Kazakhstan drafts capital market law to unify securities, digital assets regulation

September 11, 2026 at 09:40 AM2 min

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Kazakhstan's financial regulator and state bodies have drafted a capital market law covering securities, derivatives, and digital assets. The draft is open for public discussion until October 5.

Key Facts

The draft law covers securities, derivative financial instruments, digital financial assets, and infrastructure organizations.
The draft introduces a 'single window' principle to reduce procedures and document review times for companies entering the capital market.
The draft proposes transferring some regulatory and control functions to the stock exchange's regulatory committee while the Agency retains supervisory powers.
The draft is open for public discussion on the Open NPA website until October 5.

Draft Law Scope

The Agency for Regulation and Development of the Financial Market, together with interested state bodies, developed the draft law 'On the Capital Market' and related draft laws. The draft aims to form a unified modern legal framework for regulating the capital market, covering securities, derivative financial instruments, digital financial assets, and infrastructure organizations. The Agency stated that a key direction is simplifying companies' entry to the capital market.

Market Access Reforms

The draft proposes introducing a 'single window' principle to reduce the number of procedures and document review times. For companies already on the market, simplified and framework prospectuses are introduced, allowing faster fundraising under favorable market conditions. The list of cases where securities can be issued without a full prospectus is expanded, including placements among qualified investors. More favorable conditions are created for professional participants to enter and develop the market, including phased licensing and simplified access to investment consulting.

Investor Protection Measures

The draft strengthens investor protection and market transparency through a best execution standard, unified disclosure requirements, and modern mechanisms against insider trading and manipulation. It also increases transparency of the over-the-counter market. Part of the regulatory and control functions over market participants is proposed to be transferred to the stock exchange's regulatory committee, while the Agency retains supervisory powers. The Agency noted that adopting the draft law will improve market efficiency and transparency, expand issuers' fundraising opportunities, strengthen investor protection, and create conditions for liquidity growth and integration into the international financial system.