Rules for Applying Supervisory Response Measures to Unbacked Digital Asset Exchange Operators — NBK — KZ


NATIONAL BANK OF THE REPUBLIC OF KAZAKHSTAN		DECISION OF THE BOARD
April 10, 2026 Astana		No. 35 Astana

On Approval of the Rules for Applying Supervisory Response Measures to Unbacked Digital Asset Exchange Operators

In accordance with subparagraph 7) 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:

Approve the attached Rules for Applying Supervisory Response Measures to Unbacked Digital Asset Exchange Operators
(hereinafter – the Rules).
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) together with the Legal Department of the National Bank of the Republic of Kazakhstan, 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 of information on the implementation of activities provided for in subparagraph 2) of this paragraph.

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.
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

of April 10, 2026 No. 35

Rules for Applying Supervisory Response Measures to Unbacked Digital Asset Exchange Operators

Chapter 1. General Provisions

These Rules for Applying Supervisory Response Measures to Unbacked Digital Asset Exchange Operators (hereinafter – the Rules) are developed in accordance with subparagraph 7) 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 – the Digital Assets Law) and define the procedure for applying supervisory response measures by the National Bank of the Republic of Kazakhstan (hereinafter – the National Bank) to unbacked digital asset exchange operators (hereinafter – supervisory response measures).
Supervisory response measures are applied by the National Bank in accordance with Article 12-5 of the Digital Assets Law.
The National Bank applies the following supervisory response measures to unbacked digital asset exchange operators:

1) recommendatory supervisory response measures;

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

3) compulsory supervisory response measures.

When determining the expediency of applying supervisory response measures and selecting a supervisory response measure, the following are taken into account:

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

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

3) the systematic nature and duration of violations and/or deficiencies;

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

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

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

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

8) the causes that led to the emergence of identified violations and/or deficiencies and/or risks.

The National Bank maintains a record of applied supervisory response measures and publishes information on applied supervisory response measures (except for recommendatory supervisory response measures) on its official website in Kazakh and Russian.
In accordance with Article 66 of the Administrative Procedural and Procedural Code of the Republic of Kazakhstan (hereinafter – APPC), the National Bank sends a preliminary decision on the application of a supervisory response measure (except for recommendatory supervisory response measures) to the unbacked digital asset exchange operator, formatted as a draft of the supervisory response measure, with a notification of the place and time of the hearing to provide the operator with the opportunity to express its position regarding the preliminary decision.

The preliminary decision on the application of a supervisory response measure (except for recommendatory supervisory response measures) and the notification of the place and time of the hearing are sent no less than 3 (three) working days before the decision on the application of the supervisory response measure is made.

The unbacked digital asset exchange operator provides or raises objections to the preliminary decision on the application of a supervisory response measure (except for recommendatory supervisory response measures) within the time limit established by part 3 of Article 73 of the APPC.

In accordance with Article 96 of the APPC, filing an appeal does not suspend the execution of applied supervisory response measures (except for recommendatory supervisory response measures).

Chapter 2. Recommendatory Supervisory Response Measures

The National Bank applies recommendatory supervisory response measures to unbacked digital asset exchange operators in cases where deficiencies, risks, or violations identified in the activities of the unbacked digital asset exchange operator do not pose a threat to their financial position and/or the interests of clients.
A recommendatory supervisory response measure is documented by a letter from the National Bank, containing the grounds for applying this measure, notification of identified deficiencies, risks, or violations and/or recommendations for eliminating identified deficiencies, risks, or violations, and/or a warning about the possibility of applying other supervisory response measures in case of repeated identification by the National Bank of deficiencies, risks, or violations, as well as non-compliance with recommendatory supervisory response measures.
A recommendatory supervisory response measure is subject to appeal in the manner established by Chapter 13 of the APPC.

Chapter 3. Measures to Improve Financial Condition and/or Minimize Risks

The National Bank applies measures to improve financial condition and/or minimize risks to unbacked digital asset exchange operators in order to eliminate deficiencies, risks, or violations.
Measures to improve financial condition and/or minimize risks are applied in the form of a written directive or a written agreement.
The National Bank indicates in the written directive the adoption of mandatory measures for execution and the necessity of submitting, within the time limit established in the written directive, a plan of activities for their execution (hereinafter – the plan of activities).
The plan of activities contains a description of deficiencies, risks, or violations, the causes that led to their emergence, a list of planned activities, the deadlines for their implementation, as well as responsible executive employees for the execution of each item of the plan of activities.
The National Bank considers the plan of activities submitted by the unbacked digital asset exchange operator to whom measures to improve financial condition and/or minimize risks have been applied, within a time limit not exceeding 10 (ten) working days after the date of its receipt by the National Bank. In the event of comments from the National Bank on the submitted plan of activities and/or if the volume of planned activities exceeds 20 (twenty) activities, the consideration period of the plan of activities is extended only once for no more than 10 (ten) working days.

In the event of comments from the National Bank on the plan of activities submitted by the unbacked digital asset exchange operator to whom measures to improve financial condition and/or minimize risks have been applied, the National Bank sends written comments on it and/or conducts joint discussions for the purpose of refining the plan of activities. In this case, the unbacked digital asset exchange operator 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 within the time limits specified in the letter of the National Bank, or in case of disagreement with such comments, submits its justifications.

The National Bank approves or disapproves the plan of activities submitted by the person to whom measures to improve financial condition and/or minimize risks have been applied in writing.

In the event of approval by the National Bank of the submitted plan of activities, the unbacked digital asset exchange operator to whom measures to improve financial condition and/or minimize risks have been applied proceeds to its implementation.

The National Bank concludes a written agreement with the unbacked digital asset exchange operator on the execution of measures to improve financial condition and/or minimize risks.
The written agreement provides for an agreement on the execution of measures to improve financial condition and/or minimize risks, deadlines for eliminating identified deficiencies, risks, or violations and/or a list of restrictions that the person to whom measures to improve financial condition and/or minimize risks have been applied accepts.

The written agreement is mandatory for signing by the unbacked digital asset exchange operator to whom measures to improve financial condition and/or minimize risks have been applied. After signing the written agreement, the person to whom measures to improve financial condition and/or minimize risks have been applied assumes obligations to fulfill its conditions in full and within the time limits established in it.

The written agreement is drawn up in 4 (four) copies (2 (two) copies in Kazakh and 2 (two) copies in Russian), having equal legal force, and is sent with a cover letter to the address of the unbacked digital asset exchange operator to whom measures to improve financial condition and/or minimize risks have been applied.

The unbacked digital asset exchange operator to whom measures to improve financial condition and/or minimize risks have been applied returns 2 (two) signed copies (1 (one) copy in Kazakh and 1 (one) copy in Russian) of the written agreement to the National Bank within 5 (five) working days after the date of its receipt.

The unbacked digital asset exchange operator to whom measures to improve financial condition and/or minimize risks have been applied notifies the National Bank of:

the execution of measures specified in the written directive, written agreement, within the time limits provided for by these documents;

the execution of activities provided for in the plan of activities, no later than 5 (five) working days after the date of their implementation specified in the plan of activities.

The execution by the unbacked digital asset exchange operator to whom measures to improve financial condition and/or minimize risks have been applied of measures and activities provided for in the written directive and/or plan of activities, written agreement, begins for:

1) written directive – from the date of receipt of the written directive by the unbacked digital asset exchange operator to whom measures to improve financial condition and/or minimize risks have been applied;

2) plan of activities – from the date of receipt of the plan of activities approved by the National Bank by the unbacked digital asset exchange operator to whom measures to improve financial condition and/or minimize risks have been applied;

3) written agreement – from the date of signing the written agreement by the unbacked digital asset exchange operator to whom measures to improve financial condition and/or minimize risks have been applied.

If the time limits for the execution of measures and/or planned activities established in the written directive and/or plan of activities, written agreement exceed 1 (one) month, the unbacked digital asset exchange operator to whom measures to improve financial condition and/or minimize risks have been applied notifies the National Bank in writing on a monthly basis about the phased execution of measures and/or activities provided for in the written directive and/or plan of activities, written agreement, attaching copies of supporting documents.

In the event of impossibility of executing measures and/or activities provided for in the written directive and/or plan of activities, written agreement, within the time limits established by these documents, for reasons beyond the control of the unbacked digital asset exchange operator to whom measures to improve financial condition and/or minimize risks have been applied, such unbacked digital asset exchange operator no later than the deadline for the execution of measures and/or activities established by these documents submits to the National Bank a petition for extension of the time limit for the execution of measures and/or activities provided for in the written directive and/or plan of activities, written agreement (hereinafter – the petition), containing the justification for the necessity of extending the time limit.

The National Bank sends the results of the consideration of the petition to the unbacked digital asset exchange operator to whom measures to improve financial condition and/or minimize risks have been applied, within a time limit not exceeding 10 (ten) working days after the date of its receipt by the National Bank.

Chapter 4. Compulsory Supervisory Response Measures

The National Bank applies compulsory supervisory response measures in order to eliminate violations in the activities of the unbacked digital asset exchange operator.
The National Bank applies compulsory supervisory response measures to unbacked digital asset exchange operators in cases:

1) if the application of other supervisory response measures cannot ensure the protection of the legitimate interests of clients (users), the financial stability of the unbacked digital asset exchange operator, the minimization of risks associated with its activities;

2) if the actions (inaction) of the unbacked digital asset exchange operator may lead to further deterioration of the financial position of the unbacked digital asset exchange operator.

The unbacked digital asset exchange operator to whom a compulsory supervisory response measure has been applied, within the time limit established by the compulsory supervisory response measure, submits to the National Bank a plan of activities for the execution of the requirements of the National Bank, specifying the list of planned activities, the deadlines for their implementation, as well as responsible executive employees for the execution of each item of the plan of activities for the execution of the requirements of the National Bank.
The National Bank considers the plan of activities for the execution of the requirements of the National Bank within a time limit not exceeding 10 (ten) working days after the date of its receipt by the National Bank.

In the event of comments from the National Bank on the plan of activities for the execution of the requirements of the National Bank submitted by the unbacked digital asset exchange operator to whom a compulsory supervisory response measure has been applied, the National Bank sends written comments on it and/or conducts joint discussions for the purpose of refining the plan of activities. In this case, the unbacked digital asset exchange operator to whom a compulsory supervisory response measure has been applied submits the plan of activities for the execution of the requirements of the National Bank, refined taking into account the comments of the National Bank, within the time limits specified in the letter of the National Bank, or in case of disagreement with such comments, submits its justifications.

The National Bank approves in writing the plan of activities for the execution of the requirements of the National Bank submitted by the unbacked digital asset exchange operator to whom a compulsory supervisory response measure has been applied, or sends its conclusion on it, which contains an indication to the unbacked digital asset exchange operator to whom a compulsory supervisory response measure has been applied about the necessity of correcting the planned activities and/or the deadlines for their execution.

The execution by the unbacked digital asset exchange operator to whom a compulsory supervisory response measure has been applied of activities provided for in the plan of activities for the execution of the requirements of the National Bank begins from the date of receipt of the approved plan of activities for the execution of the requirements of the National Bank or the conclusion of the National Bank, which contains an indication to the unbacked digital asset exchange operator to whom a compulsory supervisory response measure has been applied on the necessity of correcting the planned activities and/or the deadlines for their execution.
The unbacked digital asset exchange operator to whom a compulsory supervisory response measure has been applied notifies the National Bank of the execution of activities provided for in the plan of activities for the execution of the requirements of the National Bank, including for each activity provided for in the plan of activities for the execution of the requirements of the National Bank, no later than 5 (five) working days after the date of their implementation specified in the plan of activities for the execution of the requirements of the National Bank.

If the deadlines for the implementation of planned activities established in the plan of activities for the execution of the requirements of the National Bank exceed 1 (one) month, the unbacked digital asset exchange operator to whom a compulsory supervisory response measure has been applied notifies the National Bank in writing on a monthly basis about the phased implementation of activities provided for in the plan of activities for the execution of the requirements of the National Bank, attaching copies of supporting documents.

In the event of impossibility of executing activities established in the plan of activities for the execution of the requirements of the National Bank, within the time limits established by this document, for reasons beyond the control of the unbacked digital asset exchange operator to whom compulsory supervisory response measures have been applied, such unbacked digital asset exchange operator no later than the deadline for the execution of activities established in the plan of activities for the execution of the requirements of the National Bank submits to the National Bank a petition for extension of the time limit for the execution of activities established in the plan of activities for the execution of the requirements of the National Bank (hereinafter – the petition), containing the justification for the necessity of extending the time limit.

The National Bank sends the results of the consideration of the petition to the unbacked digital asset exchange operator to whom compulsory supervisory response measures have been applied, within a time limit not exceeding 10 (ten) working days after the date of its receipt by the National Bank.