Article 43. Issuance and implementation of electronic money of the Law on Payments and Payment Systems
1. The issue of electronic money is carried out by the issuer of electronic money after receiving money from individuals or agents in an amount equal to the nominal value of the obligations assumed, minus the commission fee for the issue of electronic money with the provision of confirmation.
The issuance of electronic money in the electronic money system of the unified accounting system, functioning in accordance with the Law of the Republic of Kazakhstan "On Gambling", is carried out by the issuer of electronic money in the following cases:
after receiving money from individuals or agents in an amount equal to the nominal value of the assumed obligations, minus the commission fee for issuing electronic money with the provision of confirmation;
based on the successful authorization of the transaction and its confirmation by the issuing bank and the payment system, carried out using an individual's payment card, to pay for participation in the bet in an amount equal to the nominal value of the obligations assumed, minus the commission fee for issuing electronic money.
The requirements of the first part of this paragraph do not apply to the issuance of electronic money by the National Bank of the Republic of Kazakhstan.
The issuer of electronic money assumes an unconditional and irrevocable monetary obligation to repay the electronic money issued by it in accordance with its nominal value in the national currency of the Republic of Kazakhstan.
2. The issuer of electronic money shall notify the National Bank of the Republic of Kazakhstan in accordance with the procedure established by the regulatory legal act of the National Bank of the Republic of Kazakhstan on the commencement of electronic money issuance activities.
3. The electronic money issuer charges a commission fee when issuing electronic money, as well as fees for additional services provided by the electronic money issuer, in accordance with the terms of the concluded agreement.
4. The relationship between the issuer of electronic money and its owner, an individual, is regulated by this Law and the agreement on the issue, use and repayment of electronic money concluded between them in accordance with the legislation of the Republic of Kazakhstan.
5. Prior to the conclusion of an agreement on the issue, use and repayment of electronic money, the issuer of electronic money or the operator of the electronic money system acting on behalf of the owner of electronic money is obliged to provide an individual intending to participate in the electronic money system with information:
1) the name and location of the issuer of electronic money and the operator of the electronic money system, as well as in cases where the operator of the electronic money system is not a bank, its registration number;
2) about the terms of use of electronic money;
3) on the amount and procedure for the collection by the issuer of electronic money and (or) the operator of the electronic money system of the commission fee charged to the owner of electronic money when issuing, using and redeeming electronic money;
4) on the methods of filing claims and the procedure for their consideration, including information for contacting the issuer of electronic money or the operator of the electronic money system.
6. In addition to the conditions stipulated in paragraph 4 of Article 13 of this Law, the contract for the issuance, use and repayment of electronic money must contain:
1) conditions for the issuance (acquisition) of electronic money;
2) conditions for conducting transactions using electronic money, including restrictions on the use of electronic money.;
3) the procedure for certifying the rights of the owner of electronic money to electronic money and performing operations with their use;
4) the procedure and methods of presenting electronic money for repayment and the procedure for its repayment;
5) the procedure for the exchange of information between the issuer of electronic money and its owner when using electronic money, including the procedure and time limits for notifying the issuer of electronic money about the loss of access control to electronic money or their unauthorized use;
6) liability of the parties for non-fulfillment or improper fulfillment of their obligations.
7. The sale of electronic money to individuals or the purchase of electronic money from individuals is carried out by an agent on the basis of an agreement concluded with the issuer of electronic money or the operator of the electronic money system, which defines the rights and obligations of the parties, the procedure and conditions for the sale and purchase of electronic money.
Footnote Article 43 as amended by the Law of the Republic of Kazakhstan dated 12/30/2020 No. 397-VI (effective six months after the date of its first official publication).
The Law of the Republic of Kazakhstan dated July 26, 2016 No. 11-VI 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
© 2012. RSE na PHB "Institute of Legislation and Legal Information of the Republic of Kazakhstan" of the Ministry of Justice of the 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
