Financial regulators set the rules by which banks, payment systems and fintech players live: licences, capital and anti-fraud requirements, payment standards, data openness and the line between a payment and a loan. In Central Asia and Azerbaijan each country has its own central bank, while in Kazakhstan the financial market is shared by the national bank, a separate agency for the regulation and development of the financial market and the AIFC platform with its own regulator. This topic ties news about regulation from different countries into one stable frame.
Regulators determine what can be launched on the market: licences, payment rules, capital and anti-fraud requirements, access to data and the line between a payment and a loan. A single regulator's decision often sets the frame for many products at once.
Each country has its own central bank, while in Kazakhstan the financial market is shared by the national bank, a separate agency for the regulation and development of the financial market and the AIFC platform with its own regulator — this creates different regimes for local and international players.
Licences and regimes, payment standards and instant transfers, regulatory sandboxes, open banking, capital and anti-fraud requirements, and the pace at which rules converge between countries.
The hub ties news about regulation from different countries so that individual decisions read as part of a shared regional picture.
E-commerce platforms and order aggregators must submit data via the agency’s system using OneID. The regulator will compile a public registry of legal operators.
The regulator updated cybersecurity requirements for fintech services: biometrics for card linking are canceled, and banks will set their own limits for P2P transfers without SMS.
Kazakhstan’s regulator singles out crypto assets in financial instability indicators for the first time, capping their share in capital.
The National Agency for Perspective Projects has submitted draft internal control rules for cryptocurrency services for public discussion
The Kazakh regulator has set tiered repayment deadlines based on the aid amount
Since August, banks must verify transactions over 175 million soums and track transfers to children’s accounts exceeding 16.5 million soums.
The Central Bank expanded information security requirements to the entire non-bank lending sector and introduced mandatory biometrics localization.
The Senate passed a constitutional law creating the legal framework for a digital hub with tax breaks and simplified imports.