Internationalfinancial centre “Astana” (AIFC) in whose territory a special legal regime hasdeveloped and approved the Concept of market regulation of virtual currenciesand private placement securities. About this informed the head of theinterdepartmental group on risk assessment of turnover of cryptocurrency inRussia Elina Sidorenko in his Telegram-channel “Kriptonika”.
The document aims to regulate the relations arising from thehandling and storage of virtual currencies via operators specialized tradingplatforms.
Also the document gives definitions of key terms used in theprocess of production, storage and handling virtual currencies. In particular,it introduces the notion of a “smart contract”, “digital wallets”, “mining”.
In a separate section spelled out the legal basis for theprivate placement of securities exempt from registration in the financialregulator.
The authors of the document propose to introduceapproximately ten different modes licenzirovanie private placement ofsecurities, depending on the borrowed amount, the category of investors andtypes of shares.
To protect the rights of qualified investors, the documentproposes to consolidate the requirements for the disclosure of the information,which is essential for making sound investment decisions and limit investmentsin securities of $2000.
However, in case of providing supporting documents to theinvestment amount for such investors to exceed the specified limit, but notmore than 10% of annual income not more than $100 thousand.
“The prohibition of virtual currencies could have a negativeimpact on the level of regional and global threats of money laundering andfinancing of terrorism, as this may drive the virtual currency in the shadoweconomy, where they will continue to operate without proper oversight ofregulatory authorities”, — stated in the document.
Also, the concept stated that the turnover of virtualcurrency must meet the standards on consumer protection, financial stability,internal and network information security.
“It should be noted that the development of draft amendmentsIFCA is committed to the principle of technological neutrality in order toavoid frequent revision of laws, which arise in connection with the emergenceof new technological developments. As a member of a specially created expertCouncil, IFCA, I want to fully support the Kazakh colleagues who took the bestpractices and combined them into a single document”, — concluded Elina Sidorenko.
Recall that in late March the national Bank of Kazakhstanannounced the intention to ban the buying and selling of crypto-currencies fortenge, the activities of the exchanges in this segment, as well as any type ofmining.