Key Changes in Kazakhstan’s Financial Legislation - Fchain

June 30, 2025 – The Head of State signed the Law of the Republic of Kazakhstan “On Amendments and Additions to Certain Legislative Acts of the Republic of Kazakhstan on the Development of the Financial Market, Protection of the Rights of Financial Services Consumers, Communications, and the Elimination of Excessive Legislative Regulation”, FChain Kazakhstan reports.

Simplified Requirements for Foreign Bank Branches

• The minimum total asset requirement for foreign banks has been reduced from USD 20 billion to USD 10 billion.
• The list of documents required by the authorized body from non-resident banks has been shortened. Documents accessible through state information systems or provided by the regulator of the applicant’s country are no longer mandatory.
• Requirements for owning premises and maintaining a fully staffed office a year prior to starting operations have been simplified.
• Foreign bank branches are now allowed to place reserve assets in low-risk financial instruments, as defined by regulatory acts.

To ensure equal competitive conditions for foreign bank branches and second-tier banks, branches will now be able to engage in:

• foreign exchange operations;
• custodial services;
• issuance of payment cards;
• syndicated financing;
• agency services, and more.

Expanded range of banking services available to foreign bank branches includes:

• accepting deposits from individuals;
• issuing payment cards;
• foreign exchange transactions;
• participating in syndicated financing, etc.

No Credit for Kazakhstan Citizens Under 21 Without Consent

• A mandatory “cooling-off period” of 24 hours has been introduced for unsecured consumer online loans.
• For first-time borrowers, personal presence at a bank or microfinance organization is now mandatory.
• Citizens under 21 and over 55 will only be able to receive unsecured consumer loans after providing official consent through the e-government portal.
• These provisions will be detailed in by-laws.

Easier Process to Write Off Fraudulent Loans

• Expanded grounds for financial institutions to write off fraudulent loans and microloans.
• Banks gain greater authority to suspend account transactions when fraudulent activity is suspected.
• Issuing loans or microloans to conscripts during their mandatory military service is now prohibited.

National Bank Authority During Emergencies

• The National Bank of Kazakhstan will have the authority to impose restrictions on the provision of payment services by financial institutions during states of emergency.

Otbasy Bank to Issue Educational Loans

• Otbasy Bank is now authorized to issue educational loans under the State Educational Savings System.

Measures to Protect Borrowers’ Rights

For overdue loans issued to socially vulnerable citizens or those affected during a state of emergency:

• a mandatory loan deferral of at least three months will be granted;
• monthly payments must be reduced by 50% or more.

Other borrower protection measures include:

• prohibition of penalties for partial or early repayment of bank loans by individuals;
• prohibition of any penalties on microloans (except for non-repayment);
• capping insurance agent commissions on bank loan and microloan agreements at 10%.

Financial Institutions Must Provide Accessible Services for People with Disabilities

• Financial institutions must establish service procedures for people with disabilities, in line with the national standard, including through authorized representatives.

Protecting State and Charitable Payments

• Prohibition of debt collection from state budget payments and charitable funds allocated to citizens affected by natural or man-made emergencies.

Anti-Fraud Center Powers Expanded

• Law enforcement and national security agencies are now included in the anti-fraud center structure.
• The center will integrate with telecom databases to verify subscriber numbers and combat telephone fraud.
• Anti-fraud tools will also target illicit drug trade, illegal gambling, crypto-related crime, and other unlawful operations.

Stricter Telecom Regulations to Combat Fraud

• Mandatory biometric identification is now required when signing mobile service contracts.
• The authorized body will regulate the import, registration, sale, and use of GSM gateways (SIM boxes).
• GSM gateways may only be used by licensed telecom operators.
• A maximum of 10 mobile numbers may be registered per subscriber.

The law will come into effect on August 31, 2025.

FChain Kazakhstan – supporting your business with up-to-date legal insights.

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Article prepared by:
Ekaterina Kassumova,

Director of FChain Kazakhstan
July 25, 2025