12.08.2026•7 min

What are DFAs and How a Digital Financial Asset Differs from Cryptocurrency

CryptoMarket Legal Department

AI Summary: A detailed review of Law No. 193-VII/259-VIII. Explaining the legal and financial nature of DFAs as a backed digital claim.

The Fundamental Difference in Backing

In public discourse, the terms "cryptocurrency" and "digital financial assets (DFAs)" are often used synonymously, which is fundamentally incorrect from a legal standpoint. According to recent regulatory clarifications, a cryptocurrency (e.g., Bitcoin) is a decentralized asset that does not have a single issuer or physical backing. Its value is determined solely by the balance of supply and demand in the market.

In contrast, a DFA always has an underlying asset. This can be real estate, a share in the authorized capital (SPV), gold, or a right of claim under a contract.

The Legal Structure of DFAs in Kazakhstan

Issuer: A DFA is always issued by a specific legal entity through a specialized information system accountable to the regulator.
Right of Claim: A DFA holder has clear legal rights. For example, the right to receive dividends from real estate rentals or the right to redeem the token at its nominal value.
Judicial Protection: In the event of an issuer default, the DFA holder has the right to go to court and claim the underlying asset (e.g., foreclose on real estate). Cryptocurrencies do not offer such protection.

Real estate tokenization (RWA) uses the DFA mechanism to divide large properties into accessible shares, lowering the barrier to entry for retail investors and increasing the liquidity of a traditionally conservative market.