NEWS
Edward’s East Strategies has prepared monthly monitoring reports on regulatory initiatives and personnel changes in Kazakhstan, Uzbekistan, Kyrgyzstan, and Belarus for the period from September 15th to October 15th, 2024.
The reviewed period in Kazakhstan is characterized by the renewal of the Foreign Investors’ Council under the President, as well as the expansion of functions for the Ministry of Agriculture and the Ministry of Finance. Additionally, discussions are ongoing in the Parliament regarding amendments to the legislation on stock trading and the permission for individuals, equated to civil servants, to engage in entrepreneurial activities.
In Uzbekistan, the «Creative Economy» Law has come into effect, regulating activities and government support for creative and cultural industries. Requirements for post-marketing surveillance of pharmaceutical products, aimed at monitoring the safety of drugs after their market release, have also been approved. Furthermore, a Commission for the Control of New Scientific and Economic Terminology Introduction to the Uzbek Language is being established under the Cabinet of Ministers of the Republic of Uzbekistan.
A notable event in Kyrgyzstan was the adoption of the Digital Code in the first reading. This document aims to lay the groundwork for the formation of a new branch of law and to establish the foundations of digital governance. Amendments have also been proposed to the legislation on e-commerce, expanding the responsibilities of sellers and platform operators, and outlining the priorities for the development of science and innovation until 2028.
The legal changes in the past month in Belarus were in the areas of currency and financial regulation, taxation, and state control (supervision). The control of cryptocurrency circulation is strengthened: incoming and outgoing transactions involving tokens of Belarusian origin will be conducted only by authorized operators. The Council of Ministers has proposed amendments that significantly increase the tax rate on the income of foreign organizations and raise excise tax rates.
The reviews also include other regulatory legal acts and appointments of interest to businesses.