Article 11. Digital Asset Exchanges The Law on Digital Assets in the Republic of Kazakhstan

Home / Laws / Article 11. Digital Asset Exchanges The Law on Digital Assets in the Republic of Kazakhstan

1. The requirements for digital asset exchanges and the procedure for licensing them in the Astana International Financial Center are determined by the acts of the Astana International Financial Center.

The activity of organizing the turnover of digital assets is carried out by digital asset exchanges.

2. The second-tier bank of the Republic of Kazakhstan, the National Postal Operator of the Republic of Kazakhstan, open bank accounts in accordance with the legislation of the Republic of Kazakhstan to the digital asset exchange, as well as to a participant of the Astana International Financial Center, which has the appropriate license to carry out activities related to digital assets.

3. Digital asset exchanges are required to notify individuals and legal entities about the risks associated with the purchase, possession and execution of transactions with unsecured digital assets.

4. In the territory of the Republic of Kazakhstan, unsecured digital assets are not recognized as financial instruments or financial assets, except in cases stipulated by the laws of the Republic of Kazakhstan.

5. It is prohibited to organize the turnover of digital assets without an appropriate license or permission to carry out activities related to digital assets issued in accordance with the applicable law of the Astana International Financial Center or the laws of the Republic of Kazakhstan.

6. The procedure and mechanisms for interaction of the digital asset exchange and the entities specified in paragraph 2 of this Article with the second-tier bank of the Republic of Kazakhstan are determined by an act of the Astana International Financial Center in coordination with the National Bank of the Republic of Kazakhstan and the authorized body for regulation, control and supervision of the financial market and financial organizations.

7. The list, deadlines and reporting procedure of digital asset exchanges are determined by an act of the Astana International Financial Center in coordination with the National Bank of the Republic of Kazakhstan.

President

Republic of Kazakhstan

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