On November 9, 2026, the National Bank of the Republic of Kazakhstan issued short-term notes in tokenized form for the first time on the digital financial assets platform of the Kazakhstan Stock Exchange (KASE): 10 billion tenge out of a 50 billion tenge issue. This is the main signal of the November 5–12 week for the fintech markets of Kazakhstan, Uzbekistan, and Kyrgyzstan. In total, the editorial team selected 12 events: 3 in Kazakhstan, 4 in Uzbekistan, and 5 in Kyrgyzstan.
Event of the Week
What happened. On November 9, 2026, the National Bank of the Republic of Kazakhstan issued short-term notes in tokenized form for the first time on the digital financial assets platform of the Kazakhstan Stock Exchange (KASE), the regulator reported. Tokenization here means the claim right on the note is recorded as a digital token on the exchange’s digital financial assets platform, rather than just in a traditional securities holder registry. Trading took place via auction: notes of the same issue were placed simultaneously in traditional and tokenized forms, ensuring uniform pricing conditions for both formats of the same instrument. Following the auction, the notes were fully placed for 50 billion tenge, with 10 billion tenge allocated to tokenized notes with a 91-day circulation period; the settlement and circulation start date is November 11, 2026. The weighted average yield was 15.72% per annum, and total auction demand reached 70.2 billion tenge at face value, exceeding supply by 1.4 times. The National Bank acts as the issuer and the entity responsible for fulfilling the note obligations, while KASE provides the technological infrastructure for their issuance, placement, and subsequent circulation on the digital financial assets platform. Finteqstan previously reported that Teniz Capital Investment Banking joined the KASE digital assets platform; now, the National Bank’s first tokenized note placement has taken place on the same platform.
Who it affects. The placement relates to Kazakhstan’s government securities market: the National Bank acts as the note issuer, and KASE operates the digital financial assets platform where they are issued and traded.
By Country
🇰🇬 Kyrgyzstan
- On November 11, 2026, the National Bank of the Kyrgyz Republic reported a 55,000 som fine imposed on a payment organization or payment system operator for violating the Kyrgyz Republic’s legislative requirements and the National Bank’s regulatory acts, the regulator reported. The regulator’s statement does not name the organization or specify the violation: only the amount and the fact of the sanction.
- On November 10, 2026, the Supervision Committee of the National Bank of the Kyrgyz Republic fined another payment organization or payment system operator 1,454,804.68 soms. The grounds were two violations: banking legislation regarding the operation of automated systems and data security for transactions, and anti-money laundering and combating the financing of terrorism (AML/CFT) legislation regarding customer due diligence during international electronic money transfers, the regulator reported. Customer due diligence is a mandatory procedure for identifying the sender and recipient in cross-border transfers; the regulator highlighted this violation separately from technical system requirements. The second ground—securing transaction data—concerns protecting transaction records in the company’s automated systems from loss or distortion. Kyrgyz banking legislation requires payment organizations to ensure the continuous and secure operation of systems processing client transactions; according to the regulator, this requirement was violated alongside the customer due diligence procedure.
- On November 9, 2026, the National Bank of the Kyrgyz Republic hosted a training session with Crystal Intelligence representatives on regulating and supervising virtual assets and practically applying blockchain analytics tools. Participants included staff from the National Bank, the State Financial Intelligence Service under the Ministry of Finance, the Financial Market Regulation and Supervision Service under the Ministry of Economy and Commerce, and the National Agency for Virtual Assets and Blockchain Technologies under the President of the Kyrgyz Republic, the regulator reported. Participants reviewed international approaches to virtual asset supervision—specific blockchain analytics tools were not named in the statement. The training brought together four agencies responsible for different areas of virtual asset control in the republic: the central bank, financial intelligence, financial market supervision, and the specialized presidential blockchain agency. Regulators and financial institutions typically use blockchain analytics tools to trace the origin of funds in cryptocurrency transactions and identify links to illicit activity—this is the general purpose of such solutions, not a description of a specific Crystal Intelligence product.
- On November 6, 2026, Bishkek hosted the international FinConference-2026, dedicated to cybersecurity, anti-fraud, and artificial intelligence in the financial sector. Participants included representatives from government bodies, the National Bank of the Kyrgyz Republic, commercial banks, technology and IT companies, international organizations, and the expert community, who discussed the main directions of the financial market’s digital transformation and the impact of new technologies on its development, the regulator reported. The participant list—from banks to tech companies and international organizations—shows that anti-fraud and AI in finance are discussed in Kyrgyzstan at an interagency level, not just within the National Bank.
- On November 10, 2026, S.K. Abdygaziev, a board member of the National Bank of the Kyrgyz Republic, met with representatives of Crystal Intelligence, an international company developing blockchain analytics solutions for financial institutions and government agencies. The parties signed a memorandum of understanding aimed at developing cooperation in training and upskilling specialists on virtual asset issues. The document outlines seminars and practical training on using blockchain analytics tools, the regulator reported. The memorandum was signed the day after the November 9 training involving the same company: both events relate to the NBKR’s cooperation with Crystal Intelligence on staff training and blockchain analytics application.
🇺🇿 Uzbekistan
- Starting November 11, 2026, the Tashkent Republican Stock Exchange suspended trading in ordinary (code UZ7028330007) and preferred (code UZ702833K013) shares of Qo’shko’pir paxta tozalash JSC. The basis was a notification from the Central Securities Depository regarding the joint-stock company’s voluntary liquidation procedure, the exchange reported. The suspension was introduced to protect investor rights and ensure proper corporate procedures—meaning it is a technical measure during liquidation, not a sanction. In a voluntary liquidation, shareholders make the decision, not the regulator; the exchange merely suspends trading technically during the procedure. The exchange suspended trading for two types of securities from the same issuer at once: ordinary and preferred shares.
- The National Agency of Perspective Projects of the Republic of Uzbekistan (NAPP) revoked license No. 1226, issued on January 12, 2012, to DILARES LLC for professional activity as an investment intermediary in the securities market, effective November 6, 2026. The decision was based on the company’s own petition for voluntary license cancellation, the agency reported—this is a voluntary market exit, not a revocation for violations. The license had been active for nearly 15 years, since 2012. An investment intermediary is a professional securities market participant executing trades on its own behalf or for clients; NAPP issues and revokes licenses for this activity. The changes were entered into the register of professional securities market participants on the agency’s website. NAPP licenses professional securities market participants and crypto-asset service providers in Uzbekistan; the agency appears in two events in this roundup: a license revocation and a new issuance.
- NAPP issued a license to C-STORE LLC to operate a crypto shop in accordance with the regulation on licensing crypto-asset service providers (registration number 3380 dated August 15, 2022), the agency reported. Under Uzbek regulations, a crypto shop is a separately licensed category of crypto-asset service provider, alongside crypto exchanges and depositories. The details were entered into the electronic license register and are publicly available on the agency’s official website.
- Starting November 10, 2026, the Tashkent Republican Stock Exchange introduced three new indices—UPI, UPI FF, and UPI EW—developed jointly with NAPP as part of capital market development, replacing the existing UCI index, the exchange reported. UPI (Uzbekistan Prime Index) is calculated based on total market capitalization, UPI FF (Free Float Adjusted) accounts for the free-float share, and UPI EW (Equal-Weighted) uses equal weighting for index constituents—meaning three indices track the same market using different calculation methods. Data for all three indices will be transmitted to the international Bloomberg platform, while Refinitiv (LSEG) and Cbonds have also expressed interest. Bloomberg, Refinitiv (LSEG), and Cbonds are international market data platforms institutional investors typically use to track emerging market indices. The exchange also links the new indices to its Umetryx market data and analytics platform currently under development.
🇰🇿 Kazakhstan
- Draft. On November 10, 2026, the National Bank of the Republic of Kazakhstan announced a draft board resolution amending the rules on minimum reserve requirements (MRR) and reporting rules for organizations conducting certain banking operations. The draft clarifies how liabilities are categorized for MRR calculation, expands the reserve assets eligible for MRR compliance to include digital tenge assets owned by the bank or organization, and introduces a requirement to submit daily digital tenge balance data to the National Bank, the regulator reported. Minimum reserve requirements obligate banks to hold a portion of attracted funds in reserves at the National Bank; expanding these reserves to include the digital tenge makes it part of bank liquidity alongside traditional assets. The digital tenge is Kazakhstan’s central bank digital currency, which the National Bank has been developing for several years; the draft classifies it as a reserve asset for MRR purposes. Alongside expanding reserve assets, the draft introduces a new reporting duty for banks: daily transmission of digital tenge balances. The draft’s main content table is available on the Open Legal Acts portal.
- On November 9, 2026, the National Bank of the Republic of Kazakhstan issued short-term notes in tokenized form for the first time on the KASE digital financial assets platform—10 billion tenge out of a 50 billion tenge issue; details are covered in the “Event of the Week” above.
- Following an analysis and assessment of the current mortgage and auto lending market, the National Bank of the Republic of Kazakhstan decided to extend the exemptions from mandatory compliance with the debt burden ratio (DBR), the regulator reported. The DBR is a standard limiting loan approvals when a borrower’s debt burden is too high; exemptions allow banks to lend to specific borrower categories without applying this limit. The exemption for loans under the housing construction savings (HCS) system is extended until December 31, 2029. For auto lending, the exemption is extended until December 31, 2027, and covers three categories: new vehicles, unused and registered for the first time in Kazakhstan, serving as loan collateral; used vehicles serving as collateral with a down payment of at least 50% of the value; and vehicles up to 3 years old serving as collateral with a down payment of at least 30% of the value. The extension period for HCS exceeds the auto loan period by almost two years—until the end of 2029 versus the end of 2027. Corresponding changes will be made to the National Bank Board Resolution No. 52 dated August 25, 2025, “On establishing macroprudential standards and limits, their standard values, and calculation methodology.”
Trend of the Week
Digital and virtual assets appeared in all three countries this week, accounting for five of the 12 events. The National Bank of Kazakhstan issued tokenized notes on KASE for 10 billion tenge out of a 50 billion tenge total issue and drafted a resolution expanding bank reserve assets to include the digital tenge, complete with new daily balance reporting. The National Bank of Kyrgyzstan held a training session with Crystal Intelligence and four virtual asset regulatory agencies, signing a memorandum of understanding with the company the next day for blockchain analytics staff training. Uzbekistan’s NAPP issued a license to the C-STORE LLC crypto shop under its crypto-asset service provider licensing regulation. Two events occurred in Kazakhstan, two in Kyrgyzstan, and one in Uzbekistan.
On the Radar
- DBR exemptions in Kazakhstan: valid until December 31, 2029, for HCS loans, and until December 31, 2027, for specified auto loan categories.
- The NBK draft resolution on minimum reserve requirements and the digital tenge is under development; the content is available on the Open Legal Acts portal.
How it was compiled
The Finteqstan editorial team compiled events from November 5–12, 2026, using official channels and websites of the National Bank of Kazakhstan, the Tashkent Republican Stock Exchange, the National Agency of Perspective Projects of Uzbekistan, and the National Bank of the Kyrgyz Republic, selecting 12 decisions and publications on licenses, exchanges, payments, and regulations. Only events with a specific date and a link to the primary source were selected. By country, the selection breaks down as follows: 5 events in Kyrgyzstan, 4 in Uzbekistan, and 3 in Kazakhstan. Reviewed by the editor. If you find an error, please write to us.