Kazakh monetary system, payments and money transfers
Rules for Issuance, Use and Redemption of Electronic Money, as well as Requirements for Issuers of Electronic Money and Electronic Money Systems in Republic of Kazakhstan are approved by Resolution № 102 of the Board of National Bank of Kazakhstan of August 26, 2011.
Rules are developed in accordance with the Law of Republic of Kazakhstan On the National Bank of the Republic of Kazakhstan and determine the order of registration, use and redemption of electronic money in the territory of the Republic of Kazakhstan, as well as requirements for issuers of electronic money systems. The rules also include such definitions as “exchange transactions” with “electronic money”, such “electronic purse” and “blocking an electronic purse”.
The new rules are primarily aimed at legalizing the activities of banks and businesses in the area of electronic money in the Republic of Kazakhstan.