On Approval of Requirements for Organizations Holding the Base Asset of a Digital Financial Asset Regarding Digital Financial Assets Whose Base Asset is Money and Its Equivalents

NATIONAL BANK OF THE REPUBLIC OF KAZAKHSTAN		DECISION OF THE BOARD
of April 29, 2026 Astana city		No. 48 Astana city

On Approval of Requirements for Organizations Holding the Base Asset of a Digital Financial Asset Regarding Digital Financial Assets Whose Base Asset is Money and Its Equivalents

In accordance with subparagraph 3) of part two of paragraph 1 of Article 4 of the Law of the Republic of Kazakhstan "On Digital Assets in the Republic of Kazakhstan", the Board of the National Bank of the Republic of Kazakhstan DECIDES:

1. Approve the attached Requirements for Organizations Holding the Base Asset of a Digital Financial Asset Regarding Digital Financial Assets Whose Base Asset is Money and Its Equivalents (hereinafter – Requirements).

2. The Department of Payment Systems and Digital Financial Technologies of the National Bank of the Republic of Kazakhstan shall, in the manner established by the legislation of the Republic of Kazakhstan, ensure:

1. jointly with the Legal Department of the National Bank of the Republic of Kazakhstan, the state registration of this decision in the Ministry of Justice of the Republic of Kazakhstan;

2. publication of this decision on the official website of the National Bank of the Republic of Kazakhstan after its official publication;

3. submission to the Legal Department of the National Bank of the Republic of Kazakhstan, within ten working days after the state registration of this decision, information on the implementation of the measure provided for in subparagraph 2) of this paragraph.

3. Supervision over the implementation of this decision shall be entrusted to the Deputy Chairman of the National Bank of the Republic of Kazakhstan in charge of the relevant area.

4. This decision shall enter into force on May 1, 2026, and shall be subject to official publication.

Suspend until July 12, 2026, the effect of paragraph 8 of the Requirements, establishing that during the suspension period, this paragraph shall operate in the following edition:

"8. An organization holding the base asset of a digital financial asset shall organize an information security management system to protect information systems ensuring the accounting and storage of the base asset of a digital financial asset."

Chairman		T.M. Suleimenov

Approved

by the Decision of the Board

of the National Bank

of the Republic of Kazakhstan

of April 29, 2026 No. 48

Requirements for Organizations Holding the Base Asset of a Digital Financial Asset Regarding Digital Financial Assets Whose Base Asset is Money and Its Equivalents

Chapter 1. General Provisions

1. These Requirements for Organizations Holding the Base Asset of a Digital Financial Asset Regarding Digital Financial Assets Whose Base Asset is Money and Its Equivalents (hereinafter – Requirements) are developed in accordance with subparagraph 3) of part two of paragraph 1 of Article 4 of the Law of the Republic of Kazakhstan "On Digital Assets in the Republic of Kazakhstan" (hereinafter – Law on Digital Assets).

The Requirements include requirements for organizations holding the base asset of a digital financial asset regarding digital financial assets whose base asset is money and its equivalents (hereinafter – organization holding the base asset of a digital financial asset), the contract for holding the base asset of a digital financial asset, the conditions for the client's use of money serving as the base asset of stablecoins, as well as the transfer of the base assets of stablecoin clients to a new organization holding the base asset of a digital financial asset.

2. The Requirements use the concepts provided for by the Law on Digital Assets and the Law of the Republic of Kazakhstan "On the Securities Market", as well as the following concepts:

equivalents of money – highly liquid assets acquired by the issuer of digital financial assets, whose base asset is money, for investing a part of the money serving as the base asset of a digital financial asset;

client – the issuer of digital financial assets whose base asset is money and its equivalents.

Chapter 2. Requirements for Organizations Holding the Base Asset of a Digital Financial Asset

3. The activities of an organization holding the base asset of a digital financial asset are carried out by second-tier banks of the Republic of Kazakhstan, the National Post Operator, the Central Depository, and the Stock Exchange.

The Central Depository and the Stock Exchange carry out activities for holding the base asset of a digital financial asset in accordance with the Requirements and their internal documents in the part not regulated by the Requirements.

4. An organization holding the base asset of a digital financial asset is responsible for the safety, accuracy, and relevance of the accounting of the base asset of a digital financial asset of the client from the moment of its actual receipt for storage and crediting to the client's account opened in the accounting system of the organization holding the base asset of a digital financial asset.

5. An organization holding the base asset of a digital financial asset does not use the base assets of digital financial assets of clients entrusted to it for its own interests, for the interests of its affiliates, including does not satisfy its obligations and the obligations of its affiliates with them, does not pledge them, and does not perform any actions regarding the specified assets not provided for by the legislation of the Republic of Kazakhstan.

6. An organization holding the base asset of a digital financial asset in the course of its activities:

1. opens an account for the client for accounting of the base assets of stablecoins;

2. ensures the accounting and storage of the base assets of stablecoins transferred for storage;

3. ensures the confidentiality of information about the base assets of stablecoins transferred for storage;

4. carries out control over the state of the base asset serving as collateral for the fulfillment of the issuer's obligations to stablecoin holders;

5. ensures the segregated storage and accounting of the base assets of stablecoin clients from the own assets of the issuer of digital financial assets by opening a separate bank account for the storage and accounting of money serving as the base asset of a digital financial asset;

6. reports to clients on the status of their accounts no less than once a month and upon their request;

7. Relations between an organization holding the base asset of a digital financial asset and its client arise on the basis of a contract for holding the base asset of a digital financial asset, to which the norms of the storage and mandate contract established by the Civil Code of the Republic of Kazakhstan apply.

8. An organization holding the base asset of a digital financial asset organizes a cybersecurity management system to protect digital systems ensuring the accounting and storage of the base asset of a digital financial asset.

9. An organization holding the base asset of a digital financial asset assists the digital financial asset platform operator in carrying out control over the compliance of the cost of the base assets of stablecoins with the volume of stablecoin issuance in accordance with the procedure and conditions determined by the contract for holding the base asset of a digital financial asset.

For the purpose of registering the issuance of stablecoins, the organization holding the base asset of digital financial assets informs the digital financial asset platform operator about the availability and amounts of the base assets of stablecoins.

Upon receiving information from the digital financial asset platform operator about the identification of a discrepancy between the cost of the remaining base assets and the actual volume of stablecoin issuance in the ratio provided for by the requirements of the legislation of the Republic of Kazakhstan and (or) the conditions of stablecoin issuance, the organization holding the base asset of a digital financial asset does not allow the stablecoin issuer to use the base asset until the stablecoin issuer brings the cost of the remaining base assets into compliance with the volume of stablecoin issuance.

10. In the event of termination of the contract for holding the base asset of a digital financial asset between the issuer of a digital financial asset whose base asset is money and the holding organization, the organization holding the base asset, upon the instruction of the issuer of the digital financial asset whose base asset is money, carries out the transfer of the base asset of the digital financial asset to a new organization holding the base asset of a digital financial asset.

The transfer of the base assets of stablecoins to a new organization holding the base asset of a digital financial asset is carried out in the manner provided for by the Requirements, the contract for holding the base asset of a digital financial asset, and the internal documents of the organization holding the base asset of a digital financial asset.

11. For the purpose of carrying out the transfer of the base assets of stablecoin clients by a new organization holding the base asset of a digital financial asset:

1. the volume and list of base assets of stablecoins transferred, acquired by the client as a result of using a part of the base asset of the stablecoin, are determined;

2. a list of documents to be transferred is compiled;

3. an act of acceptance and transfer of the base assets of stablecoins is compiled.

The list of transferred base assets of stablecoins indicates all base assets of stablecoins of the client held in the organization holding the base asset of a digital financial asset.

12. When carrying out the transfer of the base assets of stablecoins by an organization holding the base asset of a digital financial asset, copies of the following documents are transferred:

1. statements from the personal account opened for the client in the accounting system of the organization holding the base asset of a digital financial asset and the sub-account opened in the accounting system of the Central Depository (in the case of transfer of highly liquid assets), compiled as of the date of transfer of the base assets of stablecoins (at 00 hours 00 minutes of the time of the city of Astana);

2. reconciliation acts between the organization holding the base asset of a digital financial asset and the client, compiled as of the date of transfer of the base assets of stablecoins (at 00 hours 00 minutes of the time of the city of Astana), as well as documents on the basis of which the reconciliation was carried out;

3. instructions (orders) of clients for carrying out operations on client accounts opened in the accounting system of the organization holding the base asset of a digital financial asset, as well as other documents related to the activities for holding the base assets of digital financial assets of this client, within the framework of the contract for holding the base asset of a digital financial asset.

13. When carrying out the transfer of the base assets of stablecoins to a new organization holding the base asset of a digital financial asset, an act of acceptance and transfer of the base assets of stablecoins is compiled, which contains the following information:

1. the date of compilation of the act of acceptance and transfer of the base assets of stablecoins, the date of conclusion by the client of the contract for holding the base asset of a digital financial asset;

2. information about the client whose base assets of stablecoins are transferred for storage to a new organization holding the base asset of a digital financial asset;

3. information about operations with the base assets of stablecoins carried out from the date of conclusion of the contract for holding the base asset of a digital financial asset and the balances of the base assets of stablecoins as of the date of compilation of the act of acceptance and transfer of the base assets of stablecoins;

4. a list of documents to be transferred to a new organization holding the base asset of a digital financial asset;

5. details of the parties.

Chapter 3. Types of Equivalents of Money, Their Storage and Accounting

14. Money serving as the base asset of digital financial assets is placed in bank accounts intended for accounting of client money of the person (nominee – organization holding the base asset of digital financial assets) carrying out the functions of a nominee holder.

The use by the client of money serving as the base asset of stablecoins is allowed in an amount not exceeding 50 (fifty) percent of the volume of stablecoin issuance, for investment in equivalents of money:

1. in state emission securities, the issuer of which is the National Bank and the Government of the Republic of Kazakhstan in accordance with paragraph 6 of Article 139 of the Budget Code of the Republic of Kazakhstan;

2. in state securities issued by foreign states with a sovereign rating not lower than the level of the sovereign rating of the Republic of Kazakhstan;

3. money in savings accounts in second-tier banks of the Republic of Kazakhstan.

15. The accounting and storage of equivalents of money provided for in subparagraphs 1), 2) and 3) of part two of paragraph 14 of the Requirements, acquired as a result of the client's use of a part of money serving as the base asset of stablecoins, are carried out by organizations holding the base asset of a digital financial asset possessing a license for custodial activities and safe deposit operations, the Central Depository, and the Stock Exchange.

16. An organization holding the base asset of a digital financial asset ensures control over the state of equivalents of money acquired as a result of the client's use of a part of money serving as the base asset of stablecoins, in terms of preventing their use, including assignment or sale, for purposes not provided for by the conditions of the Requirements and the issuance of the stablecoin.

The client provides the organization holding the base asset of a digital financial asset with access to information and documents, fulfills the conditions and procedures provided for by the legislation of the Republic of Kazakhstan and the contract for holding the base asset of a digital financial asset for the safety of money and equivalents of money provided for in paragraph 14 of the Requirements, acquired as a result of the client's use of a part of money serving as the base asset of stablecoins, including placement only in accounts and assets provided for by the conditions of the Requirements, prevention of assignment or sale for purposes not provided for by the conditions of stablecoin issuance, as well as assists in carrying out reconciliations and checks to control the compliance of the base asset with the volume of stablecoin issuance.

In the participation of several organizations holding the base asset of a digital financial asset, the stablecoin issuer is responsible for controlling the compliance of the cost of the base asset (including the state of equivalents of money provided for in paragraph 14 of the Requirements, acquired as a result of the client's use of a part of money serving as the base asset of stablecoins) with the volume of stablecoin issuance and ensures its implementation by organizing regular reconciliation of data on the balances of the base asset with operations on the issuance of digital financial assets jointly with the operator of the digital financial asset platform.

Organizations holding the base asset and the issuer of digital financial assets provide the operator of the digital financial asset platform with the necessary information for carrying out such reconciliation.

17. An organization holding the base asset of a digital financial asset, for the purpose of ensuring up-to-date accounting of equivalents of money acquired as a result of the client's use of a part of money serving as the base asset of stablecoins and transferred to it for storage, no less than once a month carries out a reconciliation of data from its client accounting system with data from the accounting system of the Central Depository and (or) international depository-clearing systems, as well as with data from the foreign nominee holder.