Kazakhstan is preparing a new law "On the Capital Market" that will replace a document in force for more than 20 years. The reform promises investors more protection and businesses simpler access to money from the exchange.
The draft law and the market development program through 2030 were presented in the government. The meeting was chaired by Deputy Prime Minister and Minister of National Economy Serik Zhumangarin; the documents were prepared on the instructions of the president.
For citizens, this is a chance to gain more tools for long-term savings. The main risk so far lies in weak trading: in such a market it is harder to quickly sell securities at a fair price.
The market has doubled, but little is traded on it
The stock and bond market has grown almost twofold over five years. Its volume increased from 51.1 trillion tenge ($114 billion) in 2021 to 99.8 trillion tenge ($222.6 billion) in 2025. The number of retail investor accounts exceeded 5 million by the end of nine months of 2026.
A significant part of the growth came from share offerings by quasi-state companies and revaluation of issuers. Stock turnover, that is, the share of securities that actually change hands, is 1.4% against a target of 5–10%. For bonds, the figure holds at about 9% against a benchmark of 20–25%. The market's value is growing, while the number of trades lags noticeably behind.
The state dominates, businesses lack access
Stock market capitalization reached 41.8 trillion tenge ($93.2 billion), or 26% of GDP. The bond market volume amounted to 58 trillion tenge ($129.3 billion), corresponding to 36% of GDP. At the same time, the debt market is almost entirely tied to the state.
Government securities account for 59% of this market, and quasi-state sector debt for another 30%. The share of private business is only 11%. For investors, this means a small choice of private securities, and for companies, a difficult path to market financing.
The program through 2030 includes seven areas and 35 strategic initiatives: pension assets, investment funds, debt securities, derivative instruments, and companies going public via IPO. Small and medium-sized businesses, for which issuing securities is still too expensive, are highlighted separately.
What will change for investors and companies
The new document will replace the law "On the Securities Market" in force since 2003. Regulation will be brought closer to EU and IOSCO standards. It will cover not only classic securities but also derivative instruments and digital financial assets.
The authorities plan to introduce unified criteria for qualified investors and oblige brokers to execute client orders on the most favorable terms for them. Companies will have simplified access to the exchange through a "single window" principle based on the Central Depository. To revive trading, securities lending and short selling will be introduced, market makers' work will be strengthened, and foreign investors' access to Kazakhstani stocks will be expanded.
DFAs and ESG: the market is changing even before the law
The law will also cover digital financial assets. The first practical step has already been taken: ALTA Telecom issued Kazakhstan's first DFAs on KASE. The instrument will help small and medium-sized businesses raise money, but the risk on such securities is borne by investors themselves.
Starting in 2027, large companies will have to undergo an ESG review before obtaining a bank loan — a risk assessment to comply with the requirements of international financial organizations.
Cryptalist analysis: Kazakhstan is building an institutional framework that could turn a formally large market into a genuinely liquid one. The key signal for investors is the inclusion of digital assets in a single regulatory perimeter, which reduces legal uncertainty for tokenized instruments. However, without growth in the share of private business and in securities turnover, the reform will remain a structure on paper.