ASTANA, Kazakhstan, September 8. A law on banks will be adopted in Kazakhstan by the end of the year, said the president of Kazakhstan while speaking at a joint session of the Chambers of Parliament with his annual address to the nation, Trend reports.
In his address, President Tokayev mandated the executive branch, in collaboration with the Financial Market Regulatory Agency, to engage in the development of this legislative proposal.
As articulated by the president, the banking legislation must integrate the evolving technological paradigms and align with the exigencies of the national economic framework.
“The legislative framework must delineate mechanisms to bolster competitive dynamics and incentivize the entry of novel market players, alongside addressing the facilitation of fintech innovations and the deregulation of digital asset transactions,” stressed Tokayev.
Tokayev further drove home that the administration, in conjunction with the Agency for Regulation of the Financial Market, must meticulously advance this legislative proposal. The president implored the legislative body to ratify the measure by the fiscal year's conclusion.
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