LAW OF THE REPUBLIC OF KAZAKHSTAN

of July 21, 2011 No. 466-IV ZRK

About modification and amendments in some legal acts of the Republic of Kazakhstan concerning electronic money

Article 1. Make change and additions to the following legal acts of the Republic of Kazakhstan:

1. In the Code of the Republic of Kazakhstan about administrative offenses of January 30, 2001 (The sheet of Parliament of the Republic of Kazakhstan, 2001, No. 5-6, of Art. 24; No. 17-18, of Art. 241; No. 21-22, of Art. 281; 2002, No. 4, Art. 33; No. 17, Art. 155; 2003, No. 1-2, of Art. 3; No. 4, Art. 25; No. 5, Art. 30; No. 11, Art. 56, 64, 68; No. 14, Art. 109; No. 15, Art. 122, 139; No. 18, Art. 142; No. 21-22, of Art. 160; No. 23, Art. 171; 2004, No. 6, Art. 42; No. 10, Art. 55; No. 15, Art. 86; No. 17, Art. 97; No. 23, Art. 139, 140; No. 24, Art. 153; 2005, No. 5, Art. 5; No. 7-8, of Art. 19; No. 9, Art. 26; No. 13, Art. 53; No. 14, Art. 58; No. 17-18, of Art. 72; No. 21-22, of the Art. 86, 87; No. 23, Art. 104; 2006, No. 1, Art. 5; No. 2, Art. 19, 20; No. 3, Art. 22; No. 5-6, of Art. 31; No. 8, Art. 45; No. 10, Art. 52; No. 11, Art. 55; No. 12, Art. 72, 77; No. 13, Art. 85, 86; No. 15, Art. 92, 95; No. 16, Art. 98, 102; No. 23, Art. 141; 2007, No. 1, Art. 4; No. 2, Art. 16, 18; No. 3, Art. 20, 23; No. 4, Art. 28, 33; No. 5-6, of Art. 40; No. 9, Art. 67; No. 10, Art. 69; No. 12, Art. 88; No. 13, Art. 99; No. 15, Art. 106; No. 16, Art. 131; No. 17, Art. 136, 139, 140; No. 18, Art. 143, 144; No. 19, Art. 146, 147; No. 20, Art. 152; No. 24, Art. 180; 2008, No. 6-7, of Art. 27; No. 12, Art. 48, 51; No. 13-14, of the Art. 54, 57, 58; No. 15-16, of Art. 62; No. 20, Art. 88; No. 21, Art. 97; No. 23, Art. 114; No. 24, Art. 126, 128, 129; 2009, No. 2-3, of the Art. 7, 21; No. 9-10, of the Art. 47, 48; No. 13-14, of the Art. 62, 63; No. 15-16, of the Art. 70, 72, 73, 74, 75, 76; No. 17, Art. 79, 80, 82; No. 18, Art. 84, 86; No. 19, Art. 88; No. 23, Art. 97, 115, 117; No. 24, Art. 121, 122, 125, 129, 130, 133, 134; 2010, No. 1-2, of the Art. 1, 4, 5; No. 5, Art. 23; No. 7, Art. 28, 32; No. 8, Art. 41; No. 9, Art. 44; No. 11, Art. 58; No. 13, Art. 67; No. 15, Art. 71; No. 17-18, of the Art. 112, 114; No. 20-21, of Art. 119; No. 22, Art. 128, 130; No. 24, Art. 146, 149; 2011, No. 1, Art. 2, 3, 7, 9; No. 2, Art. 19, 25, 26, 28; No. 3, Art. 32; No. 6, Art. 50; No. 8, Art. 64):

To add 1) with Article 169-2 of the following content:

"Article 169-2. Violation of requirements of release, use and repayment of electronic money

1. Release by the issuer of electronic money on the amount which is not corresponding to the amount of the assumed liabilities –

attracts penalty in the amount of three hundred monthly settlement indicators.

2. The same actions made repeatedly within year after imposing of the administrative punishment provided by part one of this Article –

attract penalty in the amount of six hundred monthly settlement indicators.

3. Release by the issuer of electronic money on the amount exceeding hundred monthly settlement indicators without identification of the owner of electronic money, and also assumption the issuer of use of electronic money in electronic payment system when making transactions on the amount which exceeds the set restrictions on maximum amount of one transaction, –

attract penalty in the amount of two hundred monthly settlement indicators.

4. The same actions made repeatedly within year after imposing of the administrative punishment provided by part three of this Article –

attract penalty in the amount of five hundred monthly settlement indicators.

5. Default, untimely and incomplete repayment by the issuer of the electronic money received by the individual entrepreneur or the legal entity from physical persons in case of payment according to civil transactions –

attract penalty in the amount of hundred monthly settlement indicators.

6. The same actions made repeatedly within year after imposing of the administrative punishment provided by part five of this Article –

attract penalty in the amount of two hundred monthly settlement indicators.";

Article 572 part one after figures "169," to add 2) with figures "169-2,".

2. In the Code of the Republic of Kazakhstan of December 10, 2008 "About taxes and other obligatory payments in the budget" (Tax code) (Sheets of Parliament of the Republic of Kazakhstan, 2008, No. 22-I, 22-II, Art. 112; 2009, No. 2-3, of the Art. 16, 18; No. 13-14, of Art. 63; No. 15-16, of Art. 74; No. 17, Art. 82; No. 18, Art. 84; No. 23, Art. 100; No. 24, Art. 134; 2010, No. 1-2, of Art. 5; No. 5, Art. 23; No. 7, Art. 28, 29; No. 11, Art. 58; No. 15, Art. 71; No. 17-18, of Art. 112; No. 22, Art. 130, 132; No. 24, Art. 145, 146, 149; 2011, No. 1, Art. 2, 3; No. 2, Art. 21, 25; No. 4, Art. 37; No. 6, Art. 50):

The subitem 8) parts one of Article 248 to add 1) with the words "and electronic money";

2) the subitem 7) of Item 2 of article 250 after words "payment cards," to add with words "electronic money,".

3. In the Law of the Republic of Kazakhstan of March 30, 1995 "About National Bank of the Republic of Kazakhstan" (Sheets of the Supreme Council of the Republic of Kazakhstan, 1995, No. 3-4, of Art. 23; No. 12, Art. 88; No. 15-16, of Art. 100; No. 23, Art. 141; Sheets of Parliament of the Republic of Kazakhstan, 1996, No. 2, Art. 184; No. 11-12, of Art. 262; No. 19, Art. 370; 1997, No. 13-14, of Art. 205; No. 22, Art. 333; 1998, No. 11-12, of Art. 176; 1999, No. 20, Art. 727; 2000, No. 3-4, of Art. 66; No. 22, Art. 408; 2001, No. 8, Art. 52; No. 10, Art. 123; 2003, No. 15, Art. 138, 139; 2004, No. 11-12, of Art. 66; No. 16, Art. 91; No. 23, Art. 142; 2005, No. 14, Art. 55; No. 23, Art. 104; 2006, No. 4, Art. 24; No. 13, Art. 86; 2007, No. 2, Art. 18; No. 3, Art. 20; No. 4, Art. 33; 2009, No. 8, Art. 44; No. 13-14, of Art. 63; No. 17, Art. 81; No. 19, Art. 88; 2010, No. 5, Art. 23; 2011, No. 1, Art. 2; No. 5, Art. 43):

add Article 8 with the subitem z-2) the following content:

"z-2) establishes procedure for release, use and repayment of electronic money, and also requirements to issuers of electronic money and electronic payment systems in the territory of the Republic of Kazakhstan;".

4. In the Law of the Republic of Kazakhstan of August 31, 1995 "About banks and banking activity in the Republic of Kazakhstan" (Sheets of the Supreme Council of the Republic of Kazakhstan, 1995, No. 15-16, of Art. 106; Sheets of Parliament of the Republic of Kazakhstan, 1996, No. 2, Art. 184; No. 15, Art. 281; No. 19, Art. 370; 1997, No. 5, Art. 58; No. 13-14, of Art. 205; No. 22, Art. 333; 1998, No. 11-12, of Art. 176; No. 17-18, of Art. 224; 1999, No. 20, Art. 727; 2000, No. 3-4, of Art. 66; No. 22, Art. 408; 2001, No. 8, Art. 52; No. 9, Art. 86; 2002, No. 17, Art. 155; 2003, No. 5, Art. 31; No. 10, Art. 51; No. 11, Art. 56, 67; No. 15, Art. 138, 139; 2004, No. 11-12, of Art. 66; No. 15, Art. 86; No. 16, Art. 91; No. 23, Art. 140; 2005, No. 7-8, of Art. 24; No. 14, Art. 55, 58; No. 23, Art. 104; 2006, No. 3, Art. 22; No. 4, Art. 24; No. 8, Art. 45; No. 11, Art. 55; No. 16, Art. 99; 2007, No. 2, Art. 18; No. 4, Art. 28, 33; 2008, No. 17-18, of Art. 72; No. 20, Art. 88; No. 23, Art. 114; 2009, No. 2-3, of the Art. 16, 18, 21; No. 17, Art. 81; No. 19, Art. 88; No. 24, Art. 134; 2010, No. 5, Art. 23; No. 7, Art. 28; No. 17-18, of Art. 111; 2011, No. 3, Art. 32; No. 5, Art. 43; No. 6, Art. 50):

to add Item 6 of Article 8 with subitem 3-3) of the following content:

"3-3) release, realization, acquisition and repayment of electronic money, and also provision of services on data collection and processing on transactions with electronic money;".

5. In the Law of the Republic of Kazakhstan of June 29, 1998 "About payments and money transfers" (Sheets of Parliament of the Republic of Kazakhstan, 1998, No. 11-12, of Art. 177; No. 24, Art. 445; 2000, No. 3-4 of Art. 66; 2003, No. 4, Art. 25; No. 10, Art. 49, 51; No. 15, Art. 138; 2004, No. 23, Art. 140; 2005, No. 14, Art. 55; 2006, No. 11, Art. 55; 2008, No. 23, Art. 114; 2009, No. 17, Art. 81; No. 19, Art. 88; 2010, No. 7, Art. 28):

1) in Article 3:

17) to add the subitem with the words "or transfers of electronic money";

add with subitems 26), 27), 28), 29), 30), 31), 32), 33) and 34) of the following content:

"26) electronic money – the unconditional and irrevocable monetary commitments of the issuer of electronic money which are stored electronically and accepted as instrument of payment in electronic payment system by other participants of system;

27) electronic payment system – set of program technical means, documentation and organizational and technical actions providing implementation of payments and other transactions with electronic money;

28) the participant of electronic payment system – physical person or legal entity which according to the signed agreement has right or the obligation on release, transfer, acceptance, use, acquisition, realization or repayment of electronic money within certain electronic payment system;

29) the operator of electronic payment system (further – the operator) – the participant of electronic payment system providing functioning of electronic payment system including implementation of collection, the processing and information transfer created when implementing transactions with use of electronic money;

30) repayment of electronic money – the transaction performed by the issuer on exchange of the electronic money shown by the owner of electronic money or due for settlement without their presentation by the owner in the cases provided by the laws of the Republic of Kazakhstan on amount of money, equal on their nominal value;

31) use of electronic money – transfer of electronic money in electronic payment system their owner – physical person to other participant of electronic payment system for the purpose of implementation of payment according to civil transactions and (or) other transactions connected with transition of the property right to electronic money;

32) release of electronic money – the transaction providing issue by the issuer of electronic money to physical persons and agents of the issuer of electronic money by exchange for amount of money, equal on their nominal value;

33) the issuer of electronic money (further – the issuer) – the bank of the second level performing release and repayment of electronic money in electronic payment system according to requirements of regulatory legal acts of National Bank of the Republic of Kazakhstan;

34) the agent of the issuer of electronic money (further – the agent) – the legal entity performing activities for acquisition of electronic money at the issuer and owners – physical persons for subsequent their realization to physical persons based on the agreement signed with the issuer.";

Item 1 of Article 7 to add 2) with subitem 5-1) of the following content:

"5-1) transfer of electronic money;";

The subitem 1) of Item 1 of Article 23 to add 3) with the words ", or transfers of electronic money";

Item 2 of Article 24 to state 4) in the following edition:

"2. If payment without use of cash is made by money transfer, then completion of payment happens at the time of money transfer completion.

If payment without use of cash is made by issue of the payment document, then completion of payment happens at the time of receipt of money by person for benefit of which the payment is made.

If payment is made by transfer of electronic money, then completion of payment happens at the time of receipt of electronic money by person for benefit of which the payment is made. Reflection of information on the amount of the accepted electronic money in electronic payment system, testimonial of their receipt for benefit of other person – the beneficiary, is the moment of receipt of electronic money.";

To add 5) with Chapter 3-1 of the following content:

"Chapter 3-1. Electronic money

Article 36-1. Release and realization of electronic money

1. Release of electronic money is performed by the issuer after receipt of money from physical persons or agents in the amount equal to nominal value of the assumed liabilities, with confirmation provision.

The issuer assumes unconditional and irrevocable monetary commitment on repayment of electronic money issued by it according to their nominal value in tenge.

2. In case of release of electronic money the issuer has the right to levy commission fee, and also payment for the additional services rendered by the issuer in accordance with the terms of the agreement.

3. Owners of electronic money can be:

1) the physical persons who received electronic money from the issuer, the agent or other physical persons;

2) agents;

3) the individual entrepreneurs or legal entities who received electronic money from physical persons as payment according to civil transactions.

The rights of the owner of electronic money arise from the moment of receipt of electronic money.

4. The relations between the issuer and the owner of electronic money – physical person arise based on the agreement signed between them according to requirements of the legislation of the Republic of Kazakhstan.

5. The agreement signed between the issuer and the physical person shall contain:

1) name, location and bank details of the issuer;

2) conditions of release or acquisition of electronic money;

3) conditions of implementation of transactions with use of electronic money, including the set restrictions for use of electronic money;

4) procedure for the certificate of the rights of the owner of electronic money to carrying out transactions with use of electronic money;

5) procedure and methods of presentation by the owner of electronic money to repayment and procedure for their repayment;

6) procedure for exchange of information between the issuer and the owner of electronic money when using electronic money for making of transactions, including procedure and times for notification of the issuer about loss of the electronic medium or its use by unauthorized person;

7) procedure for consideration of the address of the owner of electronic money on use of the electronic money, and also procedure for the dispute resolution arising when using electronic money;

8) size and payment procedure of commission fee, and also payment for additional services;

9) rights and obligations of the Parties;

10) responsibility of the parties for non-execution or improper execution of the obligations;

11) procedure for change and agreement cancelation, and also term of its action.

By agreement of the parties the agreement can include other conditions.

6. The issuer shall perform identification of the owner of electronic money in case of release of electronic money on the amount exceeding the hundredfold size of the monthly settlement indicator established for the corresponding financial year by the law on the republican budget.

Paragraphs the twenty seventh, twenty eighth, twenty ninth the subitem 5) of Item 5 of article 1 of this Law since January 1, 2012 are effective in the following edition: "For identification of the owner of electronic money – physical person the identity document is submitted."

For identification of the owner of electronic money – physical person the following documents are submitted:

1) identity document;

2) certificate of the taxpayer.

7. Electronic money issued by issuers in the territory of the Republic of Kazakhstan shall be nominated (is expressed) only in national currency of the Republic of Kazakhstan.

8. Realization of electronic money to physical persons or acquisition of electronic money at physical persons is performed by the agent based on the agreement signed with the issuer in whom the rights and obligations of the Parties, procedure and sales terms and acquisitions of electronic money are determined.

9. The issuer or other legal entity based on the relevant agreement signed with the issuer can be the operator.

10. The issuer has the right to authorize the operator to sign agreements with owners of electronic money, including with agents for and on behalf of the issuer.

11. The information about owners and the amounts of the electronic money belonging to them, and also data on the transactions made with use of electronic money is issued by the issuer to persons on the bases and in limits which are stipulated in Article 50 Laws of the Republic of Kazakhstan "About banks and banking activity in the Republic of Kazakhstan".

Article 36-2. Use and repayment of electronic money

1. Electronic money is used by their owner – physical person for the purpose of implementation of payment according to civil transactions, and also for carrying out other transactions on the conditions determined by their issuer and which are not contradicting the legislation of the Republic of Kazakhstan.

2. Acceptance of electronic money by the individual entrepreneur and (or) legal entity as payment when making civil transactions is performed based on the agreement signed with the issuer or other bank who is the participant of electronic payment system.

The individual entrepreneur or the legal entity who received electronic money in electronic payment system when making civil transactions has right of monetary claim to the issuer in the amount of the accepted payment.

3. The issuer shall provide functioning of electronic payment system taking into account the requirements and restrictions established by this Law, the Law of the Republic of Kazakhstan "About informatization" and other laws of the Republic of Kazakhstan.

The issuer bears responsibility to the owner of electronic money in accordance with the terms of the agreements signed between them for the damage caused to the owner of electronic money in cases of unauthorized access to electronic payment system and also emergence of mistakes or failures in work (functioning) of the corresponding software of the issuer.

4. The maximum amount of one transaction made by the identified owner of electronic money – physical person, shall not exceed the amount equal to the five hundredfold size of the monthly settlement indicator established for the corresponding financial year by the law on the republican budget.

The maximum amount of one transaction made by not identified owner of electronic money – physical person, shall not exceed the amount equal to the hundredfold size of the monthly settlement indicator established for the corresponding financial year by the law on the republican budget.

Requirements of part one of this Item do not extend to transactions on repayment of electronic money.

5. Repayment of electronic money is performed by the issuer by transfer of amount of money, equal on their nominal value, to the bank account of the owner of electronic money of physical person or issue of cash to it.

6. The issuer shall perform repayment of the electronic money received by the individual entrepreneur or the legal entity from physical persons in case of payment according to civil transactions within three working days from the date of receipt of electronic money in their advantage if other term is not provided by the agreement signed between the issuer and the individual entrepreneur or the legal entity.

The electronic money received by the individual entrepreneur or the legal entity is not subject to repayment in case of their return to the physical person – to the payer on the bases provided by this Law for refund in case of transfers or in case of termination of the committed civil transaction on the bases, stipulated by the legislation the Republic of Kazakhstan.

Repayment of electronic money which owners are individual entrepreneurs or legal entities is performed by transfer of amount of money, equal on their nominal value, into the bank account of the individual entrepreneur or the legal entity.".

Article 2. This Law becomes effective after thirty calendar days after its first official publication, except for Item 2 of Article 1, which becomes effective since January 1, 2012.

Determine that paragraphs the twenty seventh, twenty eighth, twenty ninth the subitem 5) of Item 5 of article 1 of this Law since January 1, 2012 are effective in the following edition:

"For identification of the owner of electronic money – physical person the identity document is submitted.".

 

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