Lawyer
Expert in corporate and international corporate law. Has extensive experience in supporting the acquisition of financial licenses in Ukraine, as well as business incorporation in the EU, the United Kingdom, Switzerland, the UAE, and key Asian jurisdictions.
OBTAINING AN EMI LICENSE IN KAZAKHSTAN
With the advent of the Internet and the expansion of the global electronic market, new opportunities have appeared for the financial sector.
Kazakhstan, like many other countries, has joined the development of the fintech industry and electronic payments.
This article examines the process of obtaining an EMI license in Kazakhstan and its impact on the country’s financial sphere.
Electronic Money Institution (EMI ) is a financial institution engaged in issuing and servicing electronic money.
Electronic money is a digital equivalent of traditional cash that can be used to make payments and transactions via the Internet and mobile devices.
In Kazakhstan, EMI’s activities are regulated by the National Bank of the Republic of Kazakhstan (NBRK). To obtain an EMI license, companies must meet special requirements set by the regulator.
These requirements relate to capital investments, preservation of financial stability, cyber security, as well as compliance with anti-money laundering and terrorist financing standards.
The process of obtaining an EMI license in Kazakhstan consists of several stages:
- First of all, the company must register with the National Bank and submit all the necessary documentation.
- After that, the financial stability of the company and its compliance with the requirements set by the regulator are assessed.
- This is followed by a review of the company’s risk management system, compliance procedures, technical capabilities, and cybersecurity. This step is important to ensure customer safety and avoid possible cyber attacks.
Functions and services of EMI in Kazakhstan
Electronic Money Institutions in Kazakhstan can provide a variety of features and services that allow consumers to make cashless transactions and manage their electronic money.
The main functions of EMI include:
- Electronic storage of money: Users can store their money in electronic form on accounts opened in EMI.
- Electronic transfers: Users can easily transfer funds to other users or payers over the Internet.
- Payment for goods and services: Users can pay for goods and services in a non-cash way through EMI payment systems.
- Transfer funds to bank accounts: Users can transfer their electronic money to bank accounts and vice versa.
In Kazakhstan, as in most countries, EMI activities are subject to strict regulation and supervision by the National Bank of Kazakhstan. This is done to protect consumer rights and ensure financial stability in the system.
In order to obtain an EMI license, several requirements must be met, including:
- Capitalization: EMIs must have sufficient equity capital to ensure financial stability.
- Security measures: EMIs must ensure a high level of security for their customers’ electronic money, including protection against cyber-attacks and fraud.
- Measures to prevent money laundering and terrorist financing: EMIs are required to comply with the illegal execution of financial transactions.
Since EMIs work with electronic money, the protection of consumer rights is one of the most important aspects of the work of these institutions. The National Bank of Kazakhstan establishes rules and restrictions to protect consumers, such as mandatory customer identification, refund rules, and the security of user data.
Thus, obtaining an Electronic Money Institution (EMI) license in Kazakhstan is an important stage in the development of financial technologies and non-cash payments in this country and beyond.
This contributes to the creation of a favorable financial environment for innovative enterprises wishing to engage in electronic financial services.
One of the key benefits of obtaining an EMI license is the expansion of opportunities for consumers. Thanks to EMI, customers get convenient access to non-cash payments, electronic money, and electronic transfers, which facilitates their financial transactions and purchases.
This increases competition in the financial services market and stimulates enterprises to implement innovative solutions and improve the quality of service.
However, the process of obtaining an EMI license requires considerable effort from financial market participants and compliance with high-security standards and regulatory requirements, with which the experts of the Prikhodko and Partners Law Firm will help you.
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