International financial centre “Astana” (AIFC) in whose territory a special legal regime has developed and approved the Concept of market regulation of virtual currencies and private placement securities. About this informed the head of the interdepartmental group on risk assessment of turnover of cryptocurrency in Russia Elina Sidorenko in his Telegram-channel “Kriptonika”.
The document aims to regulate the relations arising from the handling and storage of virtual currencies via operators specialized trading platforms.
Also the document gives definitions of key terms used in the process of production, storage and handling virtual currencies. In particular, it introduces the notion of a “smart contract”, “digital wallets”, “mining”.
In a separate section spelled out the legal basis for the private placement of securities exempt from registration in the financial regulator.
The authors of the document propose to introduce approximately ten different modes licenzirovanie private placement of securities, depending on the borrowed amount, the category of investors and types of shares.
To protect the rights of qualified investors, the document proposes to consolidate the requirements for the disclosure of the information, which is essential for making sound investment decisions and limit investments in securities of $2000.
However, in case of providing supporting documents to the investment amount for such investors to exceed the specified limit, but not more than 10% of annual income not more than $100 thousand.
“The prohibition of virtual currencies could have a negative impact on the level of regional and global threats of money laundering and financing of terrorism, as this may drive the virtual currency in the shadow economy, where they will continue to operate without proper oversight of regulatory authorities”, — stated in the document.
Also, the concept stated that the turnover of virtual currency must meet the standards on consumer protection, financial stability, internal and network information security.
“It should be noted that the development of draft amendments IFCA is committed to the principle of technological neutrality in order to avoid frequent revision of laws, which arise in connection with the emergence of new technological developments. As a member of a specially created expert Council, IFCA, I want to fully support the Kazakh colleagues who took the best practices and combined them into a single document”, — concluded Elina Sidorenko.
Recall that in late March the national Bank of Kazakhstan announced the intention to ban the buying and selling of crypto-currencies for tenge, the activities of the exchanges in this segment, as well as any type of mining.