The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan reported that the Parliament’s Mazhilis, in plenary session, reviewed and approved at second reading draft laws that overhaul Kazakhstan’s banking legislation, including amendments to the law on banks and banking activity and related financial market acts. The reform package updates the structure of the banking law framework by reviewing existing provisions, streamlining requirements, and adding new sections covering corporate governance, supervisory response actions, and the treatment of insolvent banks. The bills focus on financial stability and include proposals for more proportionate regulation of banking activity, development of the fintech sector and regulation of digital financial assets, development of Islamic banking, a risk-based framework for supervisory response actions, a new mechanism for regulating insolvent banks, and broader improvements to banking regulation.

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