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Majilis passes draft law on e-money in third reading

20 april 2011, 19:24
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The Majilis (lower chamber of the Kazakhstan’s Parliament) has passed the draft legislation on e-money today in its third reading, Interfax – Kazakhstan reports.

The draft law has been sent to the country’s Senate for further consideration.

The legislation seeks to lay legal framework for issuance and use of e-money in Kazakhstan and regulate relations with regards to e-money transactions.

“With the new legislation in place, transactions between Kazakhstan-based e-retailers and Internet users can only be performed using e-money issued by local entities (…) one of the requirement to the e-money is that it should be tenge-denominated”, Vice Chairman of the National Bank Bisengali Tadjiyakov earlier announced when presenting the draft law in the Majilis.

“The right to issue e-money has been given to banks, since issuance involves a number of banking operations”, Mr. Tadjiyakov said.

According to Mr. Tadjiyakov, non-banking organizations will be able to sell and buy e-money issued by banks and deal with operations related to use of e-money.

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