked digital asset - a digital asset that is not a digital financial asset;

Article supplemented with subparagraphs 3-1 and 3-2 in accordance with the Law of the Republic of Kazakhstan dated January 16, 2026, No. 259-VIII (enters into force on May 1, 2026)

3-1) unbacked digital asset exchange operator - a digital asset service provider carrying out dealer activity in the digital asset market on the basis of a license of the National Bank of the Republic of Kazakhstan, - operations for the exchange, purchase and (or) sale of unbacked 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:
commission by such a person of unlawful actions (inaction), which led to insolvency, resulting in forced liquidation of a financial organization, or to the application to a bank of a resolution regime; unexpunged or unpaid conviction of such a person, including the absence of a court decision entering into legal force on the application to a person of criminal punishment in the form of deprivation of the right to hold a managerial position in a financial organization, a banking and (or) insurance holding and to be a major participant (major shareholder) of a financial organization for life; the presence of relations with third parties (control and influence of third parties), actions of which contributed to the legalization (laundering) of income obtained criminally, terrorist financing and financing of the proliferation of weapons of mass destruction, based on information from the authorized body for financial monitoring;

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Paragraph 4 has been amended in accordance with the Law of the Republic of Kazakhstan dated July 5, 2024, No. 115-VIII (enters into force on January 7, 2025) (see old edition); worded in the edition of the Law of the Republic of Kazakhstan dated January 16, 2026, No. 259-VIII (enters into force on May 1, 2026) (see old edition)

4) digital asset - property created in electronic-digital form with the assignment of a digital code, including using cryptographic means and computer calculations, not being a monetary unit of account and (or) legal tender, registered and secured by the immutability of information based on distributed data platform technology.
Types of digital assets are:
digital financial asset; unbacked digital asset;

4-1) excluded in accordance with the Law of the Republic of Kazakhstan dated January 16, 2026, No. 259-VIII (enters into force on May 1, 2026) (see old edition)

Article supplemented with subparagraphs 4-2 and 4-3 in accordance with the Law of the Republic of Kazakhstan dated January 16, 2026, No. 259-VIII (enters into force on May 1, 2026)

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

4-3) circulation (circulation) of digital assets - the conclusion of civil law transactions with digital assets within 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;

Subparagraph 5 is worded in the edition of the Law of the Republic of Kazakhstan dated November 17, 2025, No. 231-VIII (enters into force on January 18, 2026) (see old edition)

5) digital asset exchanges - legal entities carrying out organizational and technical support for trading, issuance, settlements and storage of digital assets;

Article supplemented with subparagraphs 5-1 - 5-4 in accordance with the Law of the Republic of Kazakhstan dated January 16, 2026, No. 259-VIII (enters into force on May 1, 2026)

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

5-2) register of digital asset trading platform operators - a single list of digital asset trading platform operators who have undergone accounting registration in the National Bank of the Republic of Kazakhstan;

5-3) digital asset service provider - a subject of the digital asset market providing services related to digital assets and having registration in the Kazakhstani segment of the Internet.
Digital asset service providers are:
digital financial assets platform operator; digital asset trading platform operator; unbacked digital asset exchange operator; participants of the Astana International Financial Center, including digital asset exchanges, having the corresponding license to carry out activities related to digital assets;

5-4) system for analysis and control of operations with digital assets (hereinafter - system for analysis and control of operations) - a digital platform or service designed for monitoring operations with digital assets, tracking operations and identifying suspicious actions;

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6) excluded in accordance with the Law of the Republic of Kazakhstan dated January 16, 2026, No. 259-VIII (enters into force on May 1, 2026) (see old edition)

Article supplemented with subparagraph 6-1 in accordance with the Law of the Republic of Kazakhstan dated November 17, 2025, No. 231-VIII (enters into force on January 18, 2026)

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

Article supplemented with subparagraphs 6-2 - 6-10 in accordance with the Law of the Republic of Kazakhstan dated January 16, 2026, No. 259-VIII (enters into force on May 1, 2026)

6-2) placement of digital financial assets - a primary offer of digital financial assets to investors, carried out through a digital platform of the digital financial assets platform operator;

6-3) system for recording holders of digital financial assets - a system for recording the digital financial assets platform operator, ensuring:
accounting and storage of information about holders of digital financial assets and their digital financial assets; identification of holders of digital financial assets at a specific point in time; registration of transactions with digital financial assets; accounting and storage of information about registered restrictions (encumbrances) on the circulation or realization of rights to digital financial assets; accounting and storage of other information provided for by the legislation of the Republic of Kazakhstan. The procedure for maintaining by digital financial assets platform operators a system for recording holders of digital financial assets, the list of other information to be recorded and stored in the system for recording holders of digital financial assets, as well as the procedure for transferring by digital financial assets platform operators to the central depository information from the system for recording holders of digital financial assets are determined by a joint normative 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) digital financial assets platform operator - a digital asset service provider included in the register of digital financial assets platform operators of the National Bank of the Republic of Kazakhstan, providing access to the digital platform and its functioning, using which the following are carried out:
issuance and (or) circulation (circulation) 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) circulating on the specified digital platform;

6-5) register of digital financial assets platform operators - a single list of digital financial assets platform operators who have undergone accounting registration in 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 with respect to the base asset of such digital asset, issued on a digital platform of a digital financial assets platform operator and circulating on a digital platform of a digital financial assets platform operator and (or) a digital asset trading platform operator; a financial instrument and (or) financial asset issued on a digital platform of a digital financial assets platform operator and circulating on a digital platform of a digital financial assets platform operator and (or) a digital asset trading platform operator.

Placement, circulation (circulation) and redemption of a digital financial asset are carried out in accordance with the terms of issuance of such digital financial asset;

6-7) redemption of a digital financial asset - the withdrawal of a digital financial asset from circulation (circulation) in connection with the redemption of the corresponding obligations of the issuer of such digital financial asset and (or) on other grounds in accordance with the terms of issuance of a digital financial asset;

6-8) base asset of a digital financial asset - property, the value or magnitude (including the fluctuation of value or magnitude) of which determines the value of the corresponding digital financial asset and with respect to which the holder of a digital financial asset arises to the right to a monetary and (or) other claim. The base asset of a digital financial asset may be a financial instrument (including money, securities, including derivative securities, derivative financial instruments, another digital financial asset), property right (claim), commodity and (or) other property;

6-9) organization for storing the base asset of a digital financial asset - a legal entity - a resident of the Republic of Kazakhstan carrying out accounting and storage of the base asset of a digital financial asset with the acceptance of obligations for its preservation, 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 carrying out the issuance (emission) of digital financial assets;

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

Subparagraph 8 has been amended in accordance with the Law of the Republic of Kazakhstan dated November 17, 2025, No. 231-VIII (enters into force on January 18, 2026) (see old edition)

8) digital mining - the process of conducting computational operations using computer power according to specified encryption algorithms, ensuring the confirmation of the integrity of data blocks via blockchain;

Subparagraph 9 has been amended in accordance with the Law of the Republic of Kazakhstan dated November 17, 2025, No. 231-VIII (enters into force on January 18, 2026) (see old edition)

9) digital mining data center - an object of information and communication infrastructure consisting of a hardware and software complex for digital mining, ensuring the functioning of computing power, located outside the residential zone, using electrical energy in accordance with the Law of the Republic of Kazakhstan "On Electric Power Industry";

Subparagraph 10 has been amended in accordance with the Law of the Republic of Kazakhstan dated November 17, 2025, No. 231-VIII (enters into force on January 18, 2026) (see old edition)

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 power of a hardware and software complex for digital mining of digital miners, carrying out the distribution among digital miners of digital assets arising (created) as a result of their joint activity.

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 Center", and consists of this Law and other normative legal acts of the Republic of Kazakhstan.

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2. If an international treaty ratified by the Republic of Kazakhstan establishes rules other than those contained in this Law, the rules of the international treaty shall apply.

Article 3. Purpose and Principles of State Regulation of Social Relations in the Field of Digital Assets

1. The purpose of state regulation in the field of digital assets is the development of activities for the issuance and circulation of digital assets, digital mining in the Republic of Kazakhstan for the economic development and competitiveness of the Republic of Kazakhstan.

2. State regulation in the field of digital assets is based on the following principles:
   1) legality;
   2) observance of the rights, freedoms and legitimate interests of individuals, as well as the rights and legitimate interests of legal entities;
   3) equality of rights of individuals and legal entities to participate in activities in the field of digital assets and use their results;
   4) freedom to search, form and transmit any electronic information resources, access to which is not restricted in accordance with the laws of the Republic of Kazakhstan;
   5) ensuring the safety of the individual, society and the state when using, issuing digital assets and digital mining;
   6) creating conditions for the development of the field of issuance, use of digital assets, digital mining, as well as fair competition.

Article 4 is worded in the edition of the Law of the Republic of Kazakhstan dated January 16, 2026, No. 259-VIII (enters into force on May 1, 2026) (see old edition)

Article 4. Competence of Authorized State Bodies

1. National Bank of the Republic of Kazakhstan:
   1) carries out state regulation, control and supervision of issuers of digital financial assets provided for by subparagraph 1) of Article 5 of this Law, as well as digital asset service providers, except for digital asset service providers of participants of the Astana International Financial Center;
   2) approves normative legal acts mandatory for compliance by digital asset service providers, except for digital asset service providers of participants of the Astana International Financial Center, organizations for storing the base asset of a digital financial asset and issuers of digital financial assets provided for by subparagraph 1) of Article 5 of this Law;
   3) carries out accounting registration of digital financial assets platform operators, digital asset trading platform operators and maintains their registers;
   4) determines the requirements for issuers and investors of digital financial assets provided for by subparagraph 1) of Article 5 of this Law;
   5) carries out control over compliance by digital asset service providers, except for digital asset service providers of participants of the Astana International Financial Center, and issuers of digital financial assets provided for by 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 income obtained criminally, terrorist financing and financing of the proliferation of weapons of mass destruction;
   6) carries out state regulation, control and supervision of the activities of unbacked digital asset exchange operators;

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7) issues (refuses to issue), reissues, suspends, revokes licenses for dealer activity in the digital asset market - exchange operations with unbacked digital assets (hereinafter - license for exchange operations with unbacked digital assets);
8) introduces a special regulatory regime in the manner provided for by Chapter 8-2 of the Law of the Republic of Kazakhstan "On the National Bank of the Republic of Kazakhstan", with respect to activities related to digital assets;
9) carries out 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 approves:
1) rules for carrying out the activities of unbacked digital asset exchange operators, which determine:
the procedure for licensing an unbacked digital asset exchange operator and qualification requirements for an unbacked digital asset exchange operator; the list of documents submitted to the National Bank of the Republic of Kazakhstan to obtain a license for exchange operations with unbacked digital assets; requirements for the managerial employee and founders (participants) (one of the founders, participants or shareholders), beneficial owner of an unbacked digital asset exchange operator; requirements for the minimum size of the authorized capital of an unbacked digital asset exchange operator; requirements for the organizational and legal form of an unbacked digital asset exchange operator; requirements for information security; the procedure for reorganization of an unbacked digital asset exchange operator; qualification requirements for an unbacked digital asset exchange operator; the procedure for carrying out the activities of unbacked digital asset exchange operators; the procedure for carrying out operations for the purchase, sale and (or) exchange of unbacked digital assets; requirements for the system for analysis and control of operations; restrictions and limits on client operations; the procedure for interaction between unbacked digital asset exchange operators and second-level banks and the National Postal Operator; the procedure for opening and servicing digital asset wallets of clients;
2) rules for carrying out the activities of digital financial assets platform operators, digital asset trading platform operators, which determine:
the procedure for accounting registration of digital financial assets platform operators, digital asset trading platform operators; the list of documents submitted by the applicant to the National Bank of the Republic of Kazakhstan to pass accounting registration; requirements for the organizational and legal form of the applicant; requirements for the minimum size of the authorized capital of the applicant; the procedure for verification and monitoring by the digital financial assets platform operator of the presence and condition (preservation) of the base asset of digital financial assets; requirements for internal rules for carrying out the activities of digital financial assets platform operators, digital asset trading platform operators;

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requirements for information security applicable to digital platforms of a digital financial assets platform operator, a digital asset trading platform operator; the procedure for reorganization of a digital financial assets platform operator, a digital asset trading platform operator; qualification requirements, conditions and procedure for combining types of professional activities of a digital financial assets platform operator and a digital asset trading platform operator; the procedure for transferring all data (information) recorded and stored by digital financial assets platform operators, digital asset trading platform operators, including data (information) about issuers of digital financial assets, holders of digital financial assets and their digital financial assets, to another digital financial assets platform operator, another digital asset trading platform operator; the procedure for maintaining by digital financial assets platform operators a system for recording holders of digital financial assets, the list of other information to be recorded and stored in the system for recording holders of digital financial assets;
3) requirements for organizations for storing the base asset of a digital financial asset with respect to digital financial assets, the base asset of which is money and its equivalents;
4) rules for the issuance of digital financial assets, their placement, circulation (circulation) and redemption, which determine:
the procedure and conditions for the issuance of digital financial assets, their placement, circulation (circulation) and redemption; requirements for issuers of digital financial assets and the decision on the issuance of digital financial assets; requirements for investors of digital financial assets; the procedure and conditions for recognizing persons as qualified investors for the purpose of carrying out transactions with digital financial assets; the list of digital financial assets permitted for acquisition only at the expense of qualified investors;
5) rules for reporting by unbacked digital asset exchange operators, digital financial assets platform operators, digital asset trading platform operators, issuers of digital financial assets to the National Bank of the Republic of Kazakhstan, including forms, periodicity and deadlines for its submission;
6) jointly with the authorized body for regulation, control and supervision of the financial market and financial organizations, rules for reporting by organizations for storing the base asset of a digital financial asset to the National Bank of the Republic of Kazakhstan, including forms, periodicity and deadlines for its submission;
7) rules for applying supervisory response measures to an unbacked digital asset exchange operator;
8) rules for applying limited impact measures to a digital financial assets platform operator, a digital asset trading platform operator, an issuer of digital financial assets;
9) jointly with the authorized body for regulation, control and supervision of the financial market and financial organizations, rules for reporting by digital financial assets platform operators, digital asset trading platform operators to the central securities depository;

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10) rules for forming a risk management and internal control system for operators of exchange of unencumbered digital assets, operators of digital financial asset platforms, and operators of digital asset trading platforms;
11) requirements for internal control rules for the purpose of combating the legalization (money laundering) of proceeds obtained criminally, terrorism financing, and financing of the proliferation of weapons of mass destruction for operators of exchange of unencumbered digital assets, operators of digital financial asset platforms, operators of digital asset trading platforms, issuers of digital financial assets specified in subparagraph 1) of Article 5 of this Law, and participants of the special regulatory regime of the National Bank of the Republic of Kazakhstan engaged in digital asset activities;
12) list of offshore zones;
13) jointly 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 purpose of admission to the issuance of digital financial assets within the territory of the International Financial Center "Astana", as well as rules for the admission of participants of the International Financial Center "Astana" to carry out the issuance of digital financial assets on the digital platform of the digital financial asset platform operator;
14) jointly with the authorized body for regulation, control, and supervision of the financial market and financial organizations and the Committee for Regulation of Financial Services of the International Financial Center "Astana", rules for the admission of legal entities of the Republic of Kazakhstan to issue digital financial assets within the territory of the International Financial Center "Astana".

2. The authorized body for regulation, control, and supervision of the financial market and financial organizations:
   1) carries out state regulation, control, and supervision of issuers of digital financial assets specified in subparagraphs 2) and 3) of Article 5 of this Law;
   2) determines the conditions and procedure for the issuance, placement, circulation (trading), and redemption of digital financial assets specified in subparagraphs 2) and 3) of Article 5 of this Law;
   3) determines requirements for issuers and investors of digital financial assets specified in subparagraphs 2) and 3) of Article 5 of this Law;
   4) approves jointly with the National Bank of the Republic of Kazakhstan the list, forms, deadlines, and procedure for the submission of reports by issuers of digital financial assets specified in subparagraphs 2) and 3) of Article 5 of this Law;
   5) approves the list (types) of property that may serve as the underlying asset of digital financial assets specified in subparagraph 2) of Article 5 of this Law, as well as the procedure for accounting and storage of the underlying asset for such digital financial assets;
   6) approves requirements for organizations that may act as organizations for the storage of the underlying asset of a digital financial asset regarding digital financial assets specified in subparagraph 2) of Article 5 of this Law;
   7) approves jointly with the National Bank of the Republic of Kazakhstan the list, forms, deadlines, and procedure for the submission of reports by organizations for the storage of the underlying asset of a digital financial asset to the National Bank of the Republic of Kazakhstan;
   8) approves, in agreement with the National Bank of the Republic of Kazakhstan, rules and conditions for recognizing actions in the digital financial asset market as manipulative;

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Date saved: 30.04.2026 16:05:49) carries out control over compliance by issuers of digital financial assets specified 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 (money laundering) of proceeds obtained criminally, terrorism financing, and financing of the proliferation of weapons of mass destruction;
10) carries out other powers provided for by this Law, laws of the Republic of Kazakhstan, and acts of the President of the Republic of Kazakhstan.

3. The authorized body in the field of digital mining:
   1) issues (refuses to issue), reissues, suspends, or revokes licenses for activities related to digital mining;
   2) in agreement with the authorized body responsible for ensuring the receipt of taxes and other mandatory payments to the budget, approves rules for the submission of information on the income of digital miners and digital mining pools for tax purposes;
   3) approves rules for the accreditation of digital mining pools;
   4) in agreement with the authorized body in the field of permits and notifications, approves rules for licensing activities related to digital mining;
   5) conducts accreditation of digital mining pools;
   6) maintains a register of hardware and software complexes for digital mining;
   7) approves rules for accounting and maintaining the register of hardware and software complexes for digital mining;
   8) carries out 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. The authorized body for financial monitoring:
   1) maintains a unified register of digital asset wallets used for the purpose of legalization (money laundering) of proceeds obtained criminally, terrorism financing, financing of the proliferation of weapons of mass destruction, and/or other criminal purposes;
   2) determines the procedure, including the composition, deadlines, and form of information submission for maintaining the unified register of digital asset wallets used for the purpose of legalization (money laundering) of proceeds obtained criminally, terrorism financing, financing of the proliferation of weapons of mass destruction, and/or other criminal purposes;
   3) carries out 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. The state body responsible for leadership in the field of electric power:
   1) determines requirements for connecting digital miners to electrical grids in accordance with the Law of the Republic of Kazakhstan "On Electric Power";
   2) approves the mechanism for determining the quota for electric energy for digital miners;
   3) carries out 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.

The heading of Chapter 2 is amended by the Law of the Republic of Kazakhstan dated 16.01.26 No. 259-VIII (entered into force on May 1, 2026) (see old version).
Chapter 2. DIGITAL FINANCIAL ASSETS

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Article 5 is amended by the Law of the Republic of Kazakhstan dated 16.01.26 No. 259-VIII (entered into force on May 1, 2026) (see old version).
Article 5. Types of Digital Financial Assets
Types of digital financial assets are:
1) digital financial assets whose underlying asset is money (stablecoin);
2) digital financial assets whose underlying asset is financial instruments (including securities, including derivative securities, derivative financial instruments, other digital financial assets), financial assets, property rights (claims), goods, and/or other property, excluding money;
3) financial instruments issued in electronic-digital form on the digital platform of the digital financial asset platform operator.

See: Order of the Acting Minister of Digital Development, Innovations and Aerospace Industry of the Republic of Kazakhstan dated March 31, 2023 No. 124/NQ "On Approval of the List of Types of Encumbered Digital Assets Recognized in the Territory of the Republic of Kazakhstan"

Article 6 is amended by the Law of the Republic of Kazakhstan dated 16.01.26 No. 259-VIII (entered into force on May 1, 2026) (see old version).
Article 6. Issuance and Circulation (Trading) of Digital Financial Assets

1. The issuance of digital financial assets is carried out by the issuer of digital financial assets on the digital platform of the digital financial asset platform operator based on the decision of the specified issuer regarding the issuance of such digital financial assets.
   The procedure and conditions for the issuance, placement, circulation (trading), and redemption of digital financial assets, requirements for issuers of digital financial assets and for the decision on the issuance of digital financial assets, requirements for investors of 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 the list of digital financial assets permitted for acquisition only at the expense of qualified investors, are established by:
   the National Bank of the Republic of Kazakhstan regarding digital financial assets specified in subparagraph 1) of Article 5 of this Law; by a normative legal act of the authorized body for regulation, control, and supervision of the financial market and financial organizations regarding digital financial assets specified in subparagraphs 2) and 3) of Article 5 of this Law.

2. The registration of the issuance of digital financial assets is carried out by the operator of the digital financial asset platform and includes the review of documents submitted by the issuer for compliance with the legislation of the Republic of Kazakhstan.

3. The operator of the digital financial asset platform carries out:
   1) providing the issuer of digital financial assets with access to its digital platform of financial assets provided that the issuer of digital financial assets complies with the requirements of the legislation of the Republic Kazakhstan when issuing digital financial assets;
   2) issuance of digital financial assets by placing a record on the digital platform of the digital financial asset platform operator.
   In cases where the issuance conditions of a digital financial asset provide for the existence of an underlying asset, the issuance of a digital financial asset is carried out only after the operator of the digital financial asset platform has verified the existence of such underlying asset.

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4. Accounting and storage of the underlying asset of a digital financial asset are carried out by the organization for the storage of the underlying asset of a digital financial asset.
   Requirements for organizations that may act as organizations for the storage of the underlying asset of a digital financial asset regarding digital financial assets specified in subparagraph 1) of Article 5 of this Law are established by the National Bank of the Republic of Kazakhstan.
   The list (types) of property that may serve as the underlying asset of digital financial assets specified in subparagraph 2) of Article 5 of this Law, the procedure for accounting and storage of the underlying asset for such digital financial assets, requirements for organizations that may act as organizations for the storage of the underlying asset of a digital financial asset regarding digital financial assets specified in subparagraph 2) of Article 5 of this Law, are established by a normative 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 for the storage of the underlying asset of a digital financial asset to the National Bank of the Republic of Kazakhstan, including forms, frequency, and deadlines for submission, is 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, is carried out on the digital platform of the digital financial asset platform operator and/or the operator of the digital asset trading platform.
   The operator of the digital financial asset platform may act as the operator of the digital asset trading platform provided that it has the corresponding registration in the National Bank of the Republic of Kazakhstan.
   The operator of the digital asset trading platform organizes trading with digital assets in the manner prescribed by the normative legal act of the National Bank of the Republic of Kazakhstan.

6. The Central Depository carries out the maintenance of the register system for holders of digital financial assets specified 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 the submission of information by operators of digital financial asset platforms and operators of digital asset trading platforms to the central depository, as well as other issues of interaction between operators of digital financial asset platforms and operators of digital asset trading platforms with the central depository, are 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 asset platform and the operator of the digital asset trading platform carry out activities based on registration in 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 in the National Bank of the Republic of Kazakhstan is carried out for the purpose of regulation, control, and supervision of their activities and is a mandatory condition for the provision of 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 the operator of the digital financial asset platform and the operator of the digital asset trading platform, carried out without passing registration in the National Bank of the Republic of Kazakhstan, are not permitted.

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

9. The procedure for passing registration of the operator of the digital financial asset platform and the operator of the digital asset trading platform, qualification requirements, conditions, and procedure for combining types of professional activities of the operator of the digital financial asset platform and the operator of the digital asset trading platform are approved by the National Bank of the Republic of Kazakhstan.

10. The normative legal act of the National Bank of the Republic of Kazakhstan specified in paragraph 9 of this Article includes:
    1) the list of documents submitted by the applicant to the National Bank of the Republic of Kazakhstan for passing registration;
    2) requirements for the organizational and legal form of the applicant;
    3) requirements for the minimum size of the authorized capital of the applicant;
    4) the procedure for verification and monitoring by the operator of the digital financial asset platform of the existence and condition (preservation) of the underlying asset of digital financial assets;
    5) requirements for internal rules for the activities of the operator of the digital financial asset platform and the operator of the digital asset trading platform;
    6) requirements for information security applicable to the digital platforms of the operator of the digital financial asset platform and the operator of the digital asset trading platform;
    7) the procedure for the reorganization of the operator of the digital financial asset platform and the operator of the digital asset trading platform.

11. Founders and participants (shareholders) of the operator of the digital financial asset platform and the operator of the digital asset trading platform may be individuals and legal entities - residents and non-residents of the Republic of Kazakhstan, excluding persons:
    1) specified in paragraph 12 of this Article;
    2) who do not have an impeccable business reputation.

12. Legal entities and/or foreign organizations without legal status registered in a foreign state (territory) included in the list of states (territories) compiled by the authorized body for financial monitoring that do not perform and/or insufficiently perform the recommendations of the Financial Action Task Force (FATF), as well as those 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 shares in the authorized capital of the operator of the digital financial asset platform and the operator of the digital asset trading platform; derivative securities issued in accordance with the legislation of the Republic of Kazakhstan or a foreign state, whose underlying asset is voting shares of the operator of the digital financial asset platform and the operator of the digital asset trading platform.

The ban established by the first part of this paragraph also applies to persons included in the list of organizations and persons associated with terrorism financing 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 (money laundering) of proceeds obtained criminally, terrorism financing, and 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 shares in the authorized capital of the operator of the digital financial asset platform and the operator of the digital asset trading platform means the ability to determine the decisions of a participant (shareholder) of the operator of the digital financial asset platform and the operator of the digital asset trading platform through ownership of voting shares, participation shares, partnership shares, or other forms of equity participation in other legal entities and/or foreign organizations without legal status.

13. Individuals registered in a foreign state (territory) included in the list of states (territories) compiled by the authorized body for financial monitoring that do not perform and/or insufficiently perform the recommendations of the Financial Action Task Force (FATF), as well as those registered in offshore zones, the list of which is established by the National Bank of the Republic of Kazakhstan, may not be executive officers of the operator of the digital financial asset platform and the operator of the digital asset trading platform.
    It is prohibited to elect or appoint as an executive officer of the operator of the digital financial asset platform and the operator of the digital asset trading platform a person:
    1) who was a manager, member of a governing body, head of an executive body, chief accountant of a financial organization, including a financial organization - a non-resident of the Republic of Kazakhstan, within a period of not more than one year prior to the adoption by the authorized body for regulation, control, and supervision of the financial market and financial organizations or the financial supervision body of the state, a resident of which is a financial organization - a non-resident of the Republic of Kazakhstan, a decision to apply a resolution regime to a bank, a decision to revoke the license of a financial organization, including a financial organization - a non-resident of the Republic of Kazakhstan, resulting in its liquidation and/or cessation of activities in the financial market, or the entry into legal force of a court decision on the forced liquidation of a financial organization, including a financial organization - a non-resident of the Republic of Kazakhstan, or recognizing it as insolvent (bankrupt) in the manner determined by the legislation of the Republic of Kazakhstan or the legislation of the state, a resident of which is a financial organization - a non-resident of the Republic of Kazakhstan.
    The ban provided for by the first part of this subparagraph applies for ten years after the adoption of the corresponding decision by the authorized body for regulation, control, and supervision of the financial market and financial organizations or the financial supervision body of the state, a resident of which is a financial organization - a non-resident of the Republic of Kazakhstan, or the entry into legal force of the corresponding court decision;
    2) who does not have an impeccable business reputation.
    For the purposes of this paragraph, executive officers of the operator of the digital financial asset platform and the operator of the digital asset trading platform are recognized as:

Source: Information system "PARAGRAPH"
1) the head of the management body, his deputy and members of the management body;
2) the head of the executive body, his deputy and members of the executive body;
3) the chief accountant.
14. The authorized capital of the digital financial assets platform operator, the digital assets trading platform operator is formed exclusively in money in the national currency of the Republic of Kazakhstan.
The authorized capital of the digital financial assets platform operator, the digital assets trading platform operator is formed before the applicant, intending to carry out the activity of the digital financial assets platform operator, the digital assets trading platform operator, applies to the National Bank of the Republic of Kazakhstan for account registration.
15. To pass account registration, the applicant, intending to carry out the activity of the digital financial assets platform operator and (or) the digital assets trading platform operator, submits to the National Bank of the Republic of Kazakhstan the following documents and information:
1) an application in the form established by the National Bank of the Republic of Kazakhstan, containing in particular information about the head (members) of the executive body (with copies of the diploma (diplomas) and a document confirming the labor activity of the employee in accordance with the Labor Code of the Republic of Kazakhstan);
2) a document confirming the payment of the authorized capital, the minimum size of which is established by the National Bank of the Republic of Kazakhstan;
3) the charter, except in cases where the applicant carries out activity under a standard charter;
4) a document defining the procedure for interaction between the digital financial assets platform operator, the digital assets trading platform operator, the bank and (or) the National postal operator;
5) internal rules for carrying out the activity of the digital financial assets platform operator, the digital assets trading platform operator, approved by the management body of the applicant;
6) a document confirming the authority of the person to submit the application and attached documents and information.
16. The application for account registration as a digital financial assets platform operator, a digital assets trading platform operator is considered by the National Bank of the Republic of Kazakhstan within twenty working days from the date of submission of the complete package of documents necessary for account registration.
The National Bank of the Republic of Kazakhstan has the right to suspend the consideration period of the application for account registration as a digital financial assets platform operator, a digital assets trading platform operator in any of the following cases:
detection of unreliable 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 eliminate the comments of the National Bank of the Republic of Kazakhstan to the submitted documents and (or) information is not more than ten working days. The consideration period of the application for account registration as a digital financial assets platform operator, a digital assets trading platform operator is resumed after the applicant eliminates the comments of the National Bank of the Republic of Kazakhstan to the submitted documents and (or) information and the National Bank of the Republic of Kazakhstan completes the verification of the accuracy of the data in the specified documents and (or) information or in case of non-submission by the applicant of clarified (corrected) documents and (or) information within the period provided for by the third part of this paragraph.
17. The National Bank of the Republic of Kazakhstan assigns the applicant who has passed account registration the registration number of the digital financial assets platform operator, the digital assets trading platform operator, makes a record in the register of digital financial assets platform operators, the register of digital assets trading platform operators, and sends the applicant a written notification indicating the registration number of the account registration within the period established by paragraph 16 of this article.
The register of digital financial assets platform operators and the register of digital assets trading platform operators that have passed account registration are posted on the Internet resource of the National Bank of the Republic of Kazakhstan.
In case of refusal of account registration, the National Bank of the Republic of Kazakhstan sends the applicant a written notification of refusal of account registration indicating the reason for refusal within the period established by paragraph 16 of this article.
18. Refusal of account registration of the digital financial assets platform operator, the digital assets trading platform operator is made on any of the following grounds:
1) unreliability and (or) incompleteness of information and (or) information in documents submitted for account registration;
2) submission of an incomplete package of documents or non-compliance of documents with the requirements of this Law and the normative legal act of the National Bank of the Republic of Kazakhstan;
3) non-compliance of the founder, participant (shareholder) of the digital financial assets platform operator, the digital assets trading platform operator with the requirements established by paragraphs 11 and 12 of this article;
4) non-compliance of managerial workers with the requirements established by paragraph 13 of this article;
5) non-compliance with the requirements established by paragraph 14 of this article;
6) presence of an unexpunged or unpaid criminal record of the beneficial owner.
19. In case of refusal of account registration, the applicant, intending to carry out the activity of the digital financial assets platform operator and (or) the digital assets trading platform operator, has the right to resubmit the application for account registration upon elimination of the reasons that led to the refusal of account registration, or to make a decision to change its name or reorganization or liquidation.
Failure to eliminate the reasons that led to the refusal of account registration of the digital financial assets platform operator, the digital assets trading platform operator is a ground for refusal to reconsider the specified application.
The resubmitted application is considered by the National Bank of the Republic of Kazakhstan within ten working days.
20. The procedure for submitting reporting, including forms, periodicity and deadlines for its submission, by operators of the digital financial assets platform, operators of the digital assets trading platform to the National Bank of the Republic of Kazakhstan is determined by the National Bank of the Republic of Kazakhstan.
21. The digital financial assets platform operator, the digital assets trading platform operator ensure compliance with international standards for combating money laundering, terrorist financing and financing of the proliferation of weapons of mass destruction and the legislation of the Republic of Kazakhstan on combating the legalization (laundering) of proceeds obtained by criminal means, terrorist financing and financing of the proliferation of weapons of mass destruction.
The digital financial assets platform operator, the digital assets trading platform operator form a risk management and internal control system.
The procedure for forming a risk management and internal control system of the digital financial assets platform operator, the digital assets trading platform operator is determined by the National Bank of the Republic of Kazakhstan.
22. It is permitted for financial organizations and residents of the Republic of Kazakhstan to issue digital financial assets on the territory of the International Financial Center "Astana" in compliance with the requirements established by the 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. It is permitted for participants of the International Financial Center "Astana" to issue digital financial assets on the digital platform of the digital financial assets platform operator in compliance with the requirements established by the 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, apply to the stock exchange and central depository when carrying out their activity as a digital financial assets platform operator and (or) a digital assets trading platform operator in the part not regulated by the Law of the Republic of Kazakhstan "On the Securities Market".
The stock exchange and central depository have the right to carry out activity as a digital financial assets platform operator and (or) a digital assets trading platform operator without passing account registration at the National Bank of the Republic of Kazakhstan in 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 International Financial Center "Astana" in the order and on the conditions determined by the 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 Committee of the International Financial Center "Astana" for regulation of financial services.
Participants of the International Financial Center "Astana" have the right to issue digital financial assets on the digital platform of the digital financial assets platform operator in the order and on the conditions determined by the 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 assets platform, the operator of the digital assets trading platform carry out the collection and storage of information about the sender and recipient of digital financial assets, including information allowing to identify the specified persons and (or) beneficial owners, in the order provided for by the normative legal act of the National Bank of the Republic of Kazakhstan.
27. In the absence or incomplete provision of the information specified in paragraph 26 of this article, the digital financial assets platform operator, the digital assets trading platform operator must suspend the operation for a period of not less than forty-eight hours until the required information is provided by the client.
In case of non-provision by the client of the information necessary for the identification of the sender and (or) recipient, after the expiration of the established period, the digital financial assets platform operator, the digital assets trading platform operator refuse to carry out the operation.
Article 7 is amended in the edition of the Law of the Republic of Kazakhstan dated 16.01.26 No. 259-VIII (entered into force from May 1, 2026) (see old edition)
Article 7. Control and supervision over the activity of operators of the digital financial assets platform, operators of the digital assets trading platform
1. For the purpose of control and supervision over the market of digital financial assets, the National Bank of the Republic of Kazakhstan carries out checks and other forms of control (supervision) regarding the activity of operators of the digital financial assets platform, operators of the digital assets trading platform.
2. Checks and other forms of control (supervision) regarding the activity of operators of the digital financial assets platform, operators of the digital assets trading platform are carried out in accordance with the procedure for organizing and carrying out control and supervision over the financial market and financial organizations, established by the laws of the Republic of Kazakhstan and 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, applies limited impact measures and sanctions to the operator of the digital financial assets platform, the operator of the digital assets trading platform in accordance with the requirements of this Law and other laws of the Republic of Kazakhstan.
4. With regard to operators of the digital financial assets platform, operators of the digital assets trading platform, the National Bank of the Republic of Kazakhstan applies the following types of limited impact 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 obtained by criminal means, terrorist financing and 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 impact measures to the operator of the digital financial assets platform, the operator of the digital assets trading platform, as well as the grounds for choosing the type of applied limited impact measure are determined by the normative legal act of the National Bank of the Republic of Kazakhstan.
5. The operator of the digital financial assets platform, the operator of the digital assets trading platform are excluded from the register of operators of the digital financial assets platform, the register of operators of the digital assets trading platform on any of the following grounds:
1) adoption by the operator of the digital financial assets platform, the operator of the digital assets trading platform of a decision on voluntary cessation of its activity by reorganization or liquidation;
2) adoption by the court of a decision on cessation of activity of the operator of the digital financial assets platform, the operator of the digital assets trading platform;
3) non-compliance with the requirements for managerial workers 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) non-fulfillment by the operator of the digital financial assets platform, the operator of the digital assets trading platform of limited impact measures applied by the National Bank of the Republic of Kazakhstan;
6) non-carriage by the operator of the digital financial assets platform, the operator of the digital assets trading platform of activity in accordance with account registration for twelve consecutive calendar months from the date of account registration or cessation of activity for a period of more than six consecutive calendar months;
7) non-compliance with qualification requirements imposed on the operator of the digital financial assets platform, the operator of the digital assets trading platform;
8) systematic (three or more times within twelve consecutive calendar months) non-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 data (information) on the carried out activity;
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 unreliable data (information) on the carried out activity;
10) hindering the conduct of control and supervision by the National Bank of the Republic of Kazakhstan with regard to the operator;
11) detection of unreliable data (information) in documents and (or) information submitted for account registration.
6. In case of exclusion from the register of operators of the digital financial assets platform, the register of operators of the digital assets trading platform, the National Bank of the Republic of Kazakhstan within five working days from the date of exclusion notifies the operator of the digital financial assets platform, the operator of the digital assets trading platform in writing and posts the corresponding information on its Internet resource.
The decision of the National Bank of the Republic of Kazakhstan on the exclusion of the operator of the digital financial assets platform, the operator of the digital assets trading platform from the register of operators of the digital financial assets platform, the register of operators of the digital assets trading platform may be appealed in the order established by the laws of the Republic of Kazakhstan. Appeal of the decision of the National Bank of the Republic of Kazakhstan specified in the second part of this paragraph does not suspend its execution.
7. The operator of the digital financial assets platform, the operator of the digital assets trading platform is prohibited from providing services after receiving a written notification of the National Bank of the Republic of Kazakhstan about its exclusion from the register of operators of the digital financial assets platform, the register of operators of the digital assets trading platform.
8. The operator of the digital financial assets platform, the operator of the digital assets trading platform within thirty calendar days from the moment of receiving a written notification of the National Bank of the Republic of Kazakhstan about exclusion from the register of operators of the digital financial assets platform, the register of operators of the digital assets trading platform are obliged:
1) to carry out state re-registration of the legal entity in connection with a change of name for the purpose of excluding from its name the words "operator of the digital financial assets platform" or "operator of the digital assets trading platform" or to make a decision on liquidation of the payment organization;
2) to ensure the transfer of all data (information) accounted for and stored on their digital platforms, including data (information) about issuers of digital financial assets, holders of digital financial assets and digital financial assets belonging to them, to another operator of the digital financial assets platform, operator of the digital assets trading platform in the order determined by the National Bank of the Republic of Kazakhstan.
Chapter 3. DIGITAL MINING
Article 8. Digital mining activity
1. Digital mining activity is carried out by a digital miner through a digital mining pool using a data center of digital mining.
2. Digital miners carry out their activity in accordance with licenses for carrying out digital mining activity.
3. The owner of unsecured digital assets arising as a result of digital mining is the digital miner.
4. Excluded in accordance with the Law of the Republic of Kazakhstan dated 17.11.25 No. 231-VIII (entered into force from January 18, 2026) (see old edition)
Paragraph 5 is amended in the edition of the Law of the Republic of Kazakhstan dated 17.11.25 No. 231-VIII (entered into force from January 18, 2026) (see old edition)
5. Carrying out digital mining activity on the territory of the Republic of Kazakhstan is permitted for individual entrepreneurs, legal entities of the Republic of Kazakhstan and does not relate to the organization of circulation of digital assets.
6. Excluded in accordance with the Law of the Republic of Kazakhstan dated 17.11.25 No. 231-VIII (entered into force from January 18, 2026) (see old edition)
Article 9. Licensing of digital mining activity
1. Digital mining activity is carried out on the basis of a license for carrying out digital mining activity, issued to the applicant for a period of three years.
The license for carrying out digital mining activity is issued according to the following subtypes:
Subtype I - to a digital miner who has a data center of digital mining on the right of ownership or other lawful grounds;

Source: Information System "PARAGRAPH"

II subtype - a digital miner who does not have a data center for digital mining on the right of ownership or other legal grounds and who carries out digital mining using a hardware and software complex for digital mining owned by him, located in a data center for digital mining.

2. Licenses for carrying out digital mining activities are issued in accordance with the requirements of the legislation of the Republic of Kazakhstan and the rules for licensing digital mining activities.

See also: Resolution of the Government of the Republic of Kazakhstan dated April 13, 2023 No. 293 "On Determining the Licensor for Carrying Out Licensing of Digital Mining Activities", Qualification Requirements for Carrying Out Digital Mining Activities and the List of Documents Confirming Compliance with Them

3. The amount, calculation procedure, and payment of the license fee are determined by the Code of the Republic of Kazakhstan "On Taxes and Other Mandatory Payments to the Budget" (Tax Code).

Article supplemented with paragraph 4 in accordance with Law of the Republic of Kazakhstan dated 11.12.23 No. 44-VIII (entered into force on February 11, 2024); amendments made in accordance with Law of the Republic of Kazakhstan dated 16.01.26 No. 259-VIII (entered into force on May 1, 2026) (see old version).

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

1) identification of unreliable information when obtaining a license for carrying out digital mining activities;

2) failure by the digital miner to comply with requirements established by the legislation of the Republic of Kazakhstan;

Amendments made to sub-item 3 in accordance with Law of the Republic of Kazakhstan dated 16.01.26 No. 259-VIII (entered into force on May 1, 2026) (see old version).

3) failure to eliminate violations within the established time frame following an unscheduled inspection by the authorized body in the field of digital mining;

Amendments made to sub-item 4 in accordance with Law of the Republic of Kazakhstan dated 16.01.26 No. 259-VIII (entered into force on May 1, 2026) (see old version).

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

Amendments made to sub-item 5 in accordance with Law of the Republic of Kazakhstan dated 16.01.26 No. 259-VIII (entered into force on May 1, 2026) (see old version).

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

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

Article supplemented with paragraph 5 in accordance with Law of the Republic of Kazakhstan dated 11.12.23 No. 44-VIII (entered into force on February 11, 2024).

5. The decision on suspending the license for carrying out digital mining activities must indicate the reasons and the term of suspension of the license for carrying out digital mining activities.

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

Article supplemented with paragraph 6 in accordance with Law of the Republic of Kazakhstan dated 11.12.23 No. 44-VIII (entered into force on February 11, 2024).

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6. Resumption of the license for carrying out digital mining activities is carried out upon the appeal 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".

Article supplemented with paragraph 7 in accordance with Law of the Republic of Kazakhstan dated 11.12.23 No. 44-VIII (entered into force on February 11, 2024).

7. Revocation of the license for carrying out digital mining activities is carried out by the court.

Article 10. Activities of Digital Mining Pools

1. Accreditation of a digital mining pool is a procedure as a result of which a digital mining pool acquires official recognition of compliance of its activities with requirements established by the legislation of the Republic of Kazakhstan.

Accreditation of digital mining pools is carried out at their own expense.

2. Mandatory conditions for accreditation of a digital mining pool are:

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

Amendments made to sub-item 2 in accordance with Law of the Republic of Kazakhstan dated 11.12.23 No. 44-VIII (entered into force on February 11, 2024) (see old version).

2) availability of test protocols with positive test results for compliance with information security requirements;

3) compliance with other requirements determined by the rules for accreditation of digital mining pools.

See: Order of the Minister of Digital Development, Innovations and Aerospace Industry of the Republic of Kazakhstan dated April 11, 2023 No. 142/NQ "On Approval of the Rules for Accreditation of Digital Mining Pools"

Amendments made to paragraph 3 in accordance with Law of the Republic of Kazakhstan dated 16.01.26 No. 259-VIII (entered into force on May 1, 2026) (see old version).

3. A digital mining pool provides information to the authorized body in the field of digital mining and the authorized body carrying out leadership in the field of ensuring revenues and other mandatory payments to the budget in accordance with the rules for submitting information about the income of digital miners and digital mining pools for tax purposes.

See also: form for submitting information by a digital mining pool about digital assets distributed by it among persons carrying out digital mining activities.

Amendments made to paragraph 4 in accordance with Law of the Republic of Kazakhstan dated 17.11.25 No. 231-VIII (entered into force on January 18, 2026) (see old version).

4. Distribution of digital assets arising (created) as a result of the activities of digital mining pools among digital miners does not relate to the organization of circulation of digital assets.

Article 11. Excluded in accordance with Law of the Republic of Kazakhstan dated 16.01.26 No. 259-VIII (entered into force on May 1, 2026) (see old version).

Chapter 3 supplemented with Article 11-1 in accordance with Law of the Republic of Kazakhstan dated 16.01.26 No. 259-VIII (entered into force on March 19, 2026).

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

Source: Information System "PARAGRAPH"

1. National Strategic Crypto Reserve - a fund created to carry out investments in digital assets, derivative financial instruments, the underlying asset of which are digital assets, as well as shares and stakes of companies developing and/or investing in digital assets.

2. Management of the National Strategic Crypto Reserve is carried out by the Joint Stock Company "National Bank of the Republic of Kazakhstan", providing brokerage, dealing services, and investment portfolio management services.

3. An annual report on the results of management of the National Strategic Crypto Reserve is submitted for consideration to the Council for Management of the National Fund of the Republic of Kazakhstan.

4. Investment of assets of the National Strategic Crypto Reserve is carried out in accordance with the legal acts of the National Bank of the Republic of Kazakhstan.

Amendments made to Article 12 in accordance with Law of the Republic of Kazakhstan dated 06.04.24 No. 71-VIII (entered into force on June 8, 2024) (see old version); redacted in accordance with Law of the Republic of Kazakhstan dated 16.01.26 No. 259-VIII (entered into force on May 1, 2026) (see old version).

Article 12. State Control in the Field of Digital Assets, Excluding Digital Financial Assets

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

See: Joint Order of the Minister of Digital Development, Innovations and Aerospace Industry of the Republic of Kazakhstan dated April 25, 2023 No. 164/NQ and the Minister of National Economy of the Republic of Kazakhstan dated April 26, 2023 No. 49 "On Approval of the Inspection Sheet in the Field of Digital Assets Regarding Digital Miners", Joint Order of the Minister of Digital Development, Innovations and Aerospace Industry of the Republic of Kazakhstan dated June 8, 2023 No. 172/NQ and the Minister of National Economy of the Republic of Kazakhstan dated June 12, 2023 No. 106 "On Approval of the Inspection Sheet in the Field of Secured Digital Assets Regarding Persons Carrying Out Issuance and Circulation of Secured Digital Assets"

Law supplemented with Chapter 3-1 in accordance with Law of the Republic of Kazakhstan dated 16.01.26 No. 259-VIII (entered into force on May 1, 2026).

Chapter 3-1. UNENCUMBERED DIGITAL ASSETS

Article 12-1. Circulation of Unencumbered Digital Assets

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

1) issuance and organization of circulation of unencumbered digital assets, including purchase, sale and/or exchange of unencumbered digital assets, carried out by operators of exchange of unencumbered digital assets or operators of a digital asset trading platform, having a license of the National Bank of the Republic of Kazakhstan or registration in the National Bank of the Republic of Kazakhstan.

The procedure for carrying out activities by operators of exchange of unencumbered digital assets, including the procedure for conducting operations for the purchase, sale and/or exchange of unencumbered digital assets, is determined by the National Bank of the Republic of Kazakhstan.

Source: Information System "PARAGRAPH"

Operators of exchange of unencumbered digital assets are obliged to implement a system for analysis and control of operations, the requirements for which are determined by the National Bank of the Republic of Kazakhstan;

2) issuance and organization of circulation of unencumbered digital assets on the territory of the International Financial Center "Astana" through digital asset exchanges of the International Financial Center "Astana" and through other participants of the International Financial Center "Astana", having the corresponding license for carrying out activities related to digital assets.

Requirements for digital asset exchanges and other participants of the International Financial Center "Astana", having the corresponding license for carrying out activities related to digital assets of the International Financial Center "Astana", are determined in accordance with the current law of the International Financial Center "Astana";

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

4) circulation (turnover) of digital assets by law enforcement and special state bodies, related to the seizure, confiscation, and confiscation of digital assets;

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

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

2. On the territory of the Republic of Kazakhstan, unencumbered digital assets are not recognized as a means of payment, financial instruments, or financial assets.

Digital assets that do not meet the requirements established by this Law regarding digital financial assets are recognized as unencumbered digital assets on the territory of the Republic of Kazakhstan for the purposes of this Law.

3. Operators of exchange of unencumbered digital assets and digital asset exchanges of the International Financial Center "Astana" serve client operations using bank accounts opened in second-level banks of the Republic of Kazakhstan and/or at the National Post Operator.

A second-level bank and the National Post Operator open bank accounts for digital asset providers upon presentation of the corresponding license (permit) for carrying out activities related to digital assets.

The procedure for interaction between digital asset exchanges and other participants of the International Financial Center "Astana", having the corresponding license for carrying out activities related to digital assets of the International Financial Center "Astana", with second-level banks and the National Post Operator is determined by an act of the International Financial Center "Astana" 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 unencumbered digital assets with second-level banks and the National Post Operator is determined by the National Bank of the Republic of Kazakhstan.

The list, deadlines, and procedure for submitting reports by digital asset exchanges of the International Financial Center "Astana" and other participants of the International Financial Center "Astana", having the corresponding license for carrying out

Source: Information System "PARAGRAPH"

activities related to digital assets of the International Financial Center "Astana", are determined by an act of the International Financial Center "Astana" in agreement with the National Bank of the Republic of Kazakhstan.

4. Persons carrying out exchange operations with unencumbered digital assets through operators of exchange of unencumbered digital assets, digital asset exchanges of the International Financial Center "Astana", and operators of digital asset trading platforms independently bear responsibility for changes in the cost of unencumbered digital assets.

Operators of exchange of unencumbered digital assets, operators of digital asset trading platforms, digital asset exchanges of the International Financial Center "Astana", and other participants of the International Financial Center "Astana", having the corresponding license for carrying out activities related to digital assets of the International Financial Center "Astana", are obliged to inform the person carrying out exchange operations with unencumbered digital assets about the risks associated with the acquisition, ownership of unencumbered digital assets, and carrying out operations with them.

5. An operator of exchange of unencumbered digital assets serves client operations in accordance with restrictions and limits established by the National Bank of the Republic of Kazakhstan.

6. An operator of exchange of unencumbered digital assets serves client operations after conducting client identification in the manner provided for by the legislation of the Republic of Kazakhstan.

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

8. Operators of exchange of unencumbered digital assets, operators of digital asset trading platforms, digital asset exchanges of the International Financial Center "Astana", and other participants of the International Financial Center "Astana", having the corresponding license for carrying out activities related to digital assets of the International Financial Center "Astana", participants of 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 unencumbered digital assets, collect and store information about the sender and recipient of digital assets, including information allowing identification of 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 information specified in paragraph 8 of this article, operators of exchange of unencumbered digital assets, operators of digital asset trading platforms, digital asset exchanges of the International Financial Center "Astana", and other participants of the International Financial Center "Astana", having the corresponding license for carrying out activities related to digital assets of the International Financial Center "Astana", participants of 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 operation for a period of not less than forty-eight hours until the required information is provided by the client.

In the event that the client fails to provide information necessary for the identification of the sender and/or recipient, after the expiration of the established term, operators of exchange of unencumbered digital assets, operators of digital asset trading platforms, digital asset exchanges of the International Financial Center "Astana", and other participants of the International Financial Center "Astana", having the corresponding license for carrying out activities related to digital assets

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of the International Financial Center "Astana", participants of the special regulatory regime of the National Bank of the Republic of Kazakhstan, carrying out activities in the field of digital assets, refuse to carry out the operation.

10. Operators of exchange of unencumbered digital assets, operators of digital asset trading platforms, digital asset exchanges of the International Financial Center "Astana", and other participants of the International Financial Center "Astana", having the corresponding license for carrying out activities related to digital assets of the International Financial Center "Astana", do not charge a commission from state, law enforcement, and special state bodies, including authorized bodies for organizing work on accounting, storage, valuation, and further use of property transferred (received) into state ownership, 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 operations with digital assets.

Article 12-2. Regulation of Activities of an Operator of Exchange of Unencumbered Digital Assets

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

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

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

The procedure for licensing an operator of exchange of unencumbered digital assets and qualification requirements for an operator of exchange of unencumbered digital assets are determined by the National Bank of the Republic of Kazakhstan.

4. The normative legal act of the National Bank of the Republic of Kazakhstan, provided for in the second part of paragraph 3 of this article, includes:

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

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

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

4) requirements for information security;

5) procedure for reorganization of an operator of exchange of unencumbered digital assets.

5. An application for obtaining a license for exchange operations with unencumbered digital assets is considered by the National Bank of the Republic of Kazakhstan within twenty working days from the date of submission by the applicant of the full package of documents specified in the normative legal act of the National Bank of the Republic of Kazakhstan.

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

1) an application in the form established by the National Bank of the Republic of Kazakhstan, containing in particular information about the manager (members) of the executive body (with

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attachment of copies of the diploma (diplomas) and a document confirming the labor activity of the employee in accordance with the Labor Code of the Republic of Kazakhstan);

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

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

4) a document determining the procedure for interaction between an operator of exchange of unencumbered digital assets with a bank or National Post Operator, with a digital asset exchange or other persons providing access to unencumbered digital assets;

5) rules for carrying out activities of an operator of exchange of unencumbered digital assets, approved by the management body of an operator of exchange of unencumbered digital assets.

The list of mandatory conditions and rules for carrying out activities of an operator of exchange of unencumbered digital assets 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 attached documents and information.

7. A fee is charged for issuing a license for exchange operations with unencumbered digital assets, the size and procedure for payment of which are determined by the tax legislation of the Republic of Kazakhstan.

8. A license for exchange operations with unencumbered digital assets is issued for an unlimited term.

9. A decision on issuing a license for exchange operations with unencumbered digital assets is posted on the internet resource of the National Bank of the Republic of Kazakhstan in Kazakh and Russian.

10. The authorized capital of an operator of exchange of unencumbered digital assets is formed exclusively in money in the national currency of the Republic of Kazakhstan.

The authorized capital of an operator of exchange of unencumbered digital assets is formed before the appeal of the applicant, intending to carry out activities as an operator of exchange of unencumbered digital assets, to the National Bank of the Republic of Kazakhstan to obtain a license for exchange operations with unencumbered digital assets.

11. An operator of exchange of unencumbered digital assets ensures compliance with international standards for combating money laundering, terrorism financing, and financing of the proliferation of weapons of mass destruction, and the legislation of the Republic of Kazakhstan on combating legalization (laundering) of proceeds obtained criminally, terrorism financing, and financing of the proliferation of weapons of mass destruction.

An operator of exchange of unencumbered digital assets forms a risk management and internal control system.

The procedure for forming a risk management and internal control system of an operator of exchange of unencumbered digital assets is determined by the National Bank of the Republic of Kazakhstan.

12. Participation of an operator of exchange of unencumbered digital assets in the authorized capital of other organizations (residents and non-residents of the Republic of Kazakhstan) is not permitted.

13. The exclusive type of entrepreneurial activity of an operator of exchange of unencumbered digital assets is carrying out exchange operations with unencumbered digital assets.

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14. The procedure for submitting reporting, including forms, frequency, and deadlines for its submission, by operators of unencumbered digital asset exchanges to the National Bank of the Republic of Kazakhstan is determined by the National Bank of the Republic of Kazakhstan.

15. The founders (participants) (one of the founders, participants, or shareholders), beneficial owners of an operator of unencumbered digital asset exchanges are individuals and legal entities - residents and non-residents of the Republic of Kazakhstan, with the exception of:
    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 Countering the Legalization (Money Laundering) of Proceeds Obtained by Criminal Means, Financing of Terrorism and Financing of Proliferation of Weapons of Mass Destruction";
    3) persons registered (residing) in a state (territory) that does not perform or insufficiently performs the recommendations of the Financial Action Task Force (FATF).
    For the purposes of this sub-item, a state (territory) that does not perform or insufficiently performs the recommendations of the Financial Action Task Force (FATF) is understood to be 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 Countering the Legalization (Money Laundering) of Proceeds Obtained by Criminal Means, Financing of Terrorism and Financing of Proliferation of Weapons of Mass Destruction".

16. The executive director of an operator of unencumbered digital asset exchanges is an individual - a resident of the Republic of Kazakhstan, with the exception of:
    1) persons specified in sub-items 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 to an Operator of Unencumbered Digital Asset Exchanges

Refusal to issue a license to an operator of unencumbered digital asset exchanges is made on any of the following grounds:
1) inaccuracy and/or incompleteness of information and/or data in documents submitted for obtaining a license for exchange operations with unencumbered 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) non-compliance of the head of the executive body of an operator of unencumbered digital asset exchanges with established requirements;
4) presence of an unexpunged or unpaid criminal record of a beneficial owner.

Article 12-4. Requirements for the Head of the Executive Body of an Operator of Unencumbered Digital Asset Exchanges

It is prohibited to elect or appoint as the head of the executive body of an operator of unencumbered digital asset exchanges a person:
1) who was a head, member of a governing body, head, member of an executive body, or chief accountant of a financial organization within a period of not more than one year prior to the decision to apply a regulatory regime to a bank, a decision to revoke the license of a financial organization, resulting in its liquidation and/or cessation of activities in the financial market, or the entry into legal force of a court decision on the compulsory liquidation of a financial organization or its bankruptcy in the manner determined by the legislation of the Republic of Kazakhstan or the legislation of the state of which the financial organization - a non-resident of the Republic of Kazakhstan - is a resident;
2) who previously was the head of the executive body of an operator of unencumbered digital asset exchanges excluded from the register of operators of unencumbered digital asset exchanges. The ground specified in this sub-item is applied for five consecutive calendar years from the date of exclusion of the operator of unencumbered digital asset exchanges from the register of operators of unencumbered digital asset exchanges;
3) who does not have an impeccable business reputation.

Article 12-5. Control and Supervision of the Activities of Operators of Unencumbered Digital Asset Exchanges

1. Inspections and other forms of control (supervision) regarding the activities of operators of unencumbered digital asset exchanges are carried out by the National Bank of the Republic of Kazakhstan in accordance with the procedure for organizing and carrying out 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. In order to ensure the protection of the interests of clients of operators of unencumbered digital asset exchanges, the National Bank of the Republic of Kazakhstan applies supervisory response measures to an operator of unencumbered digital asset exchanges for violations of the requirements of the legislation of the Republic of Kazakhstan on digital assets, on countering the legalization (money laundering) of proceeds obtained by criminal means, financing of terrorism, and financing of the proliferation of weapons of mass destruction.

3. Regarding operators of unencumbered digital asset exchanges, the National Bank of the Republic of Kazakhstan has the right to apply the following types of supervisory response measures:
   1) advisory supervisory response measures;
   2) measures to improve financial condition and/or minimize risks;
   3) compulsory supervisory response measures.

4. When determining the expediency of applying supervisory response measures and choosing a supervisory response measure, the following are taken into account:
   1) the level of risk, the nature of violations and/or shortcomings, their consequences;
   2) the scale and significance of the violations and/or shortcomings and their consequences;
   3) the systematicity, duration of violations and/or shortcomings;
   4) the impact of the violations and/or shortcomings on the financial condition;
   5) the ability to correct the situation as a result of applying the chosen supervisory response measure;
   6) the presence and effectiveness (effectiveness) of previously applied supervisory response measures;
   7) the adequacy of the applied supervisory response measure to the grounds for its application;
   8) the reasons that caused the emergence of identified violations and/or shortcomings, and/or risks.

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5. An advisory supervisory response measure is documented by a letter of the National Bank of the Republic of Kazakhstan, contains the grounds for applying this measure and notification of identified shortcomings, risks, or violations and/or recommendations for eliminating identified shortcomings, 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 shortcomings, risks, or violations, as well as non-compliance with advisory supervisory response measures.

6. The National Bank of the Republic of Kazakhstan, in order to eliminate shortcomings, risks, or violations, applies measures to improve financial condition and/or minimize risks. Measures to improve financial condition and/or minimize risks are applied in the form of a written order or written agreement. The National Bank of the Republic of Kazakhstan indicates in the written order the adoption of mandatory measures for execution and the necessity of submitting within the deadline established in the written order a plan of activities for their execution. The plan of activities contains a description of shortcomings, risks, or violations, reasons that led to their emergence, a list of planned activities, deadlines for their implementation, as well as responsible executive directors for the execution of each point of the plan of activities.

The National Bank of the Republic of Kazakhstan considers the plan of activities submitted by the person to whom measures to improve financial condition and/or minimize risks have been applied within a period not exceeding ten working days after the date of its receipt by the National Bank of the Republic of Kazakhstan. In the presence of comments by the National Bank of the Republic of Kazakhstan on the submitted plan of activities and/or if the volume of planned activities exceeds twenty measures, the consideration period of the plan of activities is extended only once for no more than ten working days.

In the presence of comments by the National Bank of the Republic of Kazakhstan on the plan of activities submitted by the person to whom measures to improve financial condition and/or minimize risks have been applied, the National Bank of the Republic of Kazakhstan sends written comments on it and/or conducts joint discussions for the purpose of refining the plan of activities. At the same time, the person to whom measures to improve financial condition and/or minimize risks have been applied submits a refined plan of activities taking into account the comments of the National Bank of the Republic of Kazakhstan within the deadlines specified in the letter of the National Bank of the Republic of Kazakhstan, or in case of disagreement with such comments, submits their justifications.

The National Bank of the Republic of Kazakhstan in writing approves or does not approve the plan of activities submitted by the person to whom measures to improve financial condition and/or minimize risks have been applied.

In case of approval by the National Bank of the Republic of Kazakhstan of the submitted plan of activities, the person to whom measures to improve financial condition and/or minimize risks have been applied proceeds to its implementation.

7. The National Bank of the Republic of Kazakhstan applies compulsory supervisory response measures in order to eliminate violations in the activities of an operator of unencumbered digital asset exchanges.

The person to whom a compulsory supervisory response measure has been applied, within the period established by the compulsory supervisory response measure, submits to the National Bank of the Republic of Kazakhstan a plan of activities for fulfilling the requirements of the National Bank of the Republic of Kazakhstan, indicating the list of planned activities, deadlines for their implementation, as well as responsible executive directors for the execution of each point of the plan of activities for fulfilling the requirements of the National Bank of the Republic of Kazakhstan.

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The National Bank of the Republic of Kazakhstan considers the plan of activities for fulfilling the requirements of the National Bank of the Republic of Kazakhstan within a period not exceeding ten working days after the date of its receipt by the National Bank of the Republic of Kazakhstan.

In the presence of comments by the National Bank of the Republic of Kazakhstan on the plan of activities for fulfilling the requirements of the National Bank of the Republic of Kazakhstan submitted by the person to whom a compulsory supervisory response measure has been applied, the National Bank of the Republic of Kazakhstan sends written comments on it and/or conducts joint discussions for the purpose of refining the plan of activities. At the same time, the person to whom a compulsory supervisory response measure has been applied submits a plan of activities for fulfilling the requirements of the National Bank of the Republic of Kazakhstan, refined taking into account the comments of the National Bank of the Republic of Kazakhstan, within the deadlines specified in the letter of the National Bank of the Republic of Kazakhstan, or in case of disagreement with such comments, submits their justifications.

The National Bank of the Republic of Kazakhstan in writing approves the plan of activities for fulfilling the requirements of the National Bank of the Republic of Kazakhstan submitted by the person to whom a compulsory supervisory response measure has been applied, or sends its conclusion on it, which indicates to the person to whom a compulsory supervisory response measure has been applied the necessity of correcting the planned activities and/or deadlines for their implementation.

8. The execution by the person to whom measures to improve financial condition and/or minimize risks, as well as a compulsory supervisory response measure, have been applied, of the activities provided for by the plan of activities for fulfilling the requirements of the National Bank of the Republic of Kazakhstan, begins from the date of receipt of the approved plan of activities for fulfilling the requirements of the National Bank of the Republic of Kazakhstan or the conclusion of the National Bank of the Republic of Kazakhstan, which indicates to the person to whom a supervisory response measure has been applied the necessity of correcting the planned activities and/or deadlines for their implementation.

The person to whom measures to improve financial condition and/or minimize risks, as well as a compulsory supervisory response measure, have been applied, notifies the National Bank of the Republic of Kazakhstan about the execution of activities, including for each activity provided for by the plan of activities 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, specified in the plan of activities for fulfilling the requirements of the National Bank of the Republic of Kazakhstan.

Article 12-6. Grounds for Suspension of Action or Revocation of License of an Operator of Unencumbered Digital Asset Exchanges

1. Suspension of licenses for conducting exchange operations with unencumbered digital assets is made on any of the following grounds:
   1) establishment of inaccuracy of information on the basis of which a license for conducting exchange operations with unencumbered digital assets was issued;
   2) non-compliance by an operator of unencumbered digital asset exchanges with requirements for executive directors and/or participants (shareholders) of an operator of unencumbered digital asset exchanges;
   3) carrying out by an operator of unencumbered digital asset exchanges operations beyond the limits of its legal capacity established by this Law, the charter of an operator of unencumbered digital asset exchanges, or a license for exchange operations with unencumbered digital assets;
   4) non-compliance with qualification requirements imposed on an operator of unencumbered digital asset exchanges;
   5) systematic (three or more times within twelve consecutive calendar months) non-submission to the National Bank of the Republic of Kazakhstan information on services related to the purchase, sale, and/or exchange of unencumbered digital assets;
   6) systematic (three or more times within twelve consecutive calendar months) submission to the National Bank of the Republic of Kazakhstan inaccurate information on services related to the purchase, sale, and/or exchange of unencumbered digital assets;
   7) hindrance by an operator of unencumbered digital asset exchanges to the conduct of control and supervision by the National Bank of the Republic of Kazakhstan.

2. Revocation of licenses for conducting exchange operations with unencumbered digital assets is made on any of the following grounds:
   1) adoption by an operator of unencumbered digital asset exchanges of a decision to voluntarily cease its activities through reorganization or liquidation, or adoption by a court of a decision to cease the activities of an operator of unencumbered digital asset exchanges;
   2) systematic (three or more times within twenty-four consecutive calendar months) violation of the legislation of the Republic of Kazakhstan on matters within the competence of the National Bank of the Republic of Kazakhstan;
   3) systematic (three or more times within twelve consecutive calendar months) non-execution of supervisory response measures applied by the National Bank of the Republic of Kazakhstan;
   4) carrying out by an operator of unencumbered digital asset exchanges another type of entrepreneurial activity;
   5) non-implementation by an operator of unencumbered digital asset exchanges in accordance with the license issued for conducting exchange operations with unencumbered digital assets activities for twelve consecutive calendar months from the date of its issuance or cessation of its activities for a period of more than six months in a row.

3. A decision on the suspension of action or revocation of a license of an operator of unencumbered digital asset exchanges for conducting exchange operations with unencumbered digital assets, with the exception of a decision on the revocation of a license on the ground provided for by sub-item 1) of paragraph 2 of this Article, enters into force from the day of bringing such decision to the attention of the operator of unencumbered digital asset exchanges by the National Bank of the Republic of Kazakhstan.

The National Bank of the Republic of Kazakhstan notifies the operator of unencumbered digital asset exchanges of the preliminary decision on the suspension of action or revocation of the license of an operator of unencumbered digital asset exchanges no less than three working days before the day of the decision on the suspension of action or revocation of the license.

4. A decision on the revocation of a license for conducting exchange operations with unencumbered digital assets, with the exception of cases provided for by sub-item 1) of paragraph 2 of this Article, may be appealed on behalf of an operator of unencumbered digital asset exchanges only by its first head.

Chapter 4. FINAL AND TRANSITIONAL PROVISIONS

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Article 13. Liability for Violation of the Legislation of the Republic of Kazakhstan in the Field of Digital Assets

Violation of the legislation of the Republic of Kazakhstan on digital assets entails liability established by the laws of the Republic of Kazakhstan.

See: Methodological Recommendations for Identifying Illegal Operations Using Digital Assets

Amendments have been made to Article 14 in accordance with the Law of the Republic of Kazakhstan dated 17.11.25 No. 231-VIII (entered into force from January 18, 2026) (see old version).

Article 14. Procedure for Entering This Law into Force

This Law enters into force from April 1, 2023.

President
Republic of Kazakhstan
K. TOKAYEV
Astana, Akorda, February 6, 2023
No. 193-VII ZRK