LAW OF THE REPUBLIC OF KAZAKHSTAN

of February 6, 2023 No. 193-VII ZRK

About digital assets in the Republic of Kazakhstan

Chapter 1. General provisions

Article 1. The basic concepts used in this Law

In this Law the following basic concepts are used:

1) accounting registration - inclusion of the operator of platform of digital financial assets, the operator of trade platform of digital assets in the register of operators of platform of digital financial assets, the register of operators of trade platform of digital assets;

2) digital platform on storage and exchange of secure digital assets - set of the information and communication technologies constructed on the basis of the distributed platform of the data realizing certain information exchanges and intended for the solution of the specific functional objectives giving opportunity of information exchange;

3-1) operator of exchange of unsecured digital assets - the provider of services of digital assets performing based on the license of National Bank of the Republic of Kazakhstan dealer activities in the market of digital assets - transactions on exchange, purchase and (or) sale of unsecured digital assets for the benefit of the clients;

3-2) faultless goodwill - professionalism and conscientiousness of person, confirmable including lack of the facts:

making by the specified person of illegal actions (failure to act) which resulted in the insolvency which entailed involuntary liquidation of the financial organization or to application to bank of the mode of settlement;

not removed or unspent conviction of the specified person, including lack of the court resolution which took legal effect about application to person of criminal penalty in the form of deprivation of the right to hold leading employee position of the financial organization, bank and (or) insurance holding and to be the large member (large shareholder) of the financial organization for life;

availability of the relations with the third parties (control and influence of the third parties) whose actions promoted legalization (washing) of income gained in the criminal way, to financing of terrorism and financing of distribution of weapons of mass destruction based on data of authorized body on financial monitoring;

4) digital asset - the property created in electronic and digital form with assignment of digital code, including using means of cryptography and computer calculations, not being settlement monetary unit and (or) legal means of payment, registered and provided with information invariance on the basis of technology of the distributed platform of data.

Types of digital assets are:

digital financial asset;

unsecured digital asset;

4-1) No. 259-VIII ZRK is excluded according to the Law of the Republic of Kazakhstan of 16.01.2026

4-2) purse of digital asset - program or the hardware which is used for storage of cryptographic keys or management by them, providing access to digital assets and carrying out transactions with them;

4-3) turnover (address) of digital assets - making of civil transactions with digital assets in the territory of the Republic of Kazakhstan or with participation of the citizen, resident of the Republic of Kazakhstan or the legal entity registered in the Republic of Kazakhstan, including purchase, sale, exchange, transfer, storage of digital asset;

5) the exchanges of digital assets - the legal entities performing organizational and technical supply of the biddings, release, calculations and storage of digital assets;

5-1) operator of trade platform of digital assets - the provider of services of digital assets included in the register of operators of trade platform of digital assets of National Bank of the Republic of Kazakhstan performing organizational and technical supply of the biddings on digital assets by their direct carrying out with use of trade system of this provider;

5-2) register of operators of trade platform of digital assets - the single list of operators of trade platform of the digital assets which underwent accounting registration in National Bank of the Republic of Kazakhstan;

5-3) provider of services of digital assets - the subject of the market of digital assets who is rendering the services connected with digital assets, and having registration in the Kazakhstan segment of the Internet.

Providers of services of digital assets are:

operator of platform of digital financial assets;

operator of trade platform of digital assets;

operator of exchange of unsecured digital assets;

members of the International financial center "Astana", including the exchange of digital assets, having the corresponding license for activities, connected with digital assets;

5-4) analysis system and control of transactions with digital assets (further - analysis system and control of transactions) - the digital platform or service intended for monitoring of transactions with digital assets, trackings of transactions and identification of suspicious actions;

6) No. 259-VIII ZRK is excluded according to the Law of the Republic of Kazakhstan of 16.01.2026

6-1) release of digital asset - the action directed to emergence of digital asset as object of the civil laws;

6-2) placement of digital financial assets - the primary offer of digital financial assets to investors performed through digital platform of the operator of platform of digital financial assets;

6-3) system of accounting of holders of digital financial assets - the system of accounting of the operator of platform of digital financial assets providing:

accounting and storage of information about holders of digital financial assets and the digital financial assets belonging to them;

identification of holders of digital financial assets on certain timepoint;

registration of transactions with digital financial assets;

accounting and storage of data on the registered restrictions (encumbrances) for the address or realization of the rights on digital financial assets;

accounting and storage of other data, stipulated by the legislation Republic of Kazakhstan.

The procedure for maintaining platform of digital financial assets of system of accounting of holders of digital financial assets by operators, the list of other data which are subject to accounting and storage in system of accounting of holders of digital financial assets and also procedure for transfer by operators of platform of digital financial assets to the central depositary of data from system of accounting of holders of digital financial assets are determined by joint regulatory legal act of National Bank of the Republic of Kazakhstan and authorized body by regulation, control and supervision of the financial market and the financial organizations;

6-4) operator of platform of digital financial assets - the provider of services of digital assets included in the register of operators of platform of digital financial assets of National Bank of the Republic of Kazakhstan providing access to digital platform and its functioning with which use are performed:

release and (or) turnover (address) of digital financial assets;

accounting and storage of digital financial assets;

forming, maintaining and storage of system of accounting of holders of the digital financial assets issued and (or) addressing on the specified digital platform;

6-5) register of operators of platform of digital financial assets - the single list of operators of platform of the digital financial assets which underwent accounting registration in National Bank of the Republic of Kazakhstan;

6-6) digital financial asset:

the digital asset certifying the right of monetary and (or) other claim concerning underlying asset of such digital asset, issued on digital platform of the operator of platform of digital financial assets and addressing on digital platform of the operator of platform of digital financial assets and (or) the operator of trade platform of digital assets;

the financial instrument and (or) financial asset issued on digital platform of the operator of platform of digital financial assets and addressing on digital platform of the operator of platform of digital financial assets and (or) the operator of trade platform of digital assets.

Placement, turnover (address) and repayment of digital financial asset are performed in accordance with the terms of release of such digital financial asset;

6-7) repayment of digital financial asset - withdrawal of digital financial asset from turnover (address) in connection with repayment of the corresponding obligations of the issuer of such digital financial asset and (or) on other bases in accordance with the terms of release of digital financial asset;

6-8) underlying asset of digital financial asset - the property, cost or size (including fluctuation of cost or size) which determines the cost of the corresponding digital financial asset and concerning which the holder of digital financial asset has right of monetary and (or) other claim.

Can act as underlying asset of digital financial asset the financial instrument (including money, securities, including derivative securities, derivative financial instruments, other digital financial asset), property right (requirement), goods and (or) other property;

6-9) organization for storage of underlying asset of digital financial asset - the legal entity - the resident of the Republic of Kazakhstan, performing accounting and storage of underlying asset of digital financial asset with acceptance on obligations on its safety, and also other activities according to the laws of the Republic of Kazakhstan;

6-10) issuer of digital financial asset - the legal entity - the resident of the Republic of Kazakhstan, performing release (issue) of digital financial assets;

7) digital mayner - the individual entrepreneur or the legal entity of the Republic of Kazakhstan performing activities for digital mining;

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