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The sole official financial regulator in Kazakhstan is the National Bank, which is the central bank, responsible for the regulation of all commercial banks, the monetary policy and the price stability.
And although the securities market in the country is controlled and regulated by the government – the Ministry of Finance – neither of the two institutions oversee the emerging forex and CFD market.
However, some steps are taken towards establishing a regulatory framework. Last year the Kazakh government and the National Bank have adopted a Plan of Joint Action to Develop the Nation’s Stock Market for the period 2018-2021. The plan includes banning all unlicensed forex brokers, and revising the “On Currency Regulation and Currency Oversight” law, by expanding its scope to foreign exchange currency trading by brokerages and dealers.
Currently all brokers operating in Kazakhstan do so without a local license and although there are few locally based brokers – about 10 most of which Russian, the interest into the forex market is growing and in March 2018 FXPrimus opened a branch office in the capital Astana.
And besides traders in Kazakhstan can still choose freely form brokers, regulated by well known and well respected authorities such as the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC) or the Australian Securities and Investments Commission (ASIC).