The Agency for Regulation and Development of the Financial Market of the Republic of Kazakhstan announced the first universal bank license under Kazakhstan’s new differentiated bank licensing system, which was introduced by the Law on Banks and Banking Activity dated Jan. 16, 2026. On July 7, 2026, the agency granted the license to JSC Freedom Bank Kazakhstan, giving it access to the unrestricted universal license format rather than the more limited basic bank license. Under the new framework, a universal bank license allows a bank to conduct the full range of banking operations without restriction. A basic bank license permits deposit taking, lending and settlement and cash services, but bars lending to nonresidents and related parties, transactions in derivative financial instruments, investments in foreign assets and other complex cross border operations. The Freedom Bank Kazakhstan license also adds specific permissions, including opening and maintaining metal accounts for individuals and legal entities, taking housing construction savings deposits, issuing housing-related loans to depositors, carrying out interbank loans and guarantees, and dealing in refined precious metals and precious metal coins. Article 132 of the banking law requires banks to reissue their existing licenses for banking and other operations as universal bank licenses within six months from the law’s entry into force.

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