Article 12-2. Regulation of the activity of the operator of the exchange of unsecured digital assets About digital assets in the Republic of Kazakhstan

Home / Laws / Article 12-2. Regulation of the activity of the operator of the exchange of unsecured digital assets About digital assets in the Republic of Kazakhstan

1. The operator of the exchange of unsecured digital assets operates on the basis of a license issued by the National Bank of the Republic of Kazakhstan for the exchange of transactions with unsecured digital assets.

2. The activity of providing services to the operator of the exchange of unsecured digital assets carried out by persons without a license for exchange operations with unsecured digital assets issued by the National Bank of the Republic of Kazakhstan is not allowed.

3. In order to obtain a license for exchange operations with unsecured digital assets, an applicant intending to operate as an exchange operator for unsecured digital assets must meet the qualification requirements established by the National Bank of the Republic of Kazakhstan.

The procedure for licensing an unsecured digital asset exchange operator and the qualification requirements for an unsecured digital asset exchange operator are determined by the National Bank of the Republic of Kazakhstan.

4. The regulatory legal act of the National Bank of the Republic of Kazakhstan provided for in the second part of paragraph 3 of this Article includes:

1) the list of documents submitted to the National Bank of the Republic of Kazakhstan for obtaining a license for exchange operations with unsecured digital assets;

2) requirements for the minimum size of the authorized capital of an unsecured digital asset exchange operator;

3) requirements for the organizational and legal form of the operator of the exchange of unsecured digital assets;

4) Information security requirements;

5) the procedure for reorganizing the operator of the exchange of unsecured digital assets.

5. The application for obtaining a license for exchange operations with unsecured digital assets is considered by the National Bank of the Republic of Kazakhstan within twenty working days from the date of submission by the applicant of the full package of documents specified in the regulatory legal act of the National Bank of the Republic of Kazakhstan.

6. To obtain a license, the applicant submits the following documents and information to the National Bank of the Republic of Kazakhstan:

1) an application in the form established by the National Bank of the Republic of Kazakhstan, including information about the head (members) of the executive body (accompanied by copies of the diploma(s) and a document confirming the employee's employment in accordance with the Labor Code of the Republic of Kazakhstan);

2) documents confirming the payment of the authorized capital, the minimum amount of which is established by the National Bank of the Republic of Kazakhstan;

3) the charter, except in cases when the operator of the exchange of unsecured digital assets carries out activities according to the standard charter;

4) a document defining the procedure for interaction of an unsecured digital asset exchange operator with a bank or a National Postal Operator, with a digital asset exchange or other persons providing access to unsecured digital assets;

5) rules for the implementation of the activities of the operator of the exchange of unsecured digital assets, approved by the governing body of the operator of the exchange of unsecured digital assets.

The list of mandatory conditions and rules for the operation of an unsecured digital asset exchange operator is established by the National Bank of the Republic of Kazakhstan;

6) a document confirming the authority of the person to submit the application and the documents and information attached to it.

7. A fee is charged for issuing a license for exchange operations with unsecured digital assets, the amount and payment procedure of which are determined by the tax legislation of the Republic of Kazakhstan.

8. A license for exchange operations with unsecured digital assets is issued for an unlimited period.

9. The decision to issue a license for exchange operations with unsecured digital assets is posted on the Internet resource of the National Bank of the Republic of Kazakhstan in Kazakh and Russian.

10. The authorized capital of the operator of the exchange of unsecured digital assets is formed exclusively by money in the national currency of the Republic of Kazakhstan.

The authorized capital of an unsecured digital asset exchange operator is formed before an applicant intending to operate as an unsecured digital asset exchange operator applies to the National Bank of the Republic of Kazakhstan to obtain a license for exchange operations with unsecured digital assets.

11. The operator of the exchange of unsecured digital assets ensures compliance with international standards on countering money laundering, terrorist financing and financing the proliferation of weapons of mass destruction and the legislation of the Republic of Kazakhstan on countering the legalization (laundering) of proceeds from crime, financing terrorism and financing the proliferation of weapons of mass destruction.

The operator of the exchange of unsecured digital assets forms a risk management and internal control system.

The procedure for forming a risk management and internal control system for an unsecured digital asset exchange operator is determined by the National Bank of the Republic of Kazakhstan.

12. The participation of the operator of the exchange of unsecured digital assets in the authorized capital of other organizations (residents and non-residents of the Republic of Kazakhstan) is not allowed.

13. The exclusive type of business activity of the operator of the exchange of unsecured digital assets is the implementation of exchange operations with unsecured digital assets.

14. The procedure for reporting, including the forms, frequency and timing of its submission, by the operators of the exchange of unsecured digital assets to the National Bank of the Republic of Kazakhstan is determined by the National Bank of the Republic of Kazakhstan.

15. The founders (participants) (one of the founders, participants or shareholders), the beneficial owners of the operator of the exchange of unsecured digital assets are individuals and legal entities – residents and non-residents of the Republic of Kazakhstan, with the exception of:

1) persons who do not have an impeccable business reputation;

2) persons on the list of organizations and persons associated with the financing of terrorism, extremism and (or) the financing of the proliferation of weapons of mass destruction, in accordance with the Law of the Republic of Kazakhstan "On Countering the Legalization (Laundering) of Proceeds from Crime, the financing of terrorism and the financing of the proliferation of weapons of Mass Destruction";

3) persons registered (residing) in a State (territory) that does not implement or insufficiently implements the recommendations of the Financial Action Task Force on Money Laundering (FATF).

For the purposes of this subparagraph, a State (territory) that does not comply with or insufficiently implements the recommendations of the Financial Action Task Force on Money Laundering (FATF) is a State (territory) included in the list compiled by the authorized financial monitoring body in accordance with the Law of the Republic of Kazakhstan "On Combating Money Laundering". legalization (laundering) of proceeds from crime, financing of terrorism and financing the proliferation of weapons of mass destruction."

16. The senior employee of the operator of the exchange of unsecured digital assets is an individual resident of the Republic of Kazakhstan, with the exception of:

1) the persons specified in subitems 1), 2) and 3) of paragraph 15 of this Article;

2) persons without higher education.

President

Republic of Kazakhstan

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