The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan presented to the Mazhilis of Parliament draft legislation to replace Kazakhstan’s existing bank law and introduce related amendments on financial market regulation and development. The package is positioned as a modernisation of a framework the agency described as outdated and amended more than 140 times, with the new bill aimed at mobilising bank resources for financing the economy, strengthening competition, supporting financial technology, and regulating digital assets including establishing the legal status of the digital tenge. The draft includes new approaches to bank licensing, the development of Islamic finance, the introduction of conduct supervision, improvements to corporate governance, and the regulation of troubled banks in line with international standards. The agency referenced leading-country practices, International Monetary Fund and World Bank recommendations from the Financial Sector Assessment Program, and independent expert review by international financial organisations.
Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan 2025-09-15
Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan presents new banking law bill covering licensing reforms and digital tenge legal status
The Agency for Regulation and Development of the Financial Market of Kazakhstan has submitted draft legislation to the Mazhilis of Parliament to overhaul bank law and amend financial market regulations. The proposal aims to modernize the framework by enhancing bank resource mobilization, competition, financial technology, and digital asset regulation, including the digital tenge. It introduces new bank licensing approaches, Islamic finance development, conduct supervision, corporate governance improvements, and troubled bank regulation, aligning with international standards and expert recommendations.