Category: Kazakhstan Bank

Kazakhstan May Ban Cryptocurrencies Citing Money-Laundering Concerns

Kazakhstan’s National Bank is considering banning cryptocurrency use, exchanges, and mining, saying virtual currencies are an ideal vehicle for fraud, money-laundering, and tax evasion. “In Kazakhstan, the National Bank is taking a very conservative approach toward the matter, and it welcomes nothing but extremely tough restrictions,” Daniyar Akishev, the chairman...

LEGAL ALERT ON KAZAKHSTAN BANKS M&A

Under Kazakhstan law, generally, both resident and non-resident legal entities may own shares in a Kazakhstan bank. National Bank Pre-Transaction Consent.  Generally, there are two thresholds entailing the necessity to obtain the National Bank of Kazakhstan (the ‘NBK’) (financial regulator) pre-transaction consent:  (i) “large participant”, whereby an entity controls ≥10%...