ADL Disputes Team - Yerkin Budenov

Yerkin is a financial regulatory lawyer with over 15 years of experience. His expertise spans financial sector policies and regulations, corporate law, digital assets, and matters related to the Astana International Financial Centre (AIFC).
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Yerkin held prominent positions, including Managing Director – Chief Legal Officer at the AIFC Authority, Head of Department at the Astana Financial Services Authority and leadership roles at the Ministry of National Economy of Kazakhstan. He contributed to a various administrative and economic reforms in Kazakhstan and, more recently, played an instrumental role in the establishment of the AIFC, contributing significantly to the development of its legal framework.

Project Financing and Securitization: Advised on the development of codified legislative framework for project financing and securitization in Kazakhstan. Identified issues and provided inputs specific to financial institutions and consumers.

Commercial Legislation: Drafted the AIFC's commercial legal framework. Conducted comprehensive research and analysis on complex policy and technical issues related to commercial regulation and financial integrity. Successfully secured government approval for over 30 policy papers, regulations, and rules, establishing frameworks for corporate governance, corporations, partnerships (general, limited, and limited liability), contracts, obligations, damages and remedies, employment, and data protection.

Private Data Protection: Drafted the AIFC Data Protection Regulations 2017 and the AIFC Data Protection Rules 2018, marking the AIFC's first comprehensive data protection framework. Led a team in processing public comments and coordinating inputs from diverse stakeholders. Identified key issues and provided targeted recommendations for financial institutions and consumers.

Financial Integrity: Contributed to the Financial Services Framework legislation by providing financial integrity policy and technical advice to the newly established financial regulator, and providing in-depth expertise, undertaking analytical work, and contributing to fostering an interinstitutional dialogue with the governmental authorities.

Digital Assets: Contributed to the Parliamentary Working Group focused on developing a regulatory framework for the issuance and circulation of digital (crypto) assets, including taxation. Actively participated in discussions within Parliament, advising on the issuance and circulation of unsecured digital assets—such as digital tokens rewarded for maintaining blockchain consensus — and contributed to drafting the legislative bill. This initiative facilitated a pilot project enabling crypto circulation within the AIFC and mandated that crypto miners store a portion of their rewards in AIFC-registered exchanges, aimed at bolstering the sector's growth.

Selected Regulatory Reforms: Co-drafted Kazakhstan's first codified legislation on state property assets. Collaborated on amendments to the Public-Private Partnership and Concessions legal framework, incorporating inputs from financial institutions, foreign investors, and government authorities. Co-drafted amendments to banking regulatory laws to facilitate mergers and acquisitions. Actively participated in Parliamentary working groups and contributed to discussions within the Government and Parliament of Kazakhstan. Managed and coordinated the Scientific Economic Expertise of Bills Project, establishing a system to assess the socio-economic impacts of adopted laws — now a critical step in legislative drafting in Kazakhstan.

Yerkin Budenov

Counsel

Yerkin Budenov

Counsel