Article 6. Issuance and circulation of secured digital assets The Law on Digital Assets in the Republic of Kazakhstan

Home / RLA / Article 6. Issuance and circulation of secured digital assets The Law on Digital Assets in the Republic of Kazakhstan

1. The person issuing and circulating secured digital assets is an individual entrepreneur, a legal entity of the Republic of Kazakhstan operating a digital platform for storing and exchanging secured digital assets and having permission to issue and circulate secured digital assets.

2. A permit for the issuance and circulation of secured digital assets is issued by the authorized body in the field of digital assets in accordance with the Law of the Republic of Kazakhstan "On Permits and Notifications".

3. Persons engaged in the issuance and circulation of secured digital assets are subjects of financial monitoring in accordance with the Law of the Republic of Kazakhstan "On Countering the Legalization (Laundering) of Proceeds from Crime and the Financing of Terrorism."

4. Persons issuing and circulating secured digital assets are required to notify individuals and legal entities of the risks associated with the purchase, possession and execution of transactions with secured digital assets.

5. The person initiating the issue of secured digital assets is the owner of the property or the person who owns the rights certified by the secured digital asset.

6. The rights certified by secured digital assets arise from the moment a record of the transfer of digital assets to the specified person is posted on the digital platform for the storage and exchange of secured digital assets.

7. The type and scope of rights that certify the issued secured digital assets are determined by the decision on the issue of secured digital assets.

8. The issuance of a secured digital asset is carried out by posting an entry on a digital platform for storing and exchanging secured digital assets by a person issuing and circulating digital assets only after verifying the availability of its collateral.

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