IAK supports National Bank of RK concerning development of e-commerce in Kazakhstan

On October 18, 2011 the National Bank of RK approved of the “Rules of issue, use and repayment of e-money, and requirements to e-money emitters and e-money systems in the territory of the Republic of Kazakhstan”.

This rules allow legalizing the activity of banks and business structures in the sphere of e-money.

Press-release

IAK supports the National Bank of RK concerning development of e-commerce in Kazakhstan

On October 18, 2011 the National Bank of RK approved of the “Rules of issue, use and repayment of e-money, and requirements to e-money emitters and e-money systems in the territory of the Republic of Kazakhstan”, which allow legalizing the activity of banks and business structures in the sphere of e-money. ULPA “Internet Association of Kazakhstan” welcomes the adoption of this document as the factor of accelerated development of e-commerce in Kazakhstan and appeals the internet community of Kazakhstan actively participate in creation and promotion of payment systems in Internet. 

On July 21, 2011 the president of Kazakhstan Nursultan Nazarbaev signed the law “About amendments in some legislative acts of the Republic of Kazakhstan regarding e-money” directed at creation of legal basis for the issue and use of e-money (hereinafter referred to as EM) in the territory of Kazakhstan.

At discussion of this draft law they formed a working group consisting of the representatives of of ULPA “Internet Association of Kazakhstan” (IAK) having experience in doing business in Kazakhstan regarding e-commerce, K. Gorozhankin, Sh. Sabirov and A. Chub.  During 2010 the working group introduced a great number of remarks and proposals, met the representatives of the National Bank of RK and Parliament deputies, participated in the meetings of the working group of Mazhilis (Lower Chamber) of the Parliament. This work resulted in the essential revision of the draft law in the interest of internet business of Kazakhstan. 

The adopted rules determine the exchange operations with EM, e-wallet and its blocking. The Rules determine the order of issue and repayment of EM, realization of operations with EM and requirements to the emitters.  

IAK welcomes the efforts of the National Bank of RK directed at the creation of the legal space for the activity and circulation of EM in Kazakhstan and hopes for the further profitable and mutually advantageous cooperation.

ULPA “Internet Association of Kazakhstan” was created in July 2009 to unite all the members of Kazakhstani market of internet services, to render cooperation in introducing innovative internet technologies in commercial, public and cultural spheres and to represent the interests of the members of the market in the state structures. 

Contacts:

Lyakhov A.E., vice-president of IAK in public relations

Nurpeisov A.K., IAK chief executive officer