Article 12-6. Grounds for suspension or revocation of the license of the operator of the exchange of unsecured digital assets About digital assets in the Republic of Kazakhstan

Home / Laws / Article 12-6. Grounds for suspension or revocation of the license of the operator of the exchange of unsecured digital assets About digital assets in the Republic of Kazakhstan

1. Licenses for conducting exchange operations with unsecured digital assets are suspended for any of the following reasons:

1) establishing the unreliability of information based on which a license was issued to conduct exchange operations with unsecured digital assets;

2) non-compliance by the operator of the exchange of unsecured digital assets with the requirements for senior staff and (or) participants (shareholders) of the operator of the exchange of unsecured digital assets;

3) the implementation by the operator of the exchange of unsecured digital assets of operations beyond the limits of its legal capacity established by this Law, the charter of the operator of the exchange of unsecured digital assets or the license for exchange operations with unsecured digital assets;

4) non-compliance with the qualification requirements for the operator of the exchange of unsecured digital assets;

5) systematic (three or more times within twelve consecutive calendar months) failure to provide information to the National Bank of the Republic of Kazakhstan on services related to the purchase, sale and (or) exchange of unsecured digital assets;

6) systematic (three or more times within twelve consecutive calendar months) submission to the National Bank of the Republic of Kazakhstan of false information on services related to the purchase, sale and (or) exchange of unsecured digital assets;

7) obstruction by the operator of the exchange of unsecured digital assets of control and supervision by the National Bank of the Republic of Kazakhstan.

2. Licenses for conducting exchange operations with unsecured digital assets are revoked for any of the following reasons:

1) the decision of the operator of the exchange of unsecured digital assets to voluntarily terminate its activities through reorganization or liquidation, or a court decision to terminate the activities of the operator of the exchange of unsecured digital assets;

2) systematic (three or more times within twenty-four consecutive calendar months) violation of the legislation of the Republic of Kazakhstan on matters within the competence of the National Bank of the Republic of Kazakhstan;

3) systematic (three or more times within twelve consecutive calendar months) failure to comply with the supervisory response measures applied by the National Bank of the Republic of Kazakhstan;

4) implementation by the operator of the exchange of unsecured digital assets of another type of business activity;

5) the operator's failure to carry out the exchange of unsecured digital assets in accordance with the license issued to it for conducting exchange operations with unsecured digital assets for twelve consecutive calendar months from the date of its issuance or termination of its activities for a period of more than six consecutive months.

3. A decision to suspend or revoke the license of an unsecured digital asset exchange operator to conduct exchange operations with unsecured digital assets, with the exception of a decision to revoke the license on the grounds provided for in subparagraph 1) paragraph 2 of this Article shall enter into force from the date of notification of such decision to the operator of the exchange of unsecured digital assets by the National Bank of the Republic of Kazakhstan.

The National Bank of the Republic of Kazakhstan notifies the operator of the exchange of unsecured digital assets of a preliminary decision to suspend or revoke the license of the operator of the exchange of unsecured digital assets at least three business days before the date of the decision to suspend or revoke the license.

4. The decision to revoke the license to conduct exchange operations with unsecured digital assets, except for the cases provided for in subparagraph 1) According to paragraph 2 of this article, only its first head has the right to appeal on behalf of the operator of the exchange of unsecured digital assets.

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Republic of Kazakhstan

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