On 26 July 2016, a new Law of the Republic of Kazakhstan No.
11-VІ "On Payments and Payment Systems" (the Law on
Payments) was adopted. Save for a number of certain
provisions, the new Law on Payments comes into force on 10
September 2016 and will completely substitute the existing Law of
the Republic of Kazakhstan No. 237-І "On Payments and
Money Transfers" dated 29 June 1998.
The new Law on Payments has been drafted by the National Bank of
the Republic of Kazakhstan in order to: (a) commence regulation of
the activities of operators of instant payment systems, and (b)
align the national legislation on payment systems with the
international standards.
For convenience, all provisions of the new Law on Payments can
be divided into two large parts. The first part sets forth a
legal framework for the functioning of payment systems and
provision of payment services in Kazakhstan. The second part
deals with payments and money transfers per se, including those
which
