Eternity Law International News Cryptolicense in Kazakhstan

Cryptolicense in Kazakhstan

May 31, 2023

To date, Kazakhstan`s representatives of the local central bank have issued guidelines with recommendations for corporations who want to work in the field of a cryptocurrency exchange in Kazakhstan. These rules were adopted a year ago.

According to the recommendations, for corporations wishing to work in this area, an obligatory point is to get a crypto license in Kazakhstan. In addition, local banks should be loyal to the corporations, starting to work in the crypto-business. Also, the regulator is obliged to provide oversight of all conducted operations and provide security guarantees for all planned transfers.

Peculiarities of obtaining cryptolicense in Kazakhstan

The first thing you need to pay attention to when getting Kazakhstan Cryptocurrency Exchange License is the priorities for the regulator. They are trying to structure this demand and offer banks to be more loyal to the legal-entities, which are registering such format of authorization documents. At the same time, they will require high benchmarks of transparency and security of dealings on the part of the licensee.

Also, the CB will do everything possible to ensure that the financial market is holistic and protected from any kind of financial`s crime in the country. For this definition, each exchange shall pass registration in the Central Bank. The Kazakh market can offer quite good conditions for crypto-business registration. At least, in terms of customer data protection standards, it is one of the most reliable countries in the world.

What is needed to get a document

To work in the market as a bitcoin-exchange, it is necessary not only to acquire such a license. A prerequisite is a registration in the Kazakh Central Bank. The main requirements of the regulator include:

  • availability of authorized capital;
  • confirmation of the establishment of procedures for combating illegal transactions;
  • availability of hi-tech It-structure for work on the protection of clients’ data.

Complying with all these conditions, companies can apply for permission of interest. It is important to understand that this format of approval documents is only granted to previously registered legal entities. Otherwise, they will not be issued.

The direct registration`s of a corporation takes place through the AIFC regulation. This structure is a regional center for solving problems in the field of business in Central Asia. As a rule, the process of registering a new legal entity and assigning it an individual number takes 2 weeks. After completing this process, the director of the newly created company can start working on obtaining a cryptologic license.

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Instructions for acquiring a cryptolicense

The execution of docs for Crypto License in Kazakhstan 2023 takes place in 3 stages, among which:

  • acquiring approval in principle;
  • completion of registration`s of the legal-entity;
  • acquiring of cryptolicense.

At the first stage, it is possible to hold a meeting between representatives of the financial`s services department in Astana and the co-founders of the legal entity. 

Corporations planning to function in the crypto-business must choose to be authorized for market activities. Passing the authorization with the help of this structure will help identify legal entity errors and help prescribe procedures for the future company to prevent illegal transactions.

Also at this stage, it is possible to check preliminary documents to see if the license can be issued. Employees of the department will tell at once whether the corporation should apply for the chosen permit.

In the second stage, the direct registration of the legal-entity takes place. In this case, it is critical to file:

  • app`s for enrollment of the new name of the legal-entity with the payment of the appropriate fee;
  • articles of association of the corporation;
  • partnership agreement with potential clients;
  • an agreement to lease an office;
  • data on the owners and management employees (director, executive director, shareholders, secretary);
  • resolution with the signatures of all co-founders on the readiness to acquire a license;
  • docs with prescribed procedures regarding the fight against illegal dealings.

After checking all the documents and if they are all correct, the potential licensee can obtain a Certificate of Registration.

The third step is the direct issuance of the Kazakhstan Crypto Exchange License. Besides the application the client also needs to pay a fee, the amount of which may vary significantly (from $5,000 to $125,000). The regulator will carefully check all documents and may send them for revision on the part of the licensee.

Who will help with its enrollment

To avoid such situations, we recommend contacting our staff. We have assembled a team of experienced international lawyers. Each of them repeatedly interacted with regulators from different countries, including Kazakhstan. We will check the package of documents you have gathered and help you obtain a license by all available legal means. For an initial consultation contact us in any way convenient for you.

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