Senate considered amendments in the law on e-money

On May 26 at its plenary meeting the Senate of the parliament of Kazakhstan approved of the draft law “About amendments in legislature on e-money”.

The draft law was elaborated to create legal basis for issuing and using of e-money in Kazakhstan and to regulate legal relationship in the sphere of issue of e-money and its use for realization of payments and other financial operations.

“With adoption of the draft law all executed transactions among Kazakhstani internet users and sellers will have to be realized legally only with the use of e-money issued by domestic emitters and in national currency tenge”, informed the deputy of the chairman of National Bank Bisengali Tadzhiyakov representing draft law in Mazhilis.  

He said that “acquisition and use of e-money is the priority of option of any person”.

“The draft law gives the right to issue e-money to the second-tier banks. This is due to the fact that the issue of e-money is connected with attraction of money of physical and legal persons, and execution of a number of bank operations”, said B. Tadzhiyakov.  

At the same time, the document provides the possibility to participate in the system of e-money of private nonbank organizations as agents, emitters or operators.

“That is private nonbank organizations can distribute, sell or buy outstanding e-money by emitting banks, and service operations on its use”, said the head deputy of National Bank.