Kazakhstan has adopted the Ethical Code of the Venture Industry

An Ethical Code of Conduct for Kazakhstan’s Venture Industry was signed at the Astana Hub international technology park. The Code is expected to become one of the foundational documents uniting various market players: venture funds, investors, business angels, and startups.

The document outlines principles of integrity, honesty, responsibility, trust, tolerance, fair competition, non-interference by investors in startup operations, protection of participants’ interests, legality, zero tolerance for corruption, and prioritization of public interests. The idea of creating a venture code has been around for a long time. On the American market, there were cases where startups misled investors and the public, which negatively impacted the image of the entire venture market. To prevent such incidents in Kazakhstan, it was decided to create this Code. It is considered voluntary, does not provide for disciplinary sanctions, and has no legal force, but signing and publicly committing to adhere to its norms of honesty, integrity, openness, and tolerance will provide a certain impetus.

The Ethical Code of Conduct for Kazakhstan’s Venture Industry was signed by representatives of the industry. Among them are: Astana Hub, BGlobal VC, MOST Ventures, MyVentures, Tumar Venture Fund, Activat VC, BigSky Capital, BYB Capital, InDrive NewVentures, as well as startups EasyTap, ApartX, Garderob, Porte, Smartestprep, GoDays, Billz, and many others.

The Code will become an important step toward creating an ethical and transparent venture market in Kazakhstan. By following these norms, favorable conditions can be created for the development of IT entrepreneurship and attracting new investments.

Adhering to the norms of the Ethical Code will help create an atmosphere of mutual trust, goodwill, and cooperation in Kazakhstan’s venture market, which is important for preventing negative situations that could adversely affect both the industry as a whole and its individual participants.

Source: bluescreen.kz