President Kassym-Jomart Tokayev has instructed members of the Kurultai, together with the Government, to draft a new Civil Code. He believes the work on the document should be completed by the end of next year. As the Head of State noted, the current Code has become outdated. Adopted 30 years ago, it laid the foundations for a market economy, established protections for property rights, and set out the rules governing civil relations. However, Kazakhstan’s economy has changed significantly over the years of independence. Digital services, new technologies and modern forms of doing business have emerged. All of this requires up-to-date legal provisions.
«I think the state-of-the-nation address was very significant for everyone. The key aspects the Head of State touched upon were new provisions and the new Civil Code. As a developing country with ambitious goals, we must develop the corporate sector. It is particularly important now to provide for digital contracts and digital transactions. This will strengthen our economic position both domestically and internationally,» noted Sandugash Darkhanova, Senior Lecturer at the Faculty of Law, Kazakh National University.
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