In a significant move for Central Asia and Eastern Europe, both Kazakhstan and Belarus have enacted new legislation to formally regulate and integrate digital assets into their financial systems.
Kazakhstan's President Kassym-Jomart Tokayev signed two key laws aimed at modernizing the banking sector and promoting financial technology. The legislation, prepared by the Agency for Regulation and Development of the Financial Market, introduces regulation for digital financial assets (DFAs) as a new asset class. The laws define three types of secured DFAs: those backed by fiat money (stablecoins), those based on financial instruments or property rights, and financial instruments issued electronically on a digital platform.
The new framework also regulates "unsecured digital assets," such as Bitcoin, and provides for the establishment of licensed cryptocurrency exchanges under the supervision of the National Bank of Kazakhstan (NBK). The central bank will be tasked with creating a list of approved cryptocurrencies and implementing investor protection measures, including anti-money laundering (AML) monitoring.
Furthermore, the laws encourage commercial banks to invest in fintech, develop innovative products, and implement advanced technologies like AI. They also facilitate the development of mobile transfer systems, QR code payments, and formally enshrine the status of the digital tenge, Kazakhstan's central bank digital currency (CBDC). This move is part of Kazakhstan's broader strategy to establish itself as a regional fintech and crypto hub, building on its history as a cryptocurrency mining hotspot. The country is also reportedly building a $1 billion cryptocurrency reserve, with $300 million already allocated.
Simultaneously, Belarusian President Alexander Lukashenko signed a decree establishing a legal framework for "crypto banks." This new law allows qualified high-tech enterprises registered in the country's High-Tech Park to offer cryptocurrency-related services alongside traditional banking and payment products. These crypto banks will operate as joint-stock companies under the dual supervision of the High-Tech Park authorities and the National Bank of the Republic of Belarus.
The decree, which follows a proposal presented to the president in September 2025, aims to expand financial offerings for Belarusian consumers and businesses and improve the country's image as a fintech leader. Analysts, including Wu Blockchain, suggest the legislation is a tangible catalyst expected to bolster on-chain liquidity, accelerate capital formation, and position Belarus as a global crypto hub.
