🇰🇿Banking licence in Kazakhstan under the new law: basic and universal

Concept

Banks in Kazakhstan are licensed under Law No. 258-VIII on Banks and Banking Activity in the Republic of Kazakhstan of 16 January 2026. The law entered into force 60 calendar days after publication, which computes to 19 March 2026. It replaced the old licence for banking and other operations with two, universal and basic, while Islamic banking operations need a separate licence. All are issued by the Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market (ARDFM).

A universal licence opens every banking operation, including lending to non-residents, plus custody, derivatives, digital financial assets (DFAs), an Islamic window and foreign branches; a new universal bank needs KZT 20 billion of capital. A basic licence needs KZT 10 billion and suits a smaller bank: assets up to KZT 500 billion, a cap on each individual's deposits, lending and several other operations with residents only, and debt securities instead of derivatives and DFAs.

A separate regime applies in the Astana International Financial Centre (AIFC), where the Astana Financial Services Authority (AFSA) authorises banks with base capital of USD 10 million. An AIFC bank cannot open tenge accounts and is, as a rule, a branch or subsidiary of an existing bank.

Three features shape the choice between the licences.

Other routes in are buying an existing bank or opening a branch of a foreign bank with assets of at least USD 10 billion.

Key parameters

Eight parameters comparing the two ARDFM licences with each other, with an AIFC bank and with banking licences elsewhere:

A basic licence saves KZT 10 billion of capital at the cost of lending to non-residents, custody, DFAs and growth beyond KZT 500 billion of assets. The map of fintech licences places both among licences elsewhere; the Kazakhstan hub covers taxes, banks and residence.

Law No. 258-VIII and its secondary acts

Signed on 16 January 2026 (Akorda) and first officially published on 17 January, the law enters into force on the expiry of sixty calendar days after publication (art. 135). Under the time-counting rules of the Law on Legal Acts, day one is 18 January and day sixty is 18 March, so the computed entry-into-force date is 19 March 2026. Law No. 352-VIII uses the same date in its change to bank-ownership rules. Some provisions take effect later, up to 1 May 2027.

Companion Law No. 259-VIII follows the same rule, while most of its amendments to the Law on Digital Assets apply from 1 May 2026. The figures and procedures sit in ARDFM and National Bank acts:

Two licences: universal and basic

The law defines a banking licence as universal, basic and/or for Islamic banking operations (art. 1). A universal licence can go to a bank or a non-resident bank's branch, a basic licence only to a bank. A licence has no term, cannot be transferred and covers only the operations named in it (art. 19).

The minimum capital in Resolution No. 85 remains the floor for own capital after the bank opens. For systemically important banks the adequacy ratios are higher: 9.5%, 10.5% and 12% including buffers. The article on regulatory capital compares capital methods across regulators.

Basic licence: where the limits run

Resolution No. 124, in force since September 2026, caps a basic bank's total assets at KZT 500 billion, about USD 1.13 billion at the National Bank rate of KZT 441.77 per dollar on 29 September 2026. The ceiling is tested on the last working day of each month. One individual's balances are counted daily, current accounts included:

• tenge savings deposits up to KZT 20 million (about USD 45,300);
• other tenge deposits up to KZT 10 million (about USD 22,600);
• foreign-currency deposits up to KZT 5 million (about USD 11,300);
• all of one person's deposits and accounts together no more than KZT 20 million.

At a basic bank, lending, letters of credit, guarantees, sureties, discounting and collection are for Kazakhstan residents only, as are factoring, leasing, trust and bill operations, forfaiting and interbank operations (art. 22). Deposits, accounts (correspondent and metal ones included), transfers, cash and foreign exchange are not on that list, and the Banking Law does not bar them with non-residents: a basic bank can open a non-resident's account and make its transfers, but cannot lend to it or guarantee its debts.

On the securities market a basic bank may, under a separate licence, only broker and deal, and Resolution No. 70 narrows that: brokerage only in Kazakh government debt and foreign government debt rated BBB- or better, dealing in those plus international-financial-institution bonds, non-government debt and its own debt. A basic bank also may not:

• buy shares or stakes in non-residents or in entities registered under AIFC law (art. 23);
• open branches or representative offices abroad (art. 31);
• enter into transactions with persons connected to it by special relationships, except on terms set by the ARDFM (art. 50);
• issue DFAs or act as bondholders' representative, agent bank or security agent (art. 23).

A basic bank keeps payment services and most other ancillary businesses.

Moving from basic to universal

The asset ceiling works as a conversion mechanism (art. 21):

1. Assets above the ceiling for three consecutive months: the bank must meet the prudential, risk-management and reporting requirements for universal banks.
2. Assets above the ceiling for nine consecutive months: within twelve months the bank either converts its licence to universal or brings assets back below the ceiling.

Re-issuing a licence takes 15 working days; converting from basic to universal together with new operations takes 30. To add operations a bank must have met prudential standards for the three preceding consecutive months and approved an updated recovery plan (art. 19). After conversion the universal-bank minimum own capital of KZT 20 billion applies.

Islamic window

An Islamic banking licence can go to an Islamic bank, a universal bank and branches of non-resident Islamic or universal banks (art. 1), but not to a basic bank. A universal bank runs Islamic operations in-house under an additional licence and ring-fences them (art. 34):

• dedicated assets of at least KZT 1 billion (about USD 2.26 million), with one year from the licence to meet the requirement;
• separate accounting and separate correspondent and client accounts;
• Islamic-window assets cannot cover losses of conventional operations, and vice versa.

Before applying, the bank needs a shareholders' decision, charter amendments, an Islamic finance principles board, a three-year Islamic strategy, the dedicated assets and separate accounting (art. 19). For comparison, a stand-alone Islamic bank needs minimum charter and own capital of KZT 10 billion, or KZT 5 billion as a subsidiary of a non-resident bank rated at least A.

Digital financial assets and stablecoins

Since 1 May 2026 the Law on Digital Assets, as amended by Law No. 259-VIII, recognises three kinds of DFA: stablecoins (whose base asset is money), DFAs whose base asset is financial instruments or other property except money, and financial instruments issued in digital form on a DFA platform.

Under the Banking Law, universal and Islamic banks and branches of non-resident banks, Islamic ones included, may deal in DFAs; basic banks may not (art. 23). The terms are set by the joint ARDFM Resolution No. 87 / National Bank Resolution No. 50 of April 2026:

Under National Bank Resolution No. 39 of 10 April 2026 a JSC or an LLP issues stablecoins without a banking licence, only after the matching money is credited, and keeps the base asset segregated with an organisation licensed for custody and safe-deposit operations. Crypto licences are covered in the article on Kazakhstan crypto licences, stablecoins generally in the article on stablecoins.

Getting a new licence

A bank can only be a joint-stock company and becomes a bank on state registration based on an ARDFM permit to open and a banking licence (art. 7). A new bank goes through five steps:

1. Permit to open a bank. The ARDFM reviews the application in 65 working days (art. 10); under Resolution No. 41 that is 10 working days for a completeness check and 50 for substantive review. Major-participant consent is issued together with the permit.
2. State registration. Within two months of the permit, or the permit lapses (art. 12).
3. Paying in capital. The founders pay the minimum charter capital in full within 30 calendar days of registration, in tenge and only in cash (art. 8).
4. Operational readiness. Premises, equipment and accounting software meeting ARDFM and National Bank rules, general terms for operations, a three-year development strategy and internal risk documents (art. 19).
5. Banking licence. The application is filed within a year of the permit, and the ARDFM decides within 30 working days of receiving compliant documents. Without a licence within that year the permit lapses (arts. 12, 19).

The ARDFM may suspend either clock to check information, the applicant has at most 10 working days to fix remarks, and a hearing precedes any refusal of the permit. Review alone totals 95 working days, before preparation, registration and paying in capital.

Documents and grounds for refusal

Two sets of documents:

• permit file: founders' minutes and founding agreement, information on founders below 10% (two years of audited accounts for legal entities), the major-participant file, individuals' source-of-funds documents and a foreign corporate founder's home supervisor consent or confirmation that none is needed (art. 10);
• licence file: notarised charter, proof of the fee, executive approval documents, the strategy with budget and prudential forecasts, a named staff list and proof of paid-in capital (art. 19).

The ARDFM refuses a licence, among other grounds, if the strategy fails its risk-management requirements, if the applicant cannot show profitability after its first three financial years or compliance with prudential standards by it and its banking conglomerate, or if a proposed executive is not approved (art. 20).

Licence fee

The fee for banking operations of second-tier banks and non-resident banks' branches is 800 MRP per banking operation (Tax Code, art. 616). At the 2026 MRP of KZT 4,325 set by the budget law, that is KZT 3.46 million, about USD 7,800. The same 800 MRP rate applies to banks' securities-market activity and to their other operations; re-issuing a licence or a duplicate costs 10% of the rate.

Shareholders

Without the ARDFM's prior written consent nobody, alone or with others, may hold 10% or more of a bank's voting shares (including through derivatives), vote 10% or more or control a bank. Such a person is a major participant; a legal entity with 25% or more becomes a bank holding, which also needs consent (art. 9).

The rating floors are in Resolution No. 64, holding and source-of-funds rules in art. 9-5 of Law No. 474-II on financial-market supervision. Foreign banks setting up a subsidiary bank or a branch face the same BBB floor.

Since 21 August 2026, Law No. 352-VIII of 23 July 2026 has required consent also from non-residents holding 10% or more of a bank indirectly through a foreign financial group under consolidated supervision; the exemption now covers only insurers and investment-portfolio managers. The rule applies to relations from 19 March 2026; indirect holders without consent had 30 calendar days to apply or cut their stake, and need no rating. The logic of such approvals is covered in the article on qualifying holdings and fit and proper checks.

Buying an existing bank

A licence cannot be transferred, so the buyer acquires the bank and the licence stays with it. A buyer of 10% or more needs consent under art. 9-5 of Law No. 474-II, with the clock stopped while the ARDFM forms a "motivated judgement". A bank buyer gets consent together with permission for significant participation or a subsidiary bank (Resolution No. 30).

A buyer that crosses the threshold without consent may not vote or otherwise influence the bank until consent is obtained, and the ARDFM may order it to sell the shares within no more than six months. The bank must notify the ARDFM of changes among its 10%+ holders within 15 calendar days (art. 9).

Buying a bank with capital below KZT 20 billion brings the duty to reach that minimum or move to a basic licence. An example is the Alatau City Bank profile; the general mechanics are in the article on change of control and buying a licensed company.

Branch of a foreign bank

A foreign bank's branch holds only a universal licence (art. 1). The bank may apply if it meets art. 15:

• total assets of at least USD 10 billion;
• a legal entity under its home law, from a state that cooperates with FATF;
• a home banking licence, and home supervisor consent where required;
• a rating of at least BBB (Resolution No. 64);
• no breaches of home capital or liquidity ratios in the preceding twelve months.

A branch needs at least two resident executives (art. 20). Only members of the mandatory deposit guarantee system take retail deposits, and a branch may take an individual's deposit only from the equivalent of USD 120,000 (art. 22). DFA dealings and an Islamic banking licence are open to a branch as to a universal bank.

Banks licensed under the old law

A bank licensed for banking and other operations before the new law must re-issue that licence as universal or, if its own capital is below KZT 20 billion and does not reach that minimum, as basic (art. 132). The terms run from the law's entry into force:

The dates count from the computed entry-into-force date under art. 14 of the Law on Legal Acts: a term in months ends on the matching day of its last month, and one ending on a non-working day moves to the next working day.

AIFC: a bank under an AFSA licence

In the AIFC a firm authorised to accept deposits and/or open and operate bank accounts is a Bank. The AFSA authorises it only if CET1 capital is at least the base requirement, USD 10 million for a bank (Banking Business Prudential Rules, rules 1.5, 4.8, 4.10). A bank then holds at least the higher of base and risk-based capital, with minimum ratios of 4.5% CET1, 6% Tier 1 and 8% total capital, which the AFSA may raise.

Under the AFSA's 2023 policy statement on banks and start-up banks, an applicant should generally be a branch or subsidiary of an existing bank, or a new entity in a regulated bank's group. Stand-alone start-ups are considered only in exceptional or strategically important cases and must address the AIFC having no central bank as lender of last resort. Islamic start-up banks are outside the policy.

On 29 September 2026 the AFSA register lists six active deposit-takers: five bank branches (Halyk Bank, Bank CenterCredit, Unibank, China Construction Bank, Altyn Bank) and Brillink Bank Corporation Limited. In Islamic banking, Al Safi Bank is active.

Tenge and resident limits

The AIFC currency rules prohibit AIFC banks other than AIFC Islamic banks from (rules 3.1.4, 3.3.1):

• opening tenge accounts for residents, including AIFC participants, and for non-residents;
• opening savings accounts for residents, except in one listed case;
• servicing residents' export and import transactions;
• exchanging tenge on client instructions, except for transactions listed in Schedule 4.

Residents that are not AIFC participants can receive only the services listed in Schedule 2. Tenge accounts and residents' payments therefore stay with ARDFM-licensed banks, covered in the article on banks in Kazakhstan.

Fees, timing and tax

AFSA fees for banking activities under the Fees Rules as in force from 1 December 2025:

For several activities the AFSA charges the highest fee plus 50% of the fee for each additional one, so by calculation an application for deposits, accounts and credit costs USD 21,000 + 3,500 + 7,000 = USD 31,500. In July 2026 the AFSA consulted on annual fee increases over 2027–2029 (comments closed on 20 August); the 2025 rules still apply.

The AFSA has no statutory deadline; it reports an average of two to three months from a materially complete application, excluding time waiting for the applicant (AFSA FAQ). The company is incorporated after authorisation: the process ends with an In-Principle Approval whose conditions, including incorporation, the applicant then meets (authorisation steps).

A bank outside the AIFC pays 25% corporate income tax (CIT) on income from banking activity, except income from lending to businesses (Tax Code, art. 357). The CIT exemption to 1 January 2066 under the AIFC Constitutional Statute covers a closed list of services in the centre: it names banking services of an Islamic bank but not conventional banking, and other services can be added only by a joint act (art. 6).

Choosing a route

The future bank's clients and operations decide the route:

A broker or dealer can keep accounts, make transfers and lend under a separate ARDFM licence for banking operations; the KZT 10 billion capital rule in Resolution No. 80 covers those operations, not non-cash foreign exchange. See the article on broker licences in Kazakhstan and, for a group with a bank and a broker, the Freedom Bank profile.

From 21 October 2026 (computed: 60 calendar days after publication on 21 August), Law No. 352-VIII adds a National Bank licence for a first-category payment organisation, an LLP or JSC that keeps accounts and makes transfers for legal entities without a banking licence. Non-bank lending is compared in the map of lending licences, EU bank licensing in the article on the ECB banking licence, and other regimes in the “Financial licences” hub.

Risks and limitations

A basic licence caps growth: assets above the ceiling first bring universal-bank requirements and then force a choice between conversion and shrinking.

The statutory 65 and 30 working days exclude pauses for information checks and a motivated judgement, and a permit to open lapses without registration within two months or a licence within a year.