2.11.1. Clients of a Digital Asset Trading Facility Operator

Members of a Digital Asset Trading Facility Operator and their clients are Clients of a Digital Asset Trading Facility Operator.

2.11.2. Investment limits

A Digital Asset Trading Facility Operator must maintain effective systems and controls to ensure that a Retail Client, who is a resident of the Republic of Kazakhstan, complies with any requirements and limits imposed by the Rules on Currency Regulation and Provision of Information on Currency Transactions in the AIFC.

2.11.3. Calculation of an individual Client’s net assets

(1) For the purposes of calculating an individual Client’s net assets to treat him as an Assessed Professional Client under Rule 2.5.1(a) of the COB, the Digital Asset Trading Facility Operator:

(a) must exclude the value of the primary residence of the Client;

(b) must exclude Digital Assets belonging to the Client that are not admitted to trading;

(c) must include only 30% of the market value of a Digital Asset admitted to trading, which belongs to the Client, but must include 100% of the market value of Fiat and Commodity stablecoin backed by reserves, which belong to the Client; and

(d) may include any other assets held directly or indirectly by that Client.

2.11.4. Additional information for Providing Custody of Digital Assets

A Digital Asset Trading Facility Operator Providing Custody of Digital Assets must include in the Client Agreement:

(a) a breakdown of all fees and charges payable for a transfer of Digital Assets (a “transfer”) and when they are charged;

(b) the information required to carry out a transfer;

(c) the form and procedures for giving consent to a transfer;

(d) an indication of the time it will normally take to carry out a transfer;

(e) details of when a transfer will be considered to be complete;

(f) how, and in what form, information and communications relating to transfer services will be provided to the Client, including the timing and frequency of communications and the language used and technical requirements for the Client’s equipment and software to receive the communications;

(g) clear policies and procedures relating to unauthorised or incorrectly executed transfers, including when the Client is and is not entitled to redress;

(h) clear policies and procedures relating to situations where the holding or transfer of Digital Assets may have been compromised, such as if there has been hacking, theft or fraud; and

(i) details of the procedures the Digital Asset Trading Facility Operator will follow to contact the Client if there has been suspected or actual hacking, theft or fraud.

2.11.5. Provision of prompt confirmation to Clients

(1) Prior to execution of each transaction in Digital Assets, a Digital Asset Trading Facility Operator must confirm with its Clients the following terms:

(a) name of the Digital Asset in the proposed transaction, as well as any other identifying details required to be clear of the exact version of the Digital Asset subject to the proposed transaction;

(b) amount or value of the proposed transaction;

(c) fees and charges to be borne by the Client that are charged by or via the Digital Asset Trading Facility Operator, including applicable exchange rates; and

(d) a warning that once executed the transaction may not be undone.

(2) After a Digital Asset Trading Facility Operator has effected a transaction for a Client, it must confirm promptly with the Client the essential features of the transaction. The following information should be included:

(a) name of the Digital Asset in the transaction, as well as any other identifying details required to be clear of the exact version of the Digital Asset;

(b) amount or value of the transaction; and

(c) fees and charges borne by the Client that are charged by or via the Digital Asset Trading Facility Operator, including applicable exchange rates.

2.11.6. Provision of statements of account on request

If a Digital Asset Trading Facility Operator receives a request from a Client for a statement of account it must:

(a) prepare a statement of account in respect of the Client which includes the following information:

(i) the name, address and account number of the Client to whom the Digital Asset Trading Facility Operator is required to provide the statement of account;

(ii) the date on which the statement of account is prepared;

(iii) the outstanding balance of that account; and

(iv) the quantity, and, in so far as readily ascertainable, the market price and market value of each Client Digital Asset, held for that account.

(b) prepare the requested statement of account to the Client as soon as practicable after the date of the request.