The Code sets out principles of integrity, honesty, responsibility, trust, tolerance, fair competition, non-interference of investors in startup activities, protection of startup participants' interests, legality, intolerance of corruption, and prioritization of public interests.

"The idea of creating a venture code has been in development for some time. In the American market, there have been cases where startups misled investors and the public, which had a negative impact on the entire venture sector. To prevent such issues in Kazakhstan, we decided to establish this Code. It is voluntary, does not include disciplinary sanctions, and has no legal force, but publicly committing to its standards on honesty, integrity, openness, and tolerance will provide a positive impetus" said Marat Tolibayev, CEO at Activat VC.

The Code was signed during a formal ceremony by various industry representatives, including Astana Hub, BGlobal VC, MOST Ventures, MyVentures, Tumar Venture Fund, Activat VC, BigSky Capital, BYB Capital, InDrive NewVentures, and startups such as EasyTap, ApartX, Garderob, Porte, Smartestprep, GoDays, and Billz, among others.

"The Code will be an important step towards creating an ethical and transparent venture market in Kazakhstan. Following these standards will create a favorable environment for IT entrepreneurship and attract new investments. We hope that all market participants will endorse and adhere to the Code" said Tanat Uskembayev, Managing Director at Astana Hub.

The signatories believe that adhering to the Code of Ethics will foster mutual trust, goodwill, and cooperation in Kazakhstan's venture capital market, which is essential for avoiding issues that could negatively affect the industry and its participants.