January 9, 2023

The Parliament of the Republic of Kazakhstan adopted a law on the AIFC

At the plenary session of the Majilis, the deputies of the Chamber agreed with the amendments made by the Senate to the draft Constitutional Law “On amendments and additions to some constitutional laws of the Republic of Kazakhstan”.

The purpose of the bill is to improve the activities of courts and administration in the judicial sphere, supplement the procedure for using the state emblem, as well as ensure the active development of the Astana International Financial Center as the country’s main platform for the development of innovations in the financial sector and the use of its jurisdiction to attract investment.

According to the deputy of the Mazhilis Ekaterina Smyshlyaeva, these amendments will not change the concept of the draft law approved by the Mazhilis. In this regard, she proposed to agree with the amendments made by the Senate to the draft of the said constitutional law.

In turn, the deputies of the Mazhilis decided to support the amendments proposed by the Senate.

Recall, on December 26, the Senate considered the draft law “On amendments and additions to some constitutional laws of the Republic of Kazakhstan”. The amended document was returned to the Majilis.

The document was amended related to the activities of the judicial system and the Astana International Financial Center.

In particular, it was noted that the document needs to be amended and supplemented with respect to the powers of the AIFC bodies, the timing of the entry into force of certain provisions of the constitutional law “On the Judicial System and the Status of Judges of the Republic of Kazakhstan”, as well as some provisions related to the synchronization of the timing of entry into force with the norms of draft laws in the field of digital assets.