Kazakhstan adopted a law on the regulation of cryptocurrencies. Bitcoin is recognized as property, but its issue, circulation and use as a means of payment is prohibited.
President of Kazakhstan Kassym-Zhomart Tokaev signed the bill “On Amending and Adding to Some Legislative Acts of the Republic of Kazakhstan on the Regulation of Digital Technologies”. The law comes into force after publication.
The law establishes a ban on issue and circulation of unsecured digital assets, except as otherwise provided by law. At the same time, mining activity is allowed.
Askar Zhumagaliyev, Minister of Digital Development, Innovation and Aerospace Industry of the country, said that the new law enshrines concepts such as blockchain and gives digital documents legal force.
According to the bill, digital assets are recognized as property, and the issuance and circulation of cryptocurrencies in Kazakhstan is prohibited "except as provided by law." Thus, it is forbidden to accept cryptocurrencies, including bitcoin, as a means of payment.