Kazakhstan has enacted new legislation limiting cryptocurrency trading to assets approved by the National Bank of Kazakhstan. The law, signed by President Kassym-Jomart Tokayev, integrates digital financial assets into the country's official banking regulations, mandating that only cryptocurrencies sanctioned by the central bank can be traded on licensed platforms. This move aims to centralize regulation and curb the trading of unregistered digital tokens. The new framework also introduces a licensing system for crypto exchanges and digital asset service providers, requiring them to meet regulatory standards akin to traditional financial institutions. Kazakh authorities justify these restrictions as measures to protect investors, prevent illicit finance, and align with global regulatory standards. The changes are expected to shift market dynamics, with regulated exchanges gaining prominence while informal trading faces legal challenges. The legislation is part of a broader effort to modernize Kazakhstan's financial services, including legal recognition for stablecoins and tokenized assets. While some industry stakeholders express concerns over potential stifling of innovation, others welcome the clarity and potential for Kazakhstan to become a regional leader in digital finance.