Article 4. Competence of authorized state bodies The Law on Digital Assets in the Republic of Kazakhstan

Home / Laws / Article 4. Competence of authorized state bodies The Law on Digital Assets in the Republic of Kazakhstan

Article 4. Competence of authorized state bodies of the Law on Digital Assets in the Republic of Kazakhstan

1. The National Bank of the Republic of Kazakhstan:

1) carries out state regulation, control and supervision of issuers of digital financial assets provided for in subparagraph 1) of Article 5 of this Law, as well as providers of digital asset services, with the exception of providers of digital asset services of participants of the Astana International Financial Center;

2) approves regulatory legal acts that are mandatory for digital asset service providers, with the exception of digital asset service providers of participants in the Astana International Financial Center, organizations for storing the underlying asset of a digital financial asset and issuers of digital financial assets provided for in subparagraph 1) of Article 5 of this Law;

3) carries out accounting registration of operators of the digital financial assets platform, operators of the digital assets trading platform and maintains their registers;

4) defines the requirements for issuers and investors of digital financial assets provided for in subparagraph 1) of Article 5 of this Law;

5) monitors compliance by digital asset service providers, with the exception of digital asset service providers participating in the Astana International Financial Center, and issuers of digital financial assets, as provided for in subparagraph 1) of Article 5 of this Law, with the requirements of the legislation of the Republic of Kazakhstan on countering the legalization (laundering) of proceeds from crime, the financing of terrorism and the financing of proliferation of weapons of mass destruction;

6) carries out state regulation, control and supervision of the activities of operators of the exchange of unsecured digital assets;

7) issues (refuses to issue), reissues, suspends, revokes the license for dealer activity in the digital asset market – exchange operations with unsecured digital assets (hereinafter referred to as the license for exchange operations with unsecured digital assets);

8) introduces a special regulatory regime in accordance with the procedure provided for in Chapter 8-2 of the Law of the Republic of Kazakhstan "On the National Bank of the Republic of Kazakhstan" in relation to activities related to digital assets;

9) exercise other powers provided for by this Law, laws of the Republic of Kazakhstan and acts of the President of the Republic of Kazakhstan.

The National Bank of the Republic of Kazakhstan approves:

1) rules for the activities of operators of the exchange of unsecured digital assets, which are defined by:

licensing procedure for the exchange operator of unsecured digital assets and qualification requirements for the exchange operator of unsecured digital assets;

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;

requirements for the senior employee and the founders (participants) (one of the founders, participants or shareholders), the beneficial owner of the operator of the exchange of unsecured digital assets;

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

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

information security requirements;

the procedure for reorganizing the operator of the exchange of unsecured digital assets;

qualification requirements for an unsecured digital asset exchange operator;

the procedure for carrying out the activities of operators of the exchange of unsecured digital assets;

the procedure for conducting transactions for the purchase, sale and (or) exchange of unsecured digital assets;

requirements for the system of analysis and control of operations;

restrictions and limits on customer transactions;

the procedure for interaction of operators of the exchange of unsecured digital assets with second-tier banks and the National Postal Operator;

the procedure for opening and servicing customer's digital asset wallets;

2) the rules for the activities of operators of the digital financial assets platform, operators of the digital assets trading platform, which are defined by:

the procedure for registration of operators of the digital financial assets platform, operators of the digital assets trading platform;

the list of documents submitted by the applicant to the National Bank of the Republic of Kazakhstan for registration;

requirements for the applicant's organizational and legal form;

minimum requirements for the authorized capital of the applicant;

the procedure for certifying and monitoring by the operator of the digital financial assets platform the availability and condition (safety) of the underlying asset of digital financial assets;

requirements to the internal rules for the activities of digital financial asset platform operators, digital asset trading platform operators;

information security requirements applicable to digital platforms of the operator of the digital financial assets platform, the operator of the digital assets trading platform;

the procedure for reorganizing the operator of the digital financial assets platform, the operator of the digital assets trading platform;

qualification requirements, conditions and procedure for combining the types of professional activities of the operator of the digital financial assets platform and the operator of the digital assets trading platform;

the procedure for transferring all data (information) recorded and stored by operators of the digital financial assets platform, operators of the digital assets trading platform, including data (information) on issuers of digital financial assets, holders of digital financial assets and digital financial assets belonging to them, to another operator of the digital financial assets platform, to another operator of the digital financial assets trading platform. assets;

the procedure for the operators of the digital financial assets platform to maintain the accounting system for holders of digital financial assets, the list of other information to be recorded and stored in the accounting system for holders of digital financial assets;

3) requirements for organizations to store the underlying asset of a digital financial asset in relation to digital financial assets, the underlying asset of which is money and its equivalents;

4) the rules for the issuance of digital financial assets, their placement, turnover (circulation) and repayment, which determine:

the procedure and conditions for the issuance of digital financial assets, their placement, turnover (circulation) and repayment;

requirements for issuers of digital financial assets and the decision to issue digital financial assets;

requirements for investors of digital financial assets;

the procedure and conditions for recognizing individuals as qualified investors in order to carry out transactions with digital financial assets;

the list of digital financial assets allowed to be acquired only at the expense of qualified investors;

5) rules for reporting by operators of the exchange of unsecured digital assets, operators of the digital financial assets platform, operators of the digital assets trading platform, issuers of digital financial assets to the National Bank of the Republic of Kazakhstan, including the forms, frequency and timing of its submission;

6) together with the authorized body for regulation, control and supervision of the financial market and financial organizations, the rules for reporting organizations for storing the underlying asset of a digital financial asset to the National Bank of the Republic of Kazakhstan, including the forms, frequency and timing of its submission;

7) rules for the application of supervisory response measures to the operator of the exchange of unsecured digital assets;

8) rules for the application of limited measures of influence to the operator of the digital financial assets platform, the operator of the digital assets trading platform, the issuer of digital financial assets;

9) together with the authorized body for regulation, control and supervision of the financial market and financial organizations, the rules for submitting information to the central securities depository by operators of the digital financial assets platform and operators of the digital assets trading platform;

10) rules for the formation of a risk management and internal control system for operators of the exchange of unsecured digital assets, operators of the digital financial assets platform, operators of the digital assets trading platform;

11) requirements to the rules of internal control in order to counteract the legalization (laundering) of proceeds from crime, the financing of terrorism and the financing of the proliferation of weapons of mass destruction for operators of the exchange of unsecured digital assets, operators of the digital financial assets platform, operators of the digital assets trading platform, issuers of digital financial assets provided for in subparagraph 1) of Article 5 of this Law, participants in the special regulatory regime of the National Bank of the Republic of Kazakhstan, operating in the field of digital assets;

12) list of offshore zones;

13) together with the authorized body for regulation, control and supervision of the financial market and financial organizations, the requirements for financial organizations of the Republic of Kazakhstan for the purposes of admission to issue digital financial assets on the territory of the Astana International Financial Center, as well as the rules for admission of participants of the Astana International Financial Center to issue digital financial assets on a digital platform the operator of the digital financial assets platform;

14) together with the authorized body for regulation, control and supervision of the financial market and financial organizations and the Committee of the Astana International Financial Center for the Regulation of Financial Services, the rules for the admission of legal entities of the Republic of Kazakhstan to issue digital financial assets on the territory of the Astana International Financial Center.

2. Authorized body for regulation, Control and Supervision of the Financial market and Financial Organizations:

1) carries out state regulation, control and supervision of issuers of digital financial assets provided for in paragraphs 2) and 3) of Article 5 of this Law;

2) determines the conditions and procedure for the issuance, placement, turnover (circulation) and repayment of digital financial assets provided for in paragraphs 2) and 3) of Article 5 of this Law;

3) defines the requirements for issuers and investors of digital financial assets provided for in paragraphs 2) and 3) of Article 5 of this Law.;

4) approves, together with the National Bank of the Republic of Kazakhstan, the list, forms, deadlines and reporting procedure for issuers of digital financial assets provided for in paragraphs 2) and 3) of Article 5 of this Law.;

5) approves the list (types) of property that can act as the base asset of digital financial assets provided for in subparagraph 2) of Article 5 of this Law, as well as the procedure for accounting and storing the base asset for such digital financial assets;

6) approves the requirements for organizations that have the right to act as an organization for storing the underlying asset of a digital financial asset in relation to digital financial assets provided for in subparagraph 2) of Article 5 of this Law;

7) approves, together with the National Bank of the Republic of Kazakhstan, the list, forms, deadlines and procedure for reporting organizations for storing the underlying asset of a digital financial asset to the National Bank of the Republic of Kazakhstan;

8) approves, in coordination with the National Bank of the Republic of Kazakhstan, the rules and conditions for recognizing actions in the digital financial assets market as committed for the purpose of manipulation;

9) monitors compliance by issuers of digital financial assets, provided for in paragraphs 2) and 3) of Article 5 of this Law, with the requirements of the legislation 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;

10) exercise other powers provided for by this Law, laws of the Republic of Kazakhstan and acts of the President of the Republic of Kazakhstan.

3. Authorized body in the field of digital mining:

1) issues (refuses to issue), reissues, suspends, revokes the license to carry out digital mining activities;

2) in coordination with the authorized body responsible for ensuring tax revenues and other mandatory payments to the budget, approves the rules for submitting information on the income of digital miners and digital mining pools for tax purposes.;

3) approves the rules for the accreditation of digital mining pools;

4) in coordination with the authorized body in the field of permits and notifications, approves the rules for licensing digital mining activities.;

5) conducts the accreditation of digital mining pools;

6) maintains a registry of hardware and software complexes for digital mining;

7) approves the rules for accounting and maintaining the registry of hardware and software complexes for digital mining;

8) exercise other powers provided for by this Law, other laws of the Republic of Kazakhstan, acts of the President of the Republic of Kazakhstan and the Government of the Republic of Kazakhstan.

4. Authorized Financial Monitoring Body:

1) maintains a unified register of digital asset wallets used for the purpose of legalizing (laundering) proceeds from crime, financing terrorism and financing the proliferation of weapons of mass destruction and (or) other criminal purposes;

2) determines the procedure, including the composition, timing and form of providing information for maintaining a unified register of digital asset wallets used for the purpose of legalizing (laundering) proceeds from crime, financing terrorism and financing the proliferation of weapons of mass destruction and (or) other criminal purposes;

3) exercise other powers provided for by this Law, other laws of the Republic of Kazakhstan and acts of the President of the Republic of Kazakhstan.

5. The state body responsible for the management of the electric power industry:

1) defines the requirements for connecting digital miners to electric grids in accordance with the Law of the Republic of Kazakhstan "On Electric Power Industry";

2) approves the mechanism for determining electricity quotas for digital miners;

3) exercise other powers provided for by other laws of the Republic of Kazakhstan, acts of the President of the Republic of Kazakhstan and the Government of the Republic of Kazakhstan.

3. The National Bank of the Republic of Kazakhstan introduces a special regulatory regime in accordance with Chapter 8-2 of the Law of the Republic of Kazakhstan "On the National Bank of the Republic of Kazakhstan" in relation to activities related to digital assets when they are used in the territory of the Republic of Kazakhstan as a financial instrument, financial asset or when using digital assets in the provision of financial (payment) services.

President

Republic of Kazakhstan

Constitution Law Code Standard Decree Order Decision Resolution Lawyer Almaty Lawyer Legal service Legal advice Civil Criminal Administrative cases Disputes Defense Arbitration Law Company Kazakhstan Law Firm Court Cases