On Approval of Rules for Applying Limited Impact Measures to Digital Financial Assets Platform Operators and Digital Assets Trading Platform Operators

NATIONAL BANK OF THE REPUBLIC OF KAZAKHSTAN		DECISION OF THE BOARD
dated April 29, 2026 Astana city		No. 49 Astana city

On Approval of Rules for Applying Limited Impact Measures to Digital Financial Assets Platform Operators and Digital Assets Trading Platform Operators

In accordance with Subparagraph 8) of Part 2, Paragraph 1, 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 Rules for Applying Limited Impact Measures to Digital Financial Assets Platform Operators and Digital Assets Trading Platform Operators.

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

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

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

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

Chairman		T.M. Suleimenov

Approved

by the Decision of the Board

of the National Bank

of the Republic of Kazakhstan

dated April 29, 2026 No. 49

Rules

for applying limited impact measures to digital financial assets platform operators and digital assets trading platform operators

Chapter 1. General Provisions

1. These Rules for Applying Limited Impact Measures to Digital Financial Assets Platform Operators and Digital Assets Trading Platform Operators (hereinafter – the Rules) are developed in accordance with Subparagraph 8) of Part 2, Paragraph 1, Article 4 of the Law of the Republic of Kazakhstan "On Digital Assets in the Republic of Kazakhstan" and define the procedure for applying limited impact measures by the National Bank of the Republic of Kazakhstan (hereinafter – the National Bank) with respect to digital financial assets platform operators and digital assets trading platform operators (hereinafter – digital asset market participants).

2. The Rules use concepts provided for by the Law of the Republic of Kazakhstan "On Digital Assets in the Republic of Kazakhstan."

3. The National Bank applies a limited impact measure to digital asset market participants if one or more of the following factors are present:

1) risk level;

Risk is understood as the probability of negative consequences in the form of violation of the rights and freedoms of citizens, investors (holders of digital assets), damage to the interests of society and the state resulting from non-fulfillment and/or incomplete fulfillment by digital asset market participants of requirements established by the legislation of the Republic of Kazakhstan on digital assets, on combating the legalization (laundering) of proceeds of crime, terrorism financing, and financing of the proliferation of weapons of mass destruction, on the securities market, as well as deterioration of the ability of digital asset market participants to fulfill their obligations to ensure the functioning of the digital financial assets platform, the digital assets trading platform, or to provide services of the digital financial assets platform operator, the digital assets trading platform operator;

2) the ability to change the situation as a result of applying the chosen limited impact measure;

3) the nature of violations and consequences for digital asset market participants, their clients, and counterparties;

4) the frequency and duration of violations;

5) measures taken (planned) by digital asset market participants to eliminate the violations committed and/or the causes, as well as conditions contributing to their commission;

6) the presence of applied limited impact measures, sanctions for violation of the requirements of the legislation of the Republic of Kazakhstan on matters within the competence of the National Bank, with respect to digital asset market participants;

7) the awareness of the management of digital asset market participants of the committed violations;

8) the analysis of the applied risk management and internal control system;

9) the overall ability of digital asset market participants to ensure the functioning of the digital financial assets platform, the digital assets trading platform, or to provide digital asset services.

4. The analysis of the ability of the digital financial assets platform operator and the digital assets trading platform operator to fulfill their obligations to ensure the functioning of the digital financial assets platform, the digital assets trading platform, is determined based on information on the issuance and/or circulation (trading) of digital financial assets, submitted to the National Bank, reports on digital asset services submitted to the National Bank, assessment materials (self-assessments) of the functioning of the digital financial assets platform, the digital assets trading platform, results of the analysis conducted by the digital financial assets platform operator and the digital assets trading platform operator of the effectiveness of the functioning of the digital financial assets platform and the digital assets trading platform regarding participant satisfaction with the quality of services provided, results of inspections and incoming appeals from individuals and legal entities, government agencies, and analysis of compliance with requirements for the presence of risk management and internal control systems.

5. With respect to digital asset market participants, the National Bank 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 of crime, terrorism financing, and financing of the proliferation of weapons of mass destruction, on the securities market:

1) issuance of a mandatory written directive;

2) issuance of a written warning;

3) conclusion of a written agreement.

6. The National Bank maintains a record of applied limited impact measures and publishes information about applied limited impact measures on its official website, including the name of the digital asset market participant and the type of applied measure.

7. The application of one limited impact measure does not exclude the application of other limited impact measures.

8. A digital asset market participant notifies the National Bank of the fulfillment of a limited impact measure within the timeframes specified in the written directive, written warning, or written agreement.

The notification is sent to the National Bank within 5 (five) working days after the date determined when applying the limited impact measure for the elimination of violations and/or causes, as well as conditions contributing to their commission.

If the timeframe established in the limited impact measure for the elimination of violations and/or causes, as well as conditions contributing to their commission, exceeds one month, the digital asset market participant notifies the National Bank monthly on the phased implementation of conditions and activities aimed at eliminating violations, with copies of supporting documents, by the 5 (fifth) day of the month following the reporting month.

9. The start of the timeframe for the digital asset market participant to fulfill the conditions and activities provided for in the corresponding document of the National Bank on the application of a limited impact measure is considered the date of its actual receipt.

Chapter 2. Issuance of a Mandatory Written Directive

10. A written directive is an instruction to a digital asset market participant to take mandatory corrective measures aimed at eliminating identified violations and/or causes, as well as conditions contributing to their commission, within the timeframe established in the written directive, and/or the necessity of submitting a plan of activities for eliminating identified violations and/or causes, as well as conditions contributing to their commission (hereinafter – plan of activities) within the established timeframe.

11. Corrective measures are specified in the written directive and represent the following mandatory measures:

1) fulfillment of obligations to clients, counterparties, and/or service providers, third parties, with whom the digital asset market participant has concluded contractual obligations aimed at providing digital asset services;

2) elimination of identified violations of requirements established by the legislation of the Republic of Kazakhstan on digital assets, on combating the legalization (laundering) of proceeds of crime, terrorism financing, and financing of the proliferation of weapons of mass destruction, on the securities market, as well as causes and/or conditions contributing to their commission;

3) fulfillment of requirements imposed on the digital asset market participant, established by the legislation of the Republic of Kazakhstan on digital assets, on combating the legalization (laundering) of proceeds of crime, terrorism financing, and financing of the proliferation of weapons of mass destruction, on the securities market.

12. The digital asset market participant, within the timeframe established by the written directive, submits a plan of activities to the National Bank, specifying a description of violations, causes, and/or conditions contributing to their commission, a list of planned activities, timeframes for their implementation, and responsible officials.

13. The National Bank, within 10 (ten) working days from the date of submission of the plan of activities, reviews it and, in case of disagreement, sends its conclusion regarding it, which contains an instruction to the digital asset market participant to correct the planned activities or timeframes for their implementation and to submit an updated plan of activities within the timeframe established by the National Bank.

14. In case the National Bank does not send a conclusion within the timeframe specified in Paragraph 13 of the Rules, the plan of activities is considered accepted.

15. The National Bank monitors the implementation by the digital asset market participant of the accepted plan of activities.

The digital asset market participant notifies the National Bank in writing of the implementation of activities specified in the plan of activities no later than 15 (fifteen) working days after the date of their implementation.

16. The written directive is brought to the attention of the head of the digital asset market participant.

17. The head of the digital asset market participant, within 5 (five) calendar days from the date of receipt of the written directive, informs all members of the executive body of the digital asset market participant about the issuance of the written directive.

18. In case of the impossibility of eliminating violations and/or causes, as well as conditions contributing to their commission, within the timeframes established in the written directive and/or plan of activities for reasons beyond the control of the digital asset market participant, the digital asset market participant sends a letter to the National Bank describing the causes and proposed timeframes for eliminating violations and/or causes, as well as conditions contributing to their commission, and/or changes to the plan of activities specifying proposed timeframes for implementing planned activities 20 (twenty) working days before the timeframes established in the written directive and/or plan of activities.

If the timeframe established by the first part of this paragraph is less than 20 (twenty) working days from the date of sending the written directive, the digital asset market participant sends a letter to the National Bank describing the causes and proposed timeframes for eliminating violations and/or causes, as well as conditions contributing to their commission, before the timeframe established in the written directive.

Based on the results of the review of the letter from the digital asset market participant, the National Bank, within 5 (five) working days, makes a decision on consent or disagreement with the timeframes specified in the letter from the digital asset market participant, or determines other reasonable timeframes and sends changes to the written directive and/or informs about consent with the timeframes established in the plan of activities or about establishing other reasonable timeframes in the plan of activities, or informs about disagreement to change the timeframes established in the written directive and/or plan of activities.

Chapter 3. Issuance of a Written Warning

19. A written warning is a notification by the National Bank of the possibility of applying a sanction to a digital asset market participant in case the National Bank identifies a similar violation of the norms of the legislation of the Republic of Kazakhstan within 1 (one) year after the issuance of this warning.

20. The written warning is brought to the attention of the head of the digital asset market participant.

21. The head of the digital asset market participant, within 5 (five) calendar days from the date of receipt of the written warning, informs all members of the executive body of the digital asset market participant about the issuance of the written warning.

Chapter 4. Conclusion of a Written Agreement

22. The National Bank concludes a written agreement with a digital asset market participant on the necessity of eliminating identified violations and/or causes, as well as conditions contributing to their commission, and approving a list of measures to eliminate these violations and/or causes, as well as conditions contributing to their commission, specifying the timeframes for their elimination and/or a list of restrictions that the digital asset market participant assumes until the elimination of identified violations and/or causes, as well as conditions contributing to their commission.

The written agreement is concluded with the head of the digital asset market participant or persons acting on their behalf.

The written agreement must be signed by the digital asset market participant.

23. The written agreement specifies a list of measures to eliminate identified violations and/or causes, as well as conditions contributing to their commission, and timeframes for their implementation and/or a list of obligations assumed by the digital asset market participant. By signing the written agreement, the digital asset market participant assumes obligations to fulfill its conditions.

24. In case of the impossibility of eliminating violations and/or causes, as well as conditions contributing to their commission, within the timeframes established in the written agreement for reasons beyond the control of the digital asset market participant, the digital asset market participant sends a letter to the National Bank describing the causes and proposed timeframes for eliminating violations and/or causes, as well as conditions contributing to their commission, 20 (twenty) working days before the timeframes established in the written agreement.

If the timeframe established by the first part of this paragraph is less than 20 (twenty) working days from the date of conclusion of the written agreement, the digital asset market participant sends a letter to the National Bank describing the causes and proposed timeframes for eliminating violations and/or causes, as well as conditions contributing to their commission, before the timeframes established in the written agreement.

Based on the results of the review of the letter from the digital asset market participant, the National Bank, within 5 (five) working days, makes a decision on consent or disagreement with the timeframes specified in the letter from the digital asset market participant, or determines other reasonable timeframes and concludes an additional written agreement with the digital asset market participant specifying new timeframes for eliminating violations and/or causes, as well as conditions contributing to their commission, or informs about disagreement to change the timeframes established in the written agreement.