To obtain a license, an applicant intending to operate as an unsecured digital asset exchange operator shall submit the following documents and information to the National Bank of the Republic of Kazakhstan:
1) an application in the form prescribed by the National Bank of the Republic of Kazakhstan, including information on the head (members) of the executive body (with attached copies of diplomas and documents confirming the employee's work history in accordance with the Labor Code of the Republic of Kazakhstan);
2) documents confirming the payment of the charter capital, the minimum amount of which is established by the National Bank of the Republic of Kazakhstan;
3) Articles of association, except in cases where the applicant carries out activities under the standard Articles of association;
4) a document defining the procedure for interaction between the unsecured digital asset exchange operator and a bank or the National postal operator, a digital asset exchange, or other persons providing access to unsecured digital assets;
5) operating rules of the unsecured digital asset exchange operator, approved by the operator's governing body;
6) a document confirming the authority of the person to submit the application and the accompanying documents and information.
Requirements:
1. An unsecured digital asset exchange operator shall be established in the legal organizational form of a joint-stock company or a limited liability partnership.
2. The minimum charter capital for an unsecured digital asset exchange operator shall be 50 000 000 (fifty million) tenge.
3. The founders (participants), shareholders, and beneficial owners of an unsecured digital asset exchange operator may be individuals or legal entities, both residents and non-residents of the Republic of Kazakhstan, with the exception of:
1) persons without an impeccable business reputation;
2) persons included in the list of organizations and individuals associated with the financing of terrorism, extremism, and/or the financing of the proliferation of weapons of mass destruction, in accordance with the AML/CFT Law;
3) persons registered (residing) in states (territories) that do not comply or insufficiently comply with the recommendations of the Financial Action Task Force (FATF).
4. The operating rules of the unsecured digital asset exchange operator, approved by its governing body, shall include:
1) a list, description, and the procedure for providing services to clients;
2) rights and obligations of the unsecured digital asset exchange operator and its clients;
3) client identification and verification procedures;
4) the procedure and terms for the operation of physical branches and self-service terminals in the provision of such activities;
5) the procedure and timelines for completing settlements on transactions with digital asset;
6) information on liquidity sources and the disposal of excess liquidity in digital assets;
7) a description of the procedures and mechanisms for the transaction analysis and control system;
8) terms and conditions for opening and maintaining digital asset wallets;
9) the procedure and list of questions for determining client qualification;
10) addresses of the digital asset wallets of the operator, specifying the name of the blockchain network on which they are maintained;
11) cybersecurity procedures;
12) dispute resolution and client complaint handling procedures, including the procedure for calculating compensation for damages and the mechanism for the return of funds and digital assets. The amount of compensation shall be determined based on the actual damage caused to the client due to the fault of the operator during service provision.
