ORDER OF THE MINISTER OF DIGITAL DEVELOPMENT, INNOVATIONS AND AEROSPACE INDUSTRY OF THE REPUBLIC OF KAZAKHSTAN

of October 29, 2020 No. 407/Tax Code

About approval of Rules of release and turnover of secure digital assets

According to subitem 20-3) of article 7-1 of the Law of the Republic of Kazakhstan of November 24, 2015 "About informatization" PRIKAZYVAYU:

1. Approve the enclosed Rules of release and turnover of secure digital assets.

2. To provide to committee on information security of the Ministry of digital development, innovations and aerospace industry of the Republic of Kazakhstan:

1) state registration of this order in the Ministry of Justice of the Republic of Kazakhstan;

2) placement of this order on Internet resource of the Ministry of digital development, innovations and the aerospace industry of the Republic of Kazakhstan;

3) within ten working days after state registration of this order submission to Legal department of the Ministry of digital development, innovations and the aerospace industry of the Republic of Kazakhstan of data on execution of the actions provided by subitems 1) and 2) of this Item.

3. To impose control of execution of this order on the supervising vice-minister of digital development, innovations and the aerospace industry of the Republic of Kazakhstan.

4. This order becomes effective after ten calendar days after day of its first official publication.

Approved by the Order of the Minister of digital development, innovations and the aerospace industry of the Republic of Kazakhstan of October 29, 2020 No. 407/Tax Code

Rules of release and turnover of secure digital assets

Chapter 1. General provisions

1. These rules of release and turnover of secure digital assets (further - Rules) are developed according to subitem 20-3) of article 7-1 of the Law of the Republic of Kazakhstan of November 24, 2015 "About informatization" (further - the Law) and determine procedure for release and turnover of secure digital assets.

2. In these rules the following basic concepts are used:

1) information system - the organizational arranged set of the information and communication technologies, service personnel and technical documentation realizing certain technological actions by means of information exchange and intended for the solution of specific functional objectives;

2) digital asset - the property created in electronic and digital form using means of cryptography and computer calculations, which is not the financial instrument and also electronic and digital form of the certificate of property rights;

3) secure digital asset - the digital token and other digital assets which are digital means of the certificate of property rights on the goods and (or) services issued (provided) by person which issued secure digital asset;

4) digital token - the type of digital asset which is digital means of accounting, exchange and certificate of property rights.

Other concepts used in these rules are applied according to the current legislation of the Republic of Kazakhstan.

Chapter 2. Procedure for release and turnover of secure digital assets

3. Release of secure digital asset is performed by entering of record into information system by its owner or owner about the rights certified by secure digital asset according to the agreement between the owner or the owner of information system and the user who is person issuing secure digital asset.

Person performing activities for release of digital assets, the organizations of the biddings by them and also to provision of services on exchange of digital assets for money, values and other property, is the owner of property or the other person who belongs the rights certified by secure digital asset.

4. Turnover of secure digital asset is performed by the certificate and transition of the rights to secure digital assets, and also their encumbrance by the third party rights, including alienation, acquisition, exchange of digital assets for electronic money, values and other property, by means of entering into information system of data, according to the agreement between users of information system.

Entering into information system of data on transfer of digital asset or the rights to it is allowed in case of accomplishment of the following conditions:

1) person which performed introduction of data has access to information system of person performing activities for release of digital assets, the organizations of the biddings by them, and also to provision of services on exchange of digital assets for money, values and other property on the distributed platform of data, according to the procedure, determined by these rules;

2) the information system of person performing activities for release of digital assets, the organizations of the biddings by them and also to provision of services on exchange of digital assets for money, values and other property on the distributed platform of data, meets the requirements, the established Law.

5. The owner, the owner and the user of information system have the equal rights to modification of data according to the set algorithm of validation of data. At the same time changes are synchronized at all users of information system.

6. The secure digital asset does not provide the right to financial instruments and does not present him to the owner or the owner of the rights to profit share or the rights to management concerning the legal entity.

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info