Between October 8 and 15, regulators and exchanges in Kazakhstan, Uzbekistan, and Kyrgyzstan recorded 11 events. The main story comes from Uzbekistan: a press conference on October 14 detailed changes under the new Capital Market Law.
Event of the Week
What happened. On October 14, Uzbekistan held a press conference on the draft Capital Market Law, the National Agency for Prospective Projects (NAPP) reported. The Legislative Chamber passed the bill in its first reading and is preparing it for the second. It contains 16 chapters and 123 articles, building on the 2015 securities market law.
What changes. The bill introduces derivative instruments—options, swaps, futures, forwards, and contracts for difference—alongside covered and securitized bonds, sustainable development bonds, and sukuk (Islamic securities). Certain income from investment funds and operations with covered and securitized bonds will be tax-exempt. Tax breaks on income from corporate bonds and sukuk will extend until 2038. The state will license custodians, rating agencies, management companies, and funds. A central counterparty and a qualified investor category will also emerge.
Numbers. The goal is to attract 10 trillion soums in stock market investments by 2030. Corporate bond issuance exceeded 7 trillion soums as of July 1, 2026, and exchange trading volume reached 17.6 trillion soums in 2025.
By Country
🇺🇿 Uzbekistan
- A press conference covered the draft Capital Market Law—details above, NAPP reported on October 14.
- SARBON-INVEST LLC’s license to operate as a trust manager of investment assets was revoked on October 12 at the company’s request, NAPP reported on October 13.
- APEX BANK JSC registered as a participant in the capital market’s “Regulatory Sandbox” special legal regime. The bank plans to issue foreign currency bonds, NAPP announced on October 13.
- The UZSE exchange suspended trading in GOODWILL CAPITAL JSC common shares on October 12 as the company undergoes voluntary liquidation, according to an exchange notice.
- Surxondaryo Vaqt LLC ceased operations as a capital market investment intermediary, UZSE reported on October 9.
- Andijon Vaqt LLC is terminating its operations as a capital market investment intermediary, according to an exchange announcement on October 9.
🇰🇬 Kyrgyzstan
- The National Bank of the Kyrgyz Republic (NBKR) suspended the licenses of three exchange bureaus for violating legislation: BTK Group and Iygilik Ali (Bishkek) from October 10 to 24 inclusive, and Aziret Trade (Chui region) from October 13 to 27 inclusive, the NBKR reported.
- The NBKR Board granted permission to establish Pochta Bank OJSC on October 12, the regulator announced on October 13.
- The Financial Supervisory Authority (FSA) removed Consulting Center Tax Law Audit LLC from the registry of audit organizations cleared to audit public interest entities and large businesses on September 26, the FSA reported on October 13.
🇰🇿 Kazakhstan
- 73% of 44 surveyed Kazakhstani companies plan to raise additional capital in the next three years, primarily to expand capacity and launch new products. This data comes from a private equity market report prepared by AIFC Insights, Qazaqstan Investment Corporation (QIC), and IFC, the AIFC reported on October 13.
- The National Bank and the Agency for Regulation and Development of the Financial Market (ARDFM) drafted a joint resolution on the mutual admission of digital financial asset issuers, the National Bank announced on October 9. Earlier, the AIFC added digital assets to its investment tax residency program.
Trend of the Week
Six of the week’s 11 events involve Uzbekistan’s capital market. The state is preparing a law featuring derivatives, sukuk, and tax breaks. APEX BANK entered the regulatory sandbox, while several participants are leaving the market voluntarily: two companies are ending intermediary operations, one surrendered its trust management license, and another saw its shares delisted due to voluntary liquidation.
On the Radar
The license suspensions for exchange bureaus BTK Group and Iygilik Ali run through October 24, and Aziret Trade through October 27. Uzbekistan’s Capital Market bill awaits its second reading.
