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Understanding the legal landscape of private credits
Private credit has become one of the fastest‑growing segments of modern finance, offering flexible alternatives to traditional lending. Our cross‑border overview brings together the key legal questions that arise across 12 jurisdictions, helping investors, lenders, and borrowers navigate an increasingly complex regulatory environment. This guide highlights the most important considerations—including licensing, security, financial assistance, tax aspects, and insolvency implications—to support more informed decision‑making in private credit transactions throughout Emerging Europe and Central Asia. Partner Tomáš Melišek drove the preparation of the material with the support of local teams of legal experts
The year of digitalisation and AI in Kazakhstan: New regulations
On 6 January 2026, the President of the Republic of Kazakhstan signed a Decree declaring 2026 the Year of Digitalization and Artificial Intelligence. At present, the legislative framework in this area is actively being developed. For instance, a unified conceptual document on the development of digitalisation and artificial intelligence, Digital Qazaqstan, in which all initiatives and projects will be combined into a nationwide strategy is currently being developed. The Law on Artificial Intelligence No. 230-VIII entered into force on 18 January 2025 (the "Law"), and the Digital Code of the Republic of Kazakhstan will take effect on 11 July 2026. There is also ongoing work to align existing legislative acts with the Digital
Digital Product Passports: The regulatory shift fashion brands need to plan for
Fashion and luxury brands selling into the EU should prepare for a regulatory shift that will directly affect how products are documented, traced and placed on the market. Regulatory work is now intensifying on implementing measures, including the rollout of Digital Product Passports (DPPs). DPPs are becoming a central instrument in the EU’s strategy to advance circularity, transparency and sustainability. For the fashion industry, DPPs represent not only a compliance obligation, but a shift in how product data and supply chains are managed. DPPs as a new regulatory standard A Digital Product Passport will function as a product’s digital identity, containing information on origin, material composition
Navigating the MiCA landscape: Considerations for forum shopping in CEE and beyond
As the European financial market undergoes a major digital transformation, the implementation of the Markets in Crypto-Assets Regulation (MiCA) stands out as a defining milestone. By introducing a harmonised legal framework, the EU is transforming from a frag mented regulatory landscape into the world’s largest single market for regulated digital assets. For crypto-asset service providers (CASPs) and institutional investors, this shift offers a “single passport”, legitimising the industry and enabling growth. Yet the practical application of these rules varies across Member States, influenced by differences in administrative capacity, supervisory culture, and national legal traditions. Choosing a “home” jurisdiction
Kinstellar advises PPF Group and its shareholders on the sale of Home Credit Bank Kazakhstan to ForteBank
Kinstellar has successfully advised PPF Group and its shareholders on the sale of Home Credit Bank Kazakhstan to ForteBank, which was completed in December 2025 following receipt of all required approvals from the relevant state authorities in Kazakhstan. As a result of the transaction, ForteBank acquired 100% of the shares in Home Credit Bank, becoming its sole shareholder. The transaction represents one of the most notable M&A deals in Kazakhstan’s banking sector in 2025 and reflects the ongoing consolidation of the local financial market. For the client, the deal enabled a fully regulated and structured exit from the Kazakh banking market while ensuring continuity of operations and stability for customers
AI automation: The buzzword behind the layoff waive?
Layoffs have reached historic highs this year, and the AI arms race could be partly to blame. In the United States, over one million jobs were cut between January and October, up 65% from the same period in 2024, according to a report by outplacement specialists Challenger, Gray & Christmas. From Amazon and UPS to Microsoft and Meta, a growing number of companies are restructuring their workforce as they adopt AI at scale. These decisions raise a broader question: how far and how fast can companies go when replacing human work with artificial intelligence? While automation at scale is not a one-size-fits-all solution, the hard truth is that the skills and jobs needed in the future of work are still largely unknown. As
Kinstellar advises on local aspects of Unilever’s demerger of The Magnum Ice Cream Company in preparation for its listings on the Amsterdam, London, and New York Stock Exchanges
Kinstellar, in collaboration with Linklaters, has advised Unilever and The Magnum Ice Cream Company (TMICC) on the local legal and regulatory aspects of the formation of TMICC, its separation and demerger from Unilever, and its subsequent listings on the Amsterdam, London, and New York stock exchanges. This transaction represents one of the largest and most complex global carve-outs in recent years. It follows Kinstellar’s previous involvement, alongside Linklaters, in Unilever's other major global carve-out, the US$7bn sale of its global spreads business to KKR. Kinstellar’s team provided comprehensive support throughout the entire project, from initial planning to execution, including the legal and operational
Kinstellar advises on the successful USD 1.5 billion sovereign Eurobond issuance by the Ministry of Finance of the Republic of Kazakhstan
Kinstellar has advised Citigroup Global Markets, J.P. Morgan Securities, and Standard Chartered Bank (Joint Lead Managers), alongside Halyk Finance and Teniz Capital Investment Banking (Kazakhstan Lead Managers), on the successful issuance of USD 1.5 billion sovereign Eurobonds by the Ministry of Finance of the Republic of Kazakhstan. The bonds, with a 4.412% coupon rate and maturing in 2030, were issued under Kazakhstan’s USD 15 billion Global Medium Term Note Programme. The issuance was highly successful, with the orderbook significantly oversubscribed, reflecting significant demand from global investors. The final yield of 4.412% is the lowest ever achieved by Kazakhstan in its sovereign Eurobond market, demonstrating
Kinstellar advises joint global coordinators on KazMunayGas’s debut CNY-denominated Eurobond issuance
Kinstellar has advised the joint global coordinators, bookrunners and lead managers, Bank of China (Hong Kong), BOCI Asia, China CITIC Bank International, China International Capital Corporation Hong Kong Securities, Citigroup Global Markets, Industrial and Commercial Bank of China (Asia) and SkyBridge Invest, on Kazakhstan law matters in connection with the debut issuance by National Company "KazMunayGas" (“KMG”) of CNY 1.25 billion five-year senior unsecured Dim Sum bonds with a coupon rate of 2.95% and a yield of 3.15%, under its newly established CNY 10 billion Medium Term Note Programme. The issuance, rated Baa1 by Moody’s, marks KMG’s first-ever entry into the Chinese yuan bond market and represents the
Kinstellar advises the sellers on the sale of RG Gold to Zijin Gold International
Kinstellar has advised Verny Capital Group and its strategic partner – U.S. based investment fund Resource Capital Funds (RCF) on the sale of RG Gold and RG Processing, which operate the Raygorodok gold mine in Kazakhstan, to Zijin Gold International, a subsidiary of Zijin Mining Group. Verny Capital has managed RG Gold since 2014, investing heavily in infrastructure, modernization, and exploration. In partnership with RCF since 2018, the company significantly expanded production capacity and tripled its resource base to 7.6 million ounces of gold in accordance with the JORC standard. Zijin Mining Group is one of the world’s largest mining corporations with a market capitalization of around USD 100 billion
Kinstellar advises Baiterek National Managing Holding on its second USD 500 million Eurobond issuance
Kinstellar has advised Baiterek National Managing Holding (“Baiterek”) on the placement of USD 500 million Eurobonds with a five-year maturity and a 4.65% coupon rate. The bonds were placed among a wide range of international investors from the United States, the United Kingdom, Europe, and Asia, and are listed on the Vienna Stock Exchange (Wiener Börse) and the Kazakhstan Stock Exchange (KASE). The joint bookrunners were J.P. Morgan, Société Générale, Alatau City Invest, Halyk Finance, and Teniz Capital Investment Banking. The new placement follows Baiterek’s debut Eurobond issuance in May 2025, in which Kinstellar also acted as legal counsel. That transaction involved USD 500 million senior unsecured Eurobonds
Kinstellar advises Halyk Bank on strategic cross-border fintech partnership with Click
Kinstellar has recently advised JSC Halyk Bank on its USD 237 million strategic partnership with Uzbekistan’s leading fintech platform, Click – a landmark transaction reflecting the growing convergence of banking and digital services in Central Asia. Under the deal, Halyk acquires a 49% stake in Click for USD 176.4 million, while Click’s shareholders take a 49% stake in Halyk’s Uzbek subsidiary, Tenge Bank, for USD 60.76 million. Representing the largest private sector transaction in Uzbekistan to date, the deal features an innovative and balanced structure that enables both parties to remain independent while forming a powerful alliance in Uzbekistan’s rapidly evolving digital finance landscape. The partnership