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2.4.2. Operating a Clearing House
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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
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

2.4.2. Operating a Clearing House

2.4.2.1. General description

Operating a Clearing House is listed in section 2 of Schedule 4 of GEN. It means operating a facility where confirmation, clearance or settlement of transactions in Investments are carried out in accordance with the non-discretionary rules of the facility, under which the Person operating the facility:

(a)     either becomes a Central Counterparty (“CCP”); or

(b)     provides a book-entry Securities Settlement System (“SSS”), regardless of whether or not such a Person also operates a Central Securities Depository.

Acting as a Central Securities Depository means holding Investments in uncertificated (dematerialised) form to enable book entry transfer of such Investments for the purposes of clearing or settlement of transactions on its own facility and on any other similar facility.

For the meaning of “confirmation”, “clearance”, and settlement see GEN. For more details also see AIFC Authorised Market Institution Rules.

Currency regulation

Currency transactions will be performed via AIFC Banks if processed in only foreign currency, and via second-tier banks in any currency. For more details of transactional implications see Chapter 4 of PERG.

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:

Settlement depository services of Astana International Exchange Central Securities Depository in respect to all securities included in the official list of Astana International Exchange

 

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

3.4.3 in the list of financial services.

 

Type of currency:

Any currency

 

Transaction:

Via AIFC Banks: foreign currency

Via second-tier banks: any currency

 

Currency reporting:

Quarterly (no later than the 10th day of the month following the reporting month) reports on securities to the AFSA in accordance with Annex 3 to Schedule 5.

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.

2.4.2.2. Exclusions

There are none.