Article 12-1. Turnover of unsecured digital assets About digital assets in the Republic of Kazakhstan

Home / Laws / Article 12-1. Turnover of unsecured digital assets About digital assets in the Republic of Kazakhstan

1. In the territory of the Republic of Kazakhstan, the issuance and organization of the turnover (circulation) of unsecured digital assets are allowed only in the following cases::

1) issuing and organizing the turnover of unsecured digital assets, including the purchase, sale and (or) exchange of unsecured digital assets, carried out by operators of the exchange of unsecured digital assets or operators of the digital asset trading platform licensed by the National Bank of the Republic of Kazakhstan or registered with the National Bank of the Republic of Kazakhstan.

The procedure for carrying out the activities of operators of the exchange of unsecured digital assets, including the procedure for conducting transactions for the purchase, sale and (or) exchange of unsecured digital assets, is determined by the National Bank of the Republic of Kazakhstan.

Operators of the exchange of unsecured digital assets are required to implement a system for analyzing and controlling transactions, the requirements of which are determined by the National Bank of the Republic of Kazakhstan.;

2) issuing and organizing the turnover of unsecured digital assets on the territory of the Astana International Financial Center through the digital asset exchanges of the Astana International Financial Center and through other participants of the Astana International Financial Center who have the appropriate license to carry out activities related to digital assets.

The requirements for the digital asset exchange and other participants of the Astana International Financial Center who have the appropriate license to carry out activities related to the digital assets of the Astana International Financial Center are determined in accordance with the applicable law of the Astana International Financial Center;

3) issuing and organizing the turnover of digital assets under the special regulatory regime of the National Bank of the Republic of Kazakhstan;

4) turnover (circulation) of digital assets by law enforcement and special government agencies related to the arrest, seizure and confiscation of digital assets;

5) turnover of digital assets obtained as a result of digital mining by digital miners;

6) the turnover and organization of the turnover (circulation) of digital assets by the National Bank of the Republic of Kazakhstan and (or) its subsidiaries within the framework of the functions provided for by the legislation of the Republic of Kazakhstan.

2. In the territory of the Republic of Kazakhstan, unsecured digital assets are not recognized as a means of payment, financial instruments or financial assets.

Digital assets that do not meet the requirements established by this Law in relation to digital financial assets, for the purposes of this Law, are recognized as unsecured digital assets in the territory of the Republic of Kazakhstan.

3. The operators of the unsecured digital asset exchange and the digital asset exchange of the Astana International Financial Center serve customer transactions using bank accounts opened in second-tier banks of the Republic of Kazakhstan and (or) with the National Postal Operator.

The second-tier Bank and the National Postal Operator open bank accounts for digital asset service providers if they have the appropriate license (permission) to carry out activities related to digital assets.

The procedure for interaction of digital asset exchanges and other participants of the Astana International Financial Center, which have the appropriate license to carry out activities related to the digital assets of the Astana International Financial Center, with second-tier banks and the National Postal Operator is 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.

The procedure for interaction of unsecured digital asset exchange operators with second-tier banks and the National Postal Operator is determined by the National Bank of the Republic of Kazakhstan.

The list, terms and procedure for reporting to the digital assets Exchange of the Astana International Financial Center and other participants of the Astana International Financial Center who have the appropriate license to carry out activities related to the digital assets of the Astana International Financial Center are determined by an act of the Astana International Financial Center in coordination with the National Bank of the Republic of Kazakhstan.

4. Persons who carry out exchange operations with unsecured digital assets through the operators of the exchange of unsecured digital assets, the digital asset exchange of the Astana International Financial Center and the operators of the digital asset trading platform themselves are responsible for changing the value of the unsecured digital asset.

The operators of the exchange of unsecured digital assets, the operator of the digital asset trading platform, the digital asset exchange of the Astana International Financial Center and other participants of the Astana International Financial Center who have the appropriate license to carry out activities related to digital assets of the Astana International Financial Center are required to inform the person carrying out exchange operations with unsecured digital assets., about the risks associated with the acquisition, possession of unsecured digital assets and transactions with them.

5. The operator of the exchange of unsecured digital assets services customer transactions in accordance with the restrictions and limits established by the National Bank of the Republic of Kazakhstan.

6. The operator of the exchange of unsecured digital assets services the operations of clients after the identification of the client in accordance with the procedure provided for by the legislation of the Republic of Kazakhstan.

7. The requirements for opening and maintaining customer digital asset wallets are determined by the National Bank of the Republic of Kazakhstan.

8. Operators of the exchange of unsecured digital assets, operators of the digital asset trading platform, the digital asset exchange of the Astana International Financial Center and other participants of the Astana International Financial Center who have the appropriate license to carry out activities related to the digital assets of the Astana International Financial Center, participants in the special regulatory regime of the National Bank of the Republic of Kazakhstan, in the field of digital assets, When making transfers of unsecured digital assets, information about the sender and recipient of digital assets is collected and stored, including information that identifies these persons and (or) beneficial owners, in accordance with the legislation of the Republic of Kazakhstan.

9. In cases of absence or incomplete provision of the information specified in paragraph 8 of this article, operators of the exchange of unsecured digital assets, operators of the digital asset trading platform, the digital asset exchange of the Astana International Financial Center and other participants of the Astana International Financial Center who have the appropriate license to carry out activities related to the digital assets of the International Financial Center Astana, participants in the special regulatory regime of the National Bank of the Republic of Kazakhstan, Those operating in the field of digital assets must suspend the operation for at least forty-eight hours until the required information is provided by the client.

If the client fails to provide the information necessary to identify the sender and/or recipient, after the expiration of the established period, the operators of the exchange of unsecured digital assets, the operators of the digital asset trading platform, the digital asset exchange of the Astana International Financial Center and other participants of the Astana International Financial Center who have the appropriate license to carry out activities related to digital assets of the Astana International Financial Center, participants in the special regulatory regime of the National Bank of the Republic of Kazakhstan, those operating in the field of digital assets refuse to carry out the operation.

10. Operators of the exchange of unsecured digital assets, operators of the digital asset trading platform, the digital asset exchange of the Astana International Financial Center and other participants of the Astana International Financial Center who have the appropriate license to carry out activities related to digital assets of the Astana International Financial Center do not charge a commission from government, law enforcement and special government agencies., including authorized bodies for the organization of work on accounting, storage, valuation and further use of property, transferred (received) into state ownership, as defined in Article 211 of the Law of the Republic of Kazakhstan "On State Property", for opening and maintaining a digital asset wallet, as well as for carrying out operations with digital assets.

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