Article 12-5. Control and supervision of the activities of operators of the exchange of unsecured digital assets About digital assets in the Republic of Kazakhstan

Home / Laws / Article 12-5. Control and supervision of the activities of operators of the exchange of unsecured digital assets About digital assets in the Republic of Kazakhstan

1. Inspections and other forms of control (supervision) regarding the activities of unsecured digital asset exchange operators are carried out by the National Bank of the Republic of Kazakhstan in accordance with the procedure for organizing and exercising control and supervision of the financial market and financial organizations established by the Law of the Republic of Kazakhstan "On State Regulation, Control and Supervision of the Financial Market and Financial Organizations" and the financial legislation of the Republic of Kazakhstan. Kazakhstan.

2. In order to protect the interests of clients of operators of the exchange of unsecured digital assets, the National Bank of the Republic of Kazakhstan applies supervisory response measures to the operator of the exchange of unsecured digital assets for violations of the requirements of the legislation of the Republic of Kazakhstan on digital assets, 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. The National Bank of the Republic of Kazakhstan has the right to apply the following types of supervisory response measures to operators of the exchange of unsecured digital assets:

1) Advisory supervisory response measures;

2) measures to improve the financial condition and (or) minimize risks;

3) compulsory supervisory response measures.

4. When determining the appropriateness of applying supervisory response measures and selecting a supervisory response measure, the following factors are taken into account::

1) the level of risk, the nature of violations and (or) deficiencies, and their consequences;

2) the scale and significance of the violations and (or) deficiencies and their consequences;

3) the systematic nature and duration of violations and (or) deficiencies;

4) the impact of violations and (or) deficiencies on the financial condition;

5) the ability to correct the situation as a result of the chosen supervisory response measure;

6) availability and effectiveness of previously applied supervisory response measures;

7) adequacy of the applied supervisory response measure to the grounds for its application;

8) the reasons that led to the occurrence of the identified violations and (or) deficiencies, and (or) risks.

5. The recommended supervisory response measure is issued by a letter from the National Bank of the Republic of Kazakhstan, contains the grounds for applying this measure and a notification of identified deficiencies, risks or violations and (or) recommendations for eliminating identified deficiencies, risks or violations, and (or) a warning about the possibility of applying other supervisory response measures in cases of repeated detection of deficiencies by the National Bank of the Republic of Kazakhstan risks or violations, as well as failure to comply with recommended supervisory response measures.

6. In order to eliminate deficiencies, risks or violations, the National Bank of the Republic of Kazakhstan applies measures to improve the financial condition and (or) minimize risks. Measures to improve the financial condition and/or minimize risks are applied in the form of a written order or written agreement.

The National Bank of the Republic of Kazakhstan indicates in a written instruction that mandatory measures must be taken and that it is necessary to submit an action plan for their implementation within the time period specified in the written instruction.

The action plan contains a description of deficiencies, risks or violations, the reasons that led to their occurrence, a list of planned activities, the timing of their implementation, as well as responsible managers for the implementation of each item of the action plan.

The National Bank of the Republic of Kazakhstan shall consider the action plan submitted by the person to whom measures have been taken to improve the financial condition and (or) minimize risks, within a period not exceeding ten working days after the date of its receipt by the National Bank of the Republic of Kazakhstan. If there are comments from the National Bank of the Republic of Kazakhstan on the submitted action plan and (or) if the volume of planned events exceeds twenty events, the period for reviewing the action plan is extended only once for no more than ten working days.

If the National Bank of the Republic of Kazakhstan has comments on the action plan submitted by the person to whom measures have been taken to improve the financial condition and/or minimize risks, the National Bank of the Republic of Kazakhstan sends written comments on it and/or conducts joint discussions to finalize the action plan. At the same time, the person to whom measures have been taken to improve the financial condition and (or) minimize risks submits a revised action plan taking into account the comments of the National Bank of the Republic of Kazakhstan within the time limits specified in the letter of the National Bank of the Republic of Kazakhstan, or in case of disagreement with such comments submits its justifications.

The National Bank of the Republic of Kazakhstan approves or disapproves in writing of the action plan submitted by the person to whom measures have been taken to improve the financial condition and (or) minimize risks.

In case of approval by the National Bank of the Republic of Kazakhstan of the submitted action plan, the person to whom measures have been applied to improve the financial condition and (or) minimize risks, proceeds to its implementation.

7. The National Bank of the Republic of Kazakhstan applies compulsory supervisory response measures in order to eliminate violations in the activities of the operator of the exchange of unsecured digital assets.

The person to whom the compulsory supervisory response measure has been applied, within the time period established by the compulsory supervisory response measure, submits to the National Bank of the Republic of Kazakhstan an action plan for meeting the requirements of the National Bank of the Republic of Kazakhstan, indicating the list of planned measures, the timing of their implementation, as well as responsible managers for the implementation of each item of the action plan for meeting the requirements of the National Bank Of the Republic of Kazakhstan.

The National Bank of the Republic of Kazakhstan shall consider the action plan for meeting the requirements of the National Bank of the Republic of Kazakhstan within a period not exceeding ten working days after the date of its receipt by the National Bank of the Republic of Kazakhstan.

If the National Bank of the Republic of Kazakhstan has comments on the action plan for meeting the requirements of the National Bank of the Republic of Kazakhstan submitted by the person to whom the compulsory supervisory response measure has been applied, the National Bank of the Republic of Kazakhstan sends written comments on it and (or) conducts joint discussions in order to finalize the action plan. At the same time, the person to whom a compulsory supervisory response measure has been applied submits an action plan for meeting the requirements of the National Bank of the Republic of Kazakhstan, finalized taking into account the comments of the National Bank of the Republic of Kazakhstan, within the time limits specified in the letter of the National Bank of the Republic of Kazakhstan, or in case of disagreement with such comments submits its justifications.

The National Bank of the Republic of Kazakhstan approves in writing the action plan for meeting the requirements of the National Bank of the Republic of Kazakhstan, submitted by the person to whom the compulsory supervisory response measure has been applied, or sends its opinion on it, which contains an indication to the person to whom the compulsory supervisory response measure has been applied, on the need to adjust the planned measures and (or) their deadlines. execution.

8. The implementation by a person to whom a measure has been applied to improve the financial condition and (or) minimize risks, as well as a compulsory supervisory response measure, of the measures provided for in the action plan for meeting the requirements of the National Bank of the Republic of Kazakhstan, begins on the date of receipt of the approved action plan for meeting the requirements of the National Bank of the Republic of Kazakhstan or the conclusion of the National Bank of the Republic of Kazakhstan, which contains an indication of the person to whom the supervisory response measure has been applied., the need to adjust planned activities and/or deadlines for their implementation.

The person to whom a measure has been applied to improve the financial condition and (or) minimize risks, as well as a compulsory supervisory response measure, notifies the National Bank of the Republic of Kazakhstan of the implementation of measures, including for each event provided for in the action plan to meet the requirements of the National Bank of the Republic of Kazakhstan, no later than five working days after the date of their implementation. provided for in the action plan for meeting the requirements of the National Bank of the Republic of Kazakhstan.

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