New Banking Law in Kazakhstan: What Awaits Customers, Banks, and Fintech in 2026
In 2025, Kazakhstan adopted a new comprehensive Law “On Banks and Banking Activities,” which resets the regulation of the sector, strengthens supervision, introduces differentiated licensing, and establishes rules for digital assets and the digital tenge.
This will gradually transform the structure of market players: large universal banks and fintech ecosystems will gain strength.
Key Changes in the 2025/26 Law
A model of basic and universal banking licenses is introduced: the basic license covers a limited range of operations with lighter requirements, while the universal license is designed for large players with a full range of services and stricter regulatory standards.
Licensing requirements are being liberalized to promote competition and reduce market concentration, including simplifying market entry for new participants, provided prudential requirements are met.
The legal framework for digital financial assets and the status of the digital tenge are being established: several categories of digital assets are introduced along with a regulatory system for their circulation within the banking sector.
Universal banks are allowed to conduct Islamic banking operations through “Islamic windows” without establishing a separate Islamic bank. In addition, branches of non-resident Islamic banks are granted the right to conduct certain types of investment activities.
Behavioral supervision is being strengthened: requirements for financial product governance, full disclosure to clients, systematic handling of complaints, and monitoring of behavioral risks are being enhanced.
Corporate governance rules are becoming stricter, and the role of independent directors is increasing: independence requirements are clarified, the maximum tenure for board members is set (up to 9 years), and requirements for shareholders and management are standardized.
A new resolution mechanism for insolvent banks is introduced, focusing on the ability of banks to absorb losses through bail-in (conversion of liabilities into equity). State support is allowed only as a temporary and compensated capital injection with subsequent sale to investors.
How the Market Landscape Will Change
Consolidation and “size premium”: Large universal banks with strong capital, IT infrastructure, and risk management systems will gain advantages in obtaining universal licenses, working with digital assets, and launching complex products.
Growth of niche and regional players under basic licenses: The regulator intentionally leaves room for smaller banks and potential new entrants to serve targeted segments (SMEs, regions, specific industries), but under simpler business models.
Stronger fintech partnerships: The legal recognition of digital financial assets and the digital tenge creates opportunities for fintech solutions built on top of banking infrastructure, including payments, lending, marketplaces, and asset management.
Development of Islamic finance: The introduction of “Islamic windows” in universal banks and expanded powers for branches of non-resident Islamic banks will broaden access to Islamic products, increasing competition in retail and SME segments.
Reduction of weak players: The bail-in mechanism (conversion of liabilities into capital) and stricter rules for state support will make the “banks will always be rescued” model unrealistic, accelerating either restructuring or exit of unstable players.
Stricter customer protection agenda: Behavioral supervision and product governance requirements will limit aggressive sales practices, non-transparent fees, and complex products without proper disclosure, making such business models more expensive but increasing trust in the sector.
Online.zakon.kz — материалы по проекту и тексту нового Закона «О банках и банковской деятельности» (досье и новости о рассмотрении в Сенате/подписании)