Published
06/26/2026, 16:22The Cabinet of Ministers has amended the Regulations on the Issuance and Circulation of Bonds, which were approved in March, by removing some of the administrative requirements for government issuers of gold-backed bonds and sharply reducing the registration fee.
One of the key changes concerns gold-backed bonds. Whereas previously every issuer was required to store the gold bullion backing the bond issue through a commercial bank, an exception has now been made for government agencies with their own storage facilities, as well as gold-mining companies with 100 percent state ownership. They will be able to arrange for the storage of gold independently, without involving intermediary banks.
Another significant change is the reduction in the fee rate for state registration of bond issues—from 0.3 to 0.01. In effect, this represents a nearly 30-fold reduction in the relevant fee, making it significantly cheaper for issuers to enter the bond market.
The explanatory note to the document explicitly states that the purpose of the changes is to remove excessive regulatory barriers, stimulate the development of the corporate bond market, and make raising capital through the stock market more attractive for businesses.
As a reminder, the new Regulation on the Issuance and Circulation of Bonds came into effect in the spring of 2026. For the first time, the document comprehensively regulated the issuance of corporate, “green,” social, sustainable, and gold-backed bonds, and established the procedures for their circulation, registration, and redemption. Now, the Cabinet of Ministers is taking the first step toward liberalizing the regulations.
The resolution amending the regulations will take effect 15 days after its official publication.
