Eternity Law International — News — Kazakhstan EMI License: overview

Kazakhstan EMI License: overview

Published:
September 5, 2022

Given the rising market demands for electronic money and cash-free transactions across the world, an Electronic Money Institution in Kazakhstan fairly is a tremendous opportunity for businesspersons. To capture a share of the financial market of this jurisdiction, a Kazakhstan EMI License should be obtained by financial service providers. It authorizes entities to issue e-money in exchange for government-issued currency and conduct related activities.

Overview of the Kazakh banking field

Particularly noteworthy is the financial domain in the offshore and onshore sectors. Here, the obligations for prοviders of payment services are completely opposite to those imposed on financial businesses in the European Union, for example.

Banking institutions process payments for duly business approval without any currency limitations on exchanges. This is because all banking structures in Kazakhstan have SWIFT membership and provide for the sending of payments as well as the acceptance into multicurrency accounts.

Another distinctive feature of the financial sector is that the Kazakh compliance obligations for incoming and outgoing payments allow for unprecedented freedom in sharp contrast to EU and US financial service providers and banks. Hence, the acceptance of client money and their forwarding to exchangers, foreign exchange brokers, liquidity providers, or other banks can be easily conducted in the country.

Main peculiarities of e-money institution license (EMI) in Kazakhstan

An EMI License in Kazakhstan can be obtained once a legal entity is registered in the appropriate organizational and legal form, for instance, LTD. Once formed, a legal entity must obtain subsequent permission as a Financial Service Provider from the State Financial Market Regulation Agency and the Ministry of Economy. The authorization empowers financial institutions to service clients from other countries.

A Kazakhstan Electronic Money Institute (EMI) License authorizes to carry out a broad range of services:

  • Payment prοcessing services;
  • Digital wallet services,
  • Cryptocurrency exchange;
  • foreign exchange and securities dealing,
  • financial advisory services;
  • depository agent activities;
  • merchant services;
  • issuance of debit cards (in specific cases) and other related services.

The Kazakhstan EMI license is onshore but with offshore character in terms of flexibility and opportunities. EMI will be subject to taxation under Kazakh law, however, there are many ways to reduce or eliminate the tax commitments.

How to get an E-Money Institution license in Kazakhstan?

Generally, the process of getting a license involves the following stages:

  1. Company formation and incorporation. Simultaneously, permission is obtained as a Financial Service Provider from the Ministry of Economy.
  2. Establishment of a local office (not mandatory);
  3. Collection of all documents (AML Rules, etc.);
  4. Bank account openings;
  5. Submission of the application to the regulator.

Obligations and timeframe of a license application

  • Duration: ca. 7-8 weeks;
  • Original Passport Copy notarized with apostille;
  • Original Power of Attorney notarial certified and with apostille;
  • Standard single proof of address;
  • At least one director is required;
  • No minimum paid-up capital condition;
  • The fee for the application for a license varies on an individual basis but is considered to be among the most cost-effective in the world.

If you have any questions regarding the Kazakhstan EMI License, contact us. Our experts have tremendous expertise.

Also, you can view new offers in the categories “Cryptocoins and licensing of cryptocurrency operations”,“Ready-made companies”, “Banks for sale” and “Licenses for sale”.

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