Kazakhstan has enacted new legislation to regulate digital financial assets, including stablecoins and tokenized assets, as part of its efforts to integrate cryptocurrencies into the conventional financial system. President Kassym-Jomart Tokayev signed the laws on Monday, empowering the National Bank of Kazakhstan (NBK) to license exchanges and approve tradable cryptocurrencies, ensuring investor protection and market stability. The new framework introduces digital financial assets as a distinct category, with regulations similar to traditional financial instruments. The Agency for Regulation and Development of the Financial Market (ARDFM) will draft rules for issuing and managing these assets. Licensed banks can now offer digital asset services, including stablecoins, under the updated banking laws, which also enforce anti-money laundering compliance. Kazakhstan's regulatory overhaul aims to position the country as a regional crypto hub, with the NBK overseeing the market to prevent high-risk or fraudulent activities. The legislation aligns crypto oversight with existing banking laws, allowing customers to access crypto products through regulated banks.