Kazakhstan Finalizes Digital Tenge Law, Expands Crypto Oversight

This law confirms official rules for supervising the country's central bank digital currency (CBDC). It also assigns management of the digital tenge system to the National Payment Corporation of Kazakhstan.

The Agency for Regulation and Development of the Financial Market (ARDFM) has been officially established and will be responsible for payment system tasks, in addition to the digital currency platform.

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Before this law, the National Bank of Kazakhstan handled the digital tenge pilot program and earlier stages of adoption.

The digital tenge is Kazakhstan's own central bank digital currency. Testing of the system started in 2021 and continued through the latter part of 2023.

Rules governing the circulation of digital assets and related regulations are part of the effort to establish a framework for emerging financial technologies and digital payments in Kazakhstan.

The law also covers aspects such as licensing for companies working with cryptocurrency and adds requirements for legal and reporting standards.

Official documents indicate that citizens and service providers must comply with new transparency and compliance standards to participate in digital asset activities.

The National Payment Corporation, mentioned in these updates, became the legal entity handling both retail payments and new digital currency technologies after January 16.

Recently, the European Central Bank (ECB) stated that it has completed the groundwork for a digital version of the euro. What did the agency say? Read the full story.