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2.2.27. Operation of a Payment System
GUIDANCE
AFSA Guidance for Over-the-Counter Transactions with Digital Assets
Guidance for AIFC Banks conducting settlement for Digital Asset Trading Facility Operators and Digital Asset Service Providers
Perimeter Guidance
2. AUTHORISATION (GETTING REGULATED)
2.2. Becoming regulated as an Authorised Firm
6. MISCELLANEOUS
The List of financial services and ancillary services provided by the Astana International Financial Centre participants, subject to the financial monitoring
SELF-ASSESSMENT OF INTERNAL QUALITY CONTROL MONITORING PROGRAM
Practical Guidance to AIFC Anti-Money Laundering and Counter – Terrorist Financing Framework
Entire Act

2.2.27. Operation of a Payment System

2.2.27.1. General description

Operation of a Payment System is listed in section 27 of Schedule 1 of GEN. It means operation of funds transfer system with formal and standardised arrangements and common rules for the processing, clearing or settlement of payment transactions.

Currency regulation

The table below illustrates currency regulation implications if services are offered to residents of Kazakhstan that are not AIFC Participants.

Are you planning to offer your services to legal entities or natural persons – residents of Kazakhstan that are not AIFC Participants?

Yes:

 

Your services will be subject to the AIFC Rules on Currency Regulation:

 

Name of allowed activity:

Offering services of Operating a Payment System to Kazakhstan residents is prohibited.

 

Relevant reference to Schedule 2 to the AIFC Rules on Currency Regulation:

Not mentioned.

 

Type of currency:

Not applicable.

 

Transaction:

Not applicable.

 

Currency reporting:

No specific reporting for a financial service.

Transactional reporting may be applicable (see Chapter 4 of PERG for more details). 

 

No:

Subrule 3.3.2 of AIFC Rules on Currency Regulation applies. 

For more details see Chapter 4 of PERG.

2.2.27.2. Exclusions

There are none.