The Agency for Regulation and Development of the Financial Market (ARDFM) has singled out crypto assets as a standalone risk category for Kazakhstan’s banking sector for the first time. The regulator capped open positions on stablecoins at 5% of equity capital, a requirement more than twice as strict as those for traditional currencies.
What happened
ARDFM updated the list of indicators for deteriorating financial stability in second-tier banks. The document now explicitly outlines rules for handling stablecoins—crypto assets pegged to stable financial instruments, most often the US dollar (such as USDT and USDC).
According to the specialized Telegram channel Bychiy Zvonochek, a bank’s open position on such assets must not exceed 5% of its equity capital. If a credit organization breaches this threshold three or more times within six months, the regulator views it as a signal of heightened risk and deteriorating financial health.
Country and market
Until now, the traditional financial sector’s interaction with digital assets in Kazakhstan developed primarily through pilot projects at the Astana International Financial Centre (AIFC). Introducing a direct quantitative standard shifts stablecoin operations into the realm of standard banking supervision.
The requirements for crypto assets are notably stricter than for classic defensive instruments. For comparison, the limit for currencies of countries with a sovereign rating of at least “A,” as well as for the euro and precious metals, is 12.5% of capital. The regulator assesses the infrastructural reliability and hidden volatility of stablecoins differently than regular fiat, despite their peg to traditional money.
Why it matters
ARDFM is consistently building protective barriers against market shocks. Finteqstan previously reported that the agency required bank shareholders to plan business rescues in advance of a crisis; now the regulator is closing potential vulnerabilities in handling new asset classes.
Setting a strict limit shows the regulator is willing to allow banks access to crypto liquidity, but only in safe volumes that do not threaten capital.
What’s next
Banks will have to reconfigure their internal risk assessment models and open currency position monitoring systems to account for the new asset class. The main market question remains how actively credit organizations will want to use stablecoins in their operations given such conservative limits.