Article 51-5. Carrying out activities under the special regulatory regime of the Law on the National Bank of the Republic of Kazakhstan

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 IZPI's note! Paragraph 1 is provided for in the wording of 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).

1. Participants in the special regulatory regime may be payment service providers provided for in paragraphs 2), 3) and 5) of paragraph 1 of Article 10 of the Law of the Republic of Kazakhstan "On Payments and Payment Systems", and (or) other legal entities that are not financial organizations in order to carry out activities related to digital assets and (or) payment services (hereinafter referred to as participants in the special regulatory regime)

2. The activities of a participant in a special regulatory regime are carried out in accordance with an agreement on the implementation of activities under a special regulatory regime concluded with the National Bank of Kazakhstan.

The standard agreement on the implementation of activities under a special regulatory regime is approved by the National Bank of Kazakhstan.

A standard agreement on the implementation of activities under a special regulatory regime should contain a condition according to which a participant in a special regulatory regime is obliged to notify consumers of services about their activities under a special regulatory regime.

3. The selection criteria and the procedure for reviewing documents for concluding an agreement on activities under a special regulatory regime are approved by a regulatory legal act of the National Bank of Kazakhstan.

4. The National Bank of Kazakhstan shall refuse a participant in a special regulatory regime to conclude an agreement on carrying out activities under a special regulatory regime in cases where the declared type of activity does not meet the objectives of the special regulatory regime, the selection criteria for participants in the special regulatory regime and (or) the submitted documents meet the requirements established by the regulatory legal act of the National Bank of Kazakhstan.

5. The agreement on the implementation of activities under the special regulatory regime is terminated:

1) upon termination of the special regulatory regime due to the expiration of the period for which it was introduced, or its cancellation;

2) upon expiration or early termination of the agreement on the implementation of activities under a special regulatory regime;

3) in other cases stipulated by the civil legislation of the Republic of Kazakhstan or an agreement on the implementation of activities under a special regulatory regime.

6. The National Bank of Kazakhstan has the right to unilaterally terminate an agreement on carrying out activities under a special regulatory regime in the event that a participant in the special regulatory regime fails to fulfill the obligations stipulated in the agreement, as well as if the participant in the special regulatory regime has ceased to comply with the conditions established by the regulatory legal act of the National Bank of Kazakhstan in accordance with the procedure determined by the National Bank of Kazakhstan.

The National Bank of Kazakhstan notifies the participant of the special regulatory regime of non-fulfillment of obligations defined by the agreement on the implementation of activities under the special regulatory regime and the need to eliminate violations within no more than sixty working days from the date of notification.

The participant of the special regulatory regime, within no more than five working days from the date of receipt of the notification from the National Bank of Kazakhstan, develops and submits to the National Bank of Kazakhstan an action plan to eliminate the identified violations and (or) the causes, as well as the conditions that contributed to their commission. The action plan contains a list of planned events, the timing of their implementation, as well as responsible officials.

If the National Bank of Kazakhstan approves the action plan, the participant of the special regulatory regime begins its implementation and submits to the National Bank of Kazakhstan a report on the implementation of measures within the time limits set by the National Bank of Kazakhstan.

If the National Bank of Kazakhstan does not agree with the action plan, the participant in the special regulatory regime shall eliminate the comments of the National Bank of Kazakhstan.

In case of disapproval of the action plan and (or) failure to take measures to eliminate the specified comments by the participant of the special regulatory regime, the National Bank of Kazakhstan notifies the participant of the special regulatory regime of the termination of the agreement on the implementation of activities under the special regulatory regime unilaterally.

7. After termination of the agreement on carrying out activities under a special regulatory regime, a person who was previously a participant in a special regulatory regime is obliged to immediately cease activities carried out under a special regulatory regime, which are subject to a licensing procedure in accordance with the laws of the Republic of Kazakhstan, as well as fulfill obligations to its customers in accordance with the procedure and deadlines established by regulatory legal acts of the National Bank of Kazakhstan.

8. The conduct of activities subject to a permissive procedure in accordance with the laws of the Republic of Kazakhstan, after the termination of the agreement on the conduct of activities under a special regulatory regime is illegal and entails liability established by the laws of the Republic 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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