Web3 · Real estate

Real estate tokenization: platform development

The Law on Digital Assets allows DFAs whose underlying asset is property other than money. A resident issuer issues them on the platform of an operator registered with the National Bank. We build the software for such projects: property listings, documents, the investor area, the registry and holder votes.

Software development, no income promises

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Please notePazl develops software on the client’s assignment and does not provide digital asset services: we do not issue, hold or exchange digital assets and do not promise income. Projects that need a licence or registration (issuing digital financial assets, exchange, custody) are built for clients licensed by the National Bank of Kazakhstan or AFSA (AIFC), or for foreign markets. Unsecured digital assets are not a means of payment in Kazakhstan.What the law says →

What the law says

Real estate in the Law on Digital Assets

Law No. 193-VII as in force since 1 May 2026 and the Law on Advertising.

Property as the underlying asset
Among the kinds of DFA, the law names those whose underlying asset is goods or other property except money (Art. 5(2)). The underlying asset is property whose value determines the value of the DFA (Art. 1(6-8)). Real estate is not named separately in the law.[1]
Issuer and operator
The issuer, a legal entity resident in Kazakhstan, issues DFAs only on the platform of an operator that has passed registration with the National Bank (Art. 1(6-10), Art. 6(1), (7)).[1]
Eligible property and custody
The list of property that can underlie such DFAs, and how it is recorded and held, is set by an act of the Agency for Regulation and Development of the Financial Market (Art. 6(4)). Whether real estate is on that list and how it is held should be confirmed with your lawyer and the platform operator.[1]
The regulator
DFAs other than stablecoins are regulated by the Agency for Regulation and Development of the Financial Market (Art. 4(2)).[1]
Advertising without guarantees
Advertising of digital assets may not guarantee income from them, give guarantees of future performance, including by announcing a rise in their market price, or urge people to profit by recruiting others (Law on Advertising, Art. 14, subparas 2, 4 and 6).[2]

Breakdown

What the platform is made of

For a property the issuer issues through an operator.

Property listingsDescription, photos, key details, issue terms and status. No income promises.

Document roomTitle documents, reports and decisions in one place, with a viewing log.

Investor areaIdentity checks through the operator’s provider, holdings, documents and transaction history.

Holder registryWho holds how many DFAs on any date. Transfers only between verified holders.

VotesDecisions on the property, where the issue terms provide for them. Votes and results are recorded.

Payouts under the issue termsThe platform calculates amounts from the registry, the bank makes the payments. We never hold the money.

Comparison

Spreadsheet and email, or a platform

What changes when a property has many holders.

Spreadsheet and email, or a platform	Spreadsheet and email	Platform
Who holds what	The latest file version	A registry that matches the chain
Transfers	Requests and manual checks	Only between verified holders
Documents	Sent on request	A document room with a log
Decisions	Email threads	A vote with a recorded result

Step by step

How the work goes

From the structure to testing with the operator.

Structure
Property, issuer, operator, custody and holder rights are set by the client’s lawyer.
Spec and smart contract
Transfer rules, roles and issue events are written down before code.
Areas and documents
Listings, document room, investor area and the operator’s admin panel.
Testing with the operator
Issuance, transfer and payout are rehearsed in a test environment before launch.

Important

What we do not do

We do not issue or sell DFAs, do not accept investors’ money, do not promise income and do not build showcases that urge people to invest. The platform is launched by an operator and issuer with the required status, and their lawyer approves the wording for investors. This is not legal advice.

Next to real estate

Related services and the law.

Asset tokenizationDFA platforms for other assets.Smart contractsTransfer rules and issue events in code.Construction and real estateWebsites, client areas and CRM for developers.Digital assets under Kazakhstan lawWhat is allowed and who needs a licence.What is tokenizationThe term in plain words.

Sources

Checked on 15 November 2026

This is not legal advice. Laws change: before launch, check the current version on adilet.zan.kz and talk to a lawyer or accountant.

Questions

Short and to the point.

Can real estate be tokenized in Kazakhstan?

The law allows DFAs whose underlying asset is other property except money (Art. 5(2)). The list of such property is set by the Agency for Regulation and Development of the Financial Market (Art. 6(4)), so your lawyer and the platform operator check whether your property fits. A resident issuer issues the DFAs on the platform of an operator registered with the National Bank (Art. 6(1)).

Who do you build such a platform for?

DFA platform operators, issuers working with an operator, AIFC participants licensed by AFSA and projects for foreign markets.

Can we say how much a property will earn?

No. Advertising of digital assets may not guarantee income from them or announce a rise in their market price (Law on Advertising, Art. 14). The listing describes the property and the issue terms, and a lawyer approves the wording.

Who checks the investors?

The platform operator, through its identity provider. We connect it to the investor area, and the result of the check decides who may hold the DFAs.

How much does the platform cost?

We name the price after the brief, once the property, the operator and the scope are clear, and fix it in the contract.

Who owns the code?

You do: the code, repository and access stay with the client, with a 6-month warranty on our work.

Which property are you preparing?

Describe the property, the issuer and the platform operator. We reply quickly and tell you what can be done.

Your selectionReal estate tokenization platformPrice after the brief

The team gets your request; we reply during business hours.Price fixed in the contract before you pay.No calls unless you ask.

Prefer chat? Use WhatsAppYour selection is already in the message Prefer email? Write to ushello@pazl.ai