Digital assets: Kazakhstan’s experience

Abstract

This article is devoted to the study of digital assets in the Republic of Kazakhstan. The purpose of the article is to explore Kazakhstan’s experience in the legal regulation of digital assets and to identify further areas for legislative improvements. It is noted that Kazakhstan’s legislation does not regulate digital money, but the term “digital asset” is used. It is spoken in detail about secured and unsecured digital assets, as well as the procedure for their issuance and circulation in the financial market. The article gives a detailed analysis of the norms of the RoK Laws “On Payments and Payment Systems”, and “On Informatization”. Much attention is given to the history of cryptocurrencies and the attempts of individual states to introduce their own electronic payment systems in digital currency. In this regard, the main provisions of the draft Model Law of the Commonwealth of Independent States “On Digital Financial Assets” are analysed and some comments are made on the establishment of a single regime for secured and unsecured digital assets and on the distinction between corporate (investment) and obligation (credit) digital assets. As a result of this study, the Author concludes that digital assets have now become widely used and for this reason states need to change their attitude towards them, that is stop ignoring them, and it is necessary to define their legal regime.