Kazakhstan plans to introduce new support measures for
subsoil users. The Mazhilis, the lower house of Parliament, adopted in its
second reading a bill updating the rules for oil and uranium production. The
document permits the
deepening of existing sites to a depth of 5,000 meters without an auction. This
will accelerate geological exploration and improve the efficiency of subsoil
development. A special legal regime is being introduced for technologically
complex deposits of heavy, bituminous, and shale oil. Such projects will be
provided with additional incentives and government support. Special conditions
are also envisaged for companies implementing innovative production
technologies.
«The bill includes a proposal to establish a separate regulation on the
use of enhanced oil recovery methods and the possibility of granting incentives to companies that
apply such technologies. Experts estimate that the use of modern enhanced oil
recovery methods at KazMunayGas fields could
increase production by 14 to 25 million tons of
oil by 2050, extending the lifespan of mature
fields and preserving jobs,» said Mazhilis Member Yedil Zhanbyrshin.
Mazhilis reviews draft law on banks in first reading
The Mazhilis also reviewed the first reading of the draft law on banks and banking activities. The document aims to regulate and develop the financial sector and protect citizens’ interests. It strengthens consumer protections and introduces new mechanisms to combat financial fraud. Particular attention is paid to digital technologies. For the first time, the status of the Digital Tenge is formalized, while the circulation of cryptocurrencies and other digital assets is regulated. The bill also introduces two types of banking licenses – universal and basic – which will expand Kazakhstan’s financial services market.
«A universal license is intended for large banks operating across a wide
range of services, whereas a basic license applies to smaller banks with simplified capital requirements but
limited operational activities. This creates opportunities for new entrants without
compromising the system’s stability. For the first time, behavioral supervision
is being introduced – a new type of oversight focused not only on a bank’s
stability but also its interactions with customers. Its objectives include protecting consumer rights,
promoting fair competition, preventing unwanted services, and providing rapid pre-trial resolution
mechanisms,» noted Mazhilis Member Tatyana Savelyeva.
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