The comprehensive guide was prepared with the support of the ASEAN+3 Bond Market Forum
Astana, Kazakhstan – May 3, 2026
The National Bank of the Republic of Kazakhstan, the Agency for Regulation and Development of the Financial Market, the Ministry of Finance of the Republic of Kazakhstan, the Astana International Financial Centre (AIFC), and the Asian Development Bank (ADB) announce the publication of the Bond Market Guide for Kazakhstan — the first document of its kind in the country’s history.
The Guide was developed under the ASEAN+3 Bond Market Guide initiative, a series of publications by the ASEAN+3 Bond Market Forum (ABMF), whose secretariat is provided by ADB. Kazakhstan joined the Forum as an official observer in 2025.
The document covers all key aspects of Kazakhstan’s bond market:
- the history and key milestones of market development;
- the legal and regulatory framework, including securities legislation, listing requirements, disclosure rules, and non-resident access;
- types of debt instruments, including government and corporate bonds, money market instruments, and Islamic securities (sukuk);
- trading, clearing, and settlement infrastructure on KASE and AIX, including specifics of the AIFC jurisdiction;
- taxation regime, cost of participation, and access conditions for foreign investors;
- current challenges, outlook, and development priorities.
The Guide is intended for international investors, issuers, financial intermediaries, regulators, and researchers seeking a comprehensive and structured overview of Kazakhstan’s capital market. The document is available on the ADB website: https://www.adb.org/publications/bond-market-guide-kazakhstan
COMMENTS FROM STAKEHOLDERS
National Bank of the Republic of Kazakhstan
“The bond market plays a key role in financing the economy and is one of the priority areas for the development of Kazakhstan’s financial market. It supports the formation of a market-based yield curve and the effective transmission of monetary policy signals. In this regard, the National Bank, together with government agencies and market participants, is implementing a set of measures to develop infrastructure, improve regulation, enhance liquidity, and expand the investor base. As part of this effort, the Bond Market Guide for Kazakhstan was prepared jointly with the Asian Development Bank to structure market information in line with international standards and enhance transparency and investment attractiveness.”
Aliya Moldabekova, Deputy Chairperson, National Bank of the Republic of Kazakhstan
Agency for Regulation and Development of the Financial Market
“Regulatory transparency is the foundation of investor confidence. The Guide provides a detailed overview of Kazakhstan’s securities market legal framework and offers foreign participants a reliable reference for assessing opportunities. The Agency intends to keep the document up to date in line with evolving regulation and international best practices. Currently, together with international consultants, the Agency is developing the Securities Market Development Program through 2030 and a new Capital Market Law. The reform aims to foster new issuers and investment instruments, build a sustainable investor base and liquidity, and ensure strong protection of participants’ rights.”
Nurzhan Tursunkhanov, Deputy Chairperson
Ministry of Finance of the Republic of Kazakhstan
“A developed and liquid government securities market is the foundation of sustainable public finances and the ability to attract investment on competitive terms. This Guide provides international investors with objective and structured information on Kazakhstan’s debt instruments. The Ministry of Finance consistently pursues policies aimed at deepening the market and expanding the investor base.”
Dauren Kenbeil, Vice Minister of Finance
Astana International Financial Centre
“The AIFC was established as a world-class financial hub, and the development of the bond market is one of our key priorities. The inclusion of a dedicated chapter on the AIFC’s legal and market infrastructure enables global investors to fully assess the advantages of operating within our jurisdiction. We believe this publication will serve as an effective tool for attracting international capital to Kazakhstan.”
Renat Bekturov, Governor, AIFC
Asian Development Bank
“ADB is pleased to support Kazakhstan in preparing this Guide under the ASEAN+3 initiative. The publication reflects Kazakhstan’s growing role in regional financial integration and its commitment to attracting international capital to support economic development. We believe the Guide will serve as a valuable resource for investors and market participants considering Kazakhstan as an investment destination.”
Utsav Kumar, Country Director, ADB Kazakhstan Resident Mission
Background:
ASEAN+3 Bond Market Forum (ABMF)
The ABMF was established in 2010 under the Asian Bond Markets Initiative (ABMI). It serves as a leading regional platform for information exchange, policy dialogue, and regulatory cooperation, promoting the integration of bond markets across the ASEAN+3 region. The secretariat is provided by ADB.
Media Contacts
National Bank of Kazakhstan: press@nationalbank.kz
Agency for Regulation and Development of the Financial Market: press@finreg.kz
Ministry of Finance: administrator@minfin.gov.kz, g.akbasova@minfin.gov.kz
AIFC: communications@aifc.kz