Article 51-4. The objectives of the introduction and general conditions for the implementation of activities under the special regulatory regime of the Law on the National Bank of the Republic of Kazakhstan

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Article 51-4. The objectives of the introduction and general conditions for the implementation of activities under the special regulatory regime of the Law on the National Bank of the Republic of Kazakhstan

1. The special regulatory regime of the National Bank of Kazakhstan is a set of special conditions for carrying out activities related to digital assets and (or) payment services.

2. The special regulatory regime is aimed at achieving the following objectives:

1) increased competition in the payment services market;

2) the introduction of new services and the development of the financial market to increase the degree of satisfaction and compliance with the interests of consumers, business entities and the state;

3) formation of optimal regulation, control and supervision of the payment services market, ensuring protection of consumer interests.

3. The principles of the special regulatory regime are:

1) ensuring equal conditions of participation under a special regulatory regime;

2) compliance by participants with a special regulation regime for the rights and interests of consumers.

IZPI's note! The first part of paragraph 4 is amended by the Law of the Republic of Kazakhstan dated 30.06.2025 No. 205-VIII (effective sixty calendar days after the date of its first official publication).

4. A special regulatory regime is introduced by a decision of the Board of the National Bank of Kazakhstan, which specifies the types of payment services and (or) activities related to digital assets and (or) payment services, special conditions for their provision (implementation) under a special regulatory regime, and the procedure and conditions for applying the requirements of the legislation of the Republic of Kazakhstan to participants in a special regulatory regime.

IZPI's note! Paragraph 4 is provided to be supplemented with Part two in accordance with the Law of the Republic of Kazakhstan dated 30.06.2025 No. 205-VIII (effective sixty calendar days after the date of its first official publication).

The introduction of a special regulatory regime for activities related to digital assets and (or) payment services of payment service providers provided for in subparagraphs 2) and 3) of paragraph 1 of Article 10 of the Law of the Republic of Kazakhstan "On Payments and Payment Systems" is carried out by a decision of the Board of the National Bank of Kazakhstan in coordination with the authorized body for regulation, control and supervision of the financial market and financial organizations.

The total term of the special regulatory regime introduced by the National Bank of Kazakhstan does not exceed five years.

5. The special regulatory regime ceases to be effective after the expiration of the period for which it was introduced.

6. The procedure for the introduction and cancellation of a special regulatory regime and the implementation of activities under a special regulatory regime is approved by a regulatory legal act of the National Bank of Kazakhstan.

The Law of the Republic of Kazakhstan dated March 30, 1995 No. 2155.

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Republic of Kazakhstan

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