BAKU, Azerbaijan, Nov. 2
Trend:
Licensing of microfinance activities will be introduced from January 1, 2021, Chairperson of the Agency for Regulation and Development of the Financial Market of Kazakhstan, Madina Abylkassymova said, Trend reports citing the Kazinform.
Abylkassymova made the speech in response to a request from the Majilis MP.
“In March 2020, on behalf of Kazakhstan’s president, strict qualification requirements were established in relation to microcredit entities, within which the requirements for executives and participants of pawnshops, credit partnerships were strengthened, their accounting registration was accelerated, the requirements for the minimum amount of the authorized capital, for the organization of the activities of pawnshops were increased, security and technical strengthening of their premises,” noted Abylkassymova.
Madina Abylkassymova said that in accordance with the instructions of the head of state, licensing of microfinance activities will be introduced from January 1, 2021, adding that the corresponding amendments to legislative acts were signed by the president of Kazakhstan on July 3, 2020.
“The introduction of licensing will allow the subjects of microfinance activities to be classified as financial institutions and create a unified legislative definition of financial services and the financial market with identical principles of consumer protection,” added Abylkassymova.