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) secure digital asset - the digital asset registered by means of digital platform on storage and exchange of secure digital assets which certifies the rights to material, intellectual services and assets, except for money and securities;

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) unsecured digital asset - the digital asset received in information system in the form of remuneration for participation in maintenance of consensus in blockchain and which is not expressing someone's monetary commitments which can be traded in digital form at the exchange of digital assets;

4) digital asset - the property created in electronic and digital form with assignment of digital code, including using means of cryptography and computer calculations, registered and provided with information invariance on the basis of technology of the distributed platform of data;

5) the exchange of digital assets - the digital platform performing organizational and technical supply of the biddings, release, the address and storage of digital assets;

6) authorized body in the field of digital assets (further - authorized body) - the central executive body performing management and cross-industry coordination in the field of digital assets;

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

8) digital mining - the process of carrying out computing transactions with use of computer capacities according to the set encryption algorithms and data handlings providing confirmation of integrity of data units by means of blockchain;

9) data-processing center of digital mining - the object of information and communication infrastructure consisting of the hardware and software for the digital mining and the factory building located out of the territory of the living area, using electrical energy according to the Law of the Republic of Kazakhstan "About power industry";

10) digital mayningovy pool - the legal entity accredited according to the legislation of the Republic of Kazakhstan on digital assets, providing service of combination of capacities of the hardware and software for digital mining of digital mayner, performing distribution between digital mayner of the digital assets received as a result of their joint activities.

Article 2. Legislation of the Republic of Kazakhstan on digital assets

1. The legislation of the Republic of Kazakhstan on digital assets is based on the Constitution of the Republic of Kazakhstan, the Constitutional law of the Republic of Kazakhstan "About the International financial center "Astana", consists of this Law and other regulatory legal acts of the Republic of Kazakhstan.

2. If the international treaty ratified by the Republic of Kazakhstan establishes other rules, than those which contain in this Law then are applied rules of the international treaty.

Article 3. The purpose and the principles of state regulation of the public relations in the field of digital assets

1. The purpose of state regulation in the field of digital assets is development of activities for release and turnover of digital assets, digital mining in the Republic of Kazakhstan for economic development and competitiveness of the Republic of Kazakhstan.

2. State regulation in the field of digital assets is based on the following principles:

1) legality;

2) observance of the rights, freedoms and legitimate interests of physical persons, and also rights and legitimate interests of legal entities;

3) equal rights of physical persons and legal entities on participation in activities in the field of digital assets and use of its results;

4) freedoms of search, forming and transfer of any electronic information resources, access to which is not limited according to the laws of the Republic of Kazakhstan;

5) safety of the personality, society and the state during the using, release of digital assets and digital mining;

6) creations of conditions for development of the sphere of release, use of digital assets, digital mining, and also fair competition.

Article 4. Competence of authorized state bodies

1. Authorized body:

1) provides realization of state policy in the field of digital assets;

2) performs cross-industry coordination in the field of digital assets;

3) grants licenses for activities on digital mining;

4) in coordination with the authorized body performing management in the field of ensuring receipts of taxes and other obligatory payments in the budget approves rules of submission of data on the income of digital mayner and digital mayningovy pools for the purpose of the taxation;

5) approves rules of accreditation of digital mayningovy pools;

6) in coordination with authorized body in the field of permissions and notifications approves rules of licensing of activities for digital mining;

7) carries out accreditation of digital mayningovy pools;

8) approves the list of types of the secure digital assets recognized in the territory of the Republic of Kazakhstan;

9) exercises the state control in the field of digital assets, and also behind observance by persons performing release and the address of secure digital assets, legislations of the Republic of Kazakhstan on counteraction of legalization (washing) of income gained in the criminal way and to terrorism financing;

10) is conducted by the state register of persons performing activities for release of secure digital assets;

11) is conducted by the register of the hardware and software for digital mining;

12) approves rules of accounting and maintaining the register of the hardware and software for digital mining;

13) approves rules of execution of the decision on release of secure digital assets;

14) issues permissions to release and the address of secure digital assets;

15) performs other powers provided by this Law, the laws of the Republic of Kazakhstan, acts of the President of the Republic of Kazakhstan and the Government of the Republic of Kazakhstan.

2. The state body performing management in the field of power industry:

1) determines requirements to connection of digital mayner to power networks according to the Law of the Republic of Kazakhstan "About power industry";

2) is approved by the mechanism of determination of quota for electrical energy for digital mayner;

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