Article 42. Issuers, holders of electronic money and the operator of the electronic money system of the Law on Payments and Payment Systems
1. Electronic money issued by issuers of electronic money in the territory of the Republic of Kazakhstan must be denominated (expressed) only in the national currency of the Republic of Kazakhstan.
2. Electronic money may be issued by the National Bank of the Republic of Kazakhstan, banks, the National Postal Operator and payment organizations of the first category.
3. The owners of electronic money can be:
1) individuals;
2) agents;
3) individual entrepreneurs and legal entities.
4. The rights of the owner of electronic money arise from the moment of receiving electronic money.
5. The issuer of electronic money is obliged to identify an individual in the event that he purchases electronic money for an amount exceeding fifty times the monthly calculation index established for the relevant financial year by the law on the republican budget.
The issuer of electronic money on the basis of the agreement has the right to authorize a legal entity that is a subject of financial monitoring in accordance with the Law of the Republic of Kazakhstan "On Countering the legalization (laundering) of proceeds from crime, financing of terrorism and financing the proliferation of weapons of mass destruction" to identify the owner of electronic money – an individual on behalf and on behalf of the issuer of electronic money.
Identification of the owner of electronic money is performed by the issuer of electronic money and (or) the operator of the electronic money system in the personal presence of the owner of electronic money and presentation of an identity document, or through remote identification through the Identification Data Exchange Center of the National Bank of the Republic of Kazakhstan.
Simplified identification of the owner of electronic money is performed by the issuer of electronic money and (or) the operator of the electronic money system remotely using information and communication technologies with the recording of information about the individual identification number of the owner of electronic money and obtaining an electronic copy of the identity document.-Excluded by the Law of the Republic of Kazakhstan dated January 16, 2026 No. 259-VIII SAM
The issuer of electronic money and (or) the operator of the electronic money system, when recording information about the individual identification number of the owner of electronic money – an individual, verifies it based on information from available sources.-Excluded by the Law of the Republic of Kazakhstan dated January 16, 2026 No. 259-VIII SAM
6. The operators of the electronic money system may be the issuer of electronic money itself or a bank, an organization performing certain types of banking operations, or a payment organization based on a corresponding agreement concluded with the issuer(s) of electronic money.
The relations between the issuer of electronic money and the operator of the electronic money system (if it is not an issuer of electronic money) are regulated by this Law and the agreement concluded between them.
6-1. The procedure and specifics of crediting, accounting and using benefits and social payments from the state budget and (or) funds of the State Social Insurance Fund transferred in the form of electronic money, as well as monitoring the use of targeted social assistance are determined by the Government of the Republic of Kazakhstan in coordination with the National Bank of the Republic of Kazakhstan.
Foreclosure, seizure, suspension of expenditure transactions, temporary restriction on the disposal of property, restrictions on transactions and other transactions for electronic money held in electronic wallets intended for crediting benefits and social benefits from the state budget and (or) funds of the State Social Insurance Fund, financial assistance provided by in accordance with subparagraph 1) paragraph 4 of Article 112 of the Social Code of the Republic of Kazakhstan.
7. The operator of the electronic money system, in accordance with the terms of contracts concluded with the issuer (issuers) of electronic money and on the basis of the powers granted to him by the issuer (issuers) of electronic money, has the right to conclude contracts on his (their) behalf with individuals, agents, individual entrepreneurs and legal entities participating in the electronic money system.
In this case, an agreement concluded by the owner of electronic money with the operator of the electronic money system is equivalent to an agreement concluded with the issuer(s) of electronic money when using electronic money issued by him (them) within the same system, including the issuer(s) of electronic money that became participants in the electronic money system after the date of conclusion of this agreement.
8. The National Bank of the Republic of Kazakhstan determines the procedure for issuing, using and redeeming electronic money, as well as requirements for issuers of electronic money and electronic money systems in the territory of the Republic of Kazakhstan.
9. The operator of the electronic money system is obliged to ensure the functioning of the electronic money system, taking into account the requirements and restrictions established by this Law, the Digital Code of the Republic of Kazakhstan and other laws of the Republic of Kazakhstan.
The issuer of electronic money and the operator of the electronic money system are responsible to the owner of electronic money in accordance with the terms of the agreement on the issue, use and repayment of electronic money for damage caused to the owner of electronic money due to unauthorized access to electronic money or their unauthorized use, as well as errors or failures in the software of the issuer of electronic money or in the functioning of electronic money systems.
From the date of suspension or revocation of the license and (or) the appendix to the license of the issuing bank of electronic money, the operator of the electronic money system shall terminate operations on electronic money issued by this issuer in accordance with the procedure established by the regulatory legal act of the National Bank of the Republic of Kazakhstan.
The Law of the Republic of Kazakhstan dated July 26, 2016 No. 11-VI SAM.
The article was amended and supplemented by the Law of the Republic of Kazakhstan dated July 23, 2026, No. 352-VIII SAM.
This Law regulates public relations arising in the field of organization and functioning of payment systems, regulation of payment systems and supervision (oversight) of them, regulation of the payment services market and control over it, as well as the implementation of payments and (or) money transfers in the Republic of Kazakhstan.
President
Republic of Kazakhstan
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