2.6.1. Persons eligible for Membership

A Digital Asset Trading Facility Operator may only admit as a Member a Person who satisfies the admission criteria set out in its Membership Rules and which is:

(a) an Authorised Firm whose Licence permits it to carry out the Regulated Activities of Dealing in Investments as Principal or Dealing in Investments as Agent;

(b) a Recognised Non-AIFC Member; or

(c) a Body Corporate or an individual (natural person) which carries out the activity solely for its own investment purposes, where such trading does not constitute Dealing in Investments as Principal by way of business.

2.6.2. Admission criteria

(1) A Digital Asset Trading Facility Operator must ensure that access to its facility is subject to criteria designed to protect the orderly functioning of the market and the interests of investors generally. 

(2) A Digital Asset Trading Facility Operator may only give access to or admit to membership a Person who:

(a) is fit and proper and of good repute;

(b) if applicable, has a sufficient level of ability, competence and experience, including appropriate standards of conduct for its staff; and

(c) if applicable, has adequate organisational arrangements, including financial and technological resources.

(3) In assessing whether access to a Digital Asset Trading Facility Operator’s facility is subject to criteria designed to protect the orderly functioning of the market and the interests of investors, the AFSA may have regard to whether:

(a) the Digital Asset Trading Facility Operator limits access as a Member to such Persons:

(i) over whom it can with reasonable certainty enforce its rules contractually;

(ii) who have sufficient technical competence to use its facilities; and

(iii) if appropriate, who have adequate financial resources in relation to their exposure to the Digital Asset Trading Facility Operator;

(b) indirect access to the Digital Asset Trading Facility Operator’s facility is subject to suitable criteria, remains the responsibility of a Member of the Digital Asset Trading Facility Operator and is subject to the Digital Asset Trading Facility Operator’s rules; and

(c) the Digital Asset Trading Facility Operator’s rules:

(i) set out the design and operation of the Digital Asset Trading Facility Operator’s relevant systems;

(ii) set out the risk for Members and Clients when accessing and using the Digital Asset Trading Facility Operator’s facilities;

(iii) contain provisions for the resolution of Members’ and Clients’ disputes and an appeal process for the decisions of the Digital Asset Trading Facility Operator;

(iv) contain disciplinary proceedings, including any sanctions that may be imposed by the Digital Asset Trading Facility Operator against its Members and Clients; and

(v) set out other matters necessary for the proper functioning of the Digital Asset Trading Facility Operator and the facilities operated by it.

2.6.3. List of Members and Clients

A Digital Asset Trading Facility Operator must be able to provide the AFSA with a list of Members and Clients of its facility on the AFSA’s request.

2.6.4. Undertaking to comply with AFSA rules

A Digital Asset Trading Facility Operator may not admit a Recognised Non-AIFC Member as a Member unless:

(a) the Recognised Non-AIFC Member agrees in writing to submit unconditionally to the jurisdiction of the AFSA in relation to any matters which arise out of or which relate to its use of the facility of the Digital Asset Trading Facility Operator; 

(b) the Recognised Non-AIFC Member agrees in writing to submit unconditionally to the jurisdiction of the AIFC Court in relation to any disputes, or other proceedings in the AIFC, which arise out of or relate to its use of the facility of the Digital Asset Trading Facility Operator;

(c) the Recognised Non-AIFC Member agrees in writing to subject itself to the Acting Law of the AIFC in relation to its use of the facility of the Digital Asset Trading Facility Operator; and

(d) where the Recognised Non-AIFC Member is incorporated outside the Republic of Kazakhstan, appoints and maintains at all times, an agent for service of process in the AIFC.