Best Fintech Lawyers in Nur-Sultan

About Fintech Law in Nur-Sultan, Kazakhstan

Fintech (Financial Technology) is a rapidly developing sector in Nur-Sultan, the capital of Kazakhstan. The city is becoming a regional hub for innovation in digital banking, blockchain technologies, cryptocurrency, electronic payments, and crowdfunding platforms. In response, the Kazakhstani government has introduced regulatory frameworks designed to foster innovation while protecting consumers and ensuring financial stability. Notably, the Astana International Financial Centre (AIFC) plays a central role in the regulation and promotion of Fintech services in the region.

Why You May Need a Lawyer

Fintech is subject to stringent regulations because it involves public finance, data protection, and compliance issues. Individuals and businesses often require legal advice in the following situations:

• Registering and licensing a new Fintech company or product.
• Navigating the requirements of the Astana International Financial Centre (AIFC).
• Ensuring compliance with anti-money laundering (AML) and know-your-customer (KYC) rules.
• Structuring or participating in initial coin offerings (ICOs) or digital asset offerings.
• Dealing with disputes arising from electronic payments or digital banking services.
• Protecting intellectual property rights related to software or innovative solutions.
• Drafting contracts and terms of service for digital platforms.
• Understanding tax implications for Fintech services and cross-border transactions.
• Handling issues related to cyber-security and personal data protection.
• Responding to investigations or audits by regulatory authorities.

Local Laws Overview

Kazakhstan’s legal framework for Fintech is shaped by both national legislation and special regimes, particularly that of the Astana International Financial Centre (AIFC). Key aspects include:

• AIFC Legal Regime: The AIFC operates under a separate legal system based on English common law, providing unique regulatory support for Fintech ventures, including regulatory sandboxes for testing innovations.
• Licensing: Fintech companies may need to obtain licenses from the AIFC or the National Bank of Kazakhstan, depending on the type of services provided (e.g., payment processing, e-wallets, crypto exchanges).
• AML and KYC: Strict anti-money laundering and customer verification procedures are mandated to ensure safety and compliance with international standards.
• Data Protection: Companies must comply with Kazakhstan’s personal data protection laws, as well as any specific requirements within the AIFC, which follow global best practices.
• Digital Assets: Cryptocurrencies and digital asset operations are permitted within the AIFC subject to regulatory approval and compliance with sandbox conditions.
• Consumer Protection: Legal safeguards exist to ensure fair treatment of users in electronic payments, lending, and crowdfunding platforms.
• Dispute Resolution: The AIFC Court and International Arbitration Centre provide mechanisms for resolving commercial Fintech disputes.

Frequently Asked Questions

What is the Astana International Financial Centre (AIFC) and how does it affect Fintech in Nur-Sultan?

The AIFC is a special economic zone in Nur-Sultan designed to promote financial innovation. It provides a favorable legal and regulatory regime for Fintech businesses, including the possibility to participate in regulatory sandboxes and obtain specialized licenses.

Do I need a license to operate a Fintech business in Nur-Sultan?

Yes, most Fintech activities require licensing either from the National Bank of Kazakhstan or the AIFC, depending on where and how you operate. Consulting legal counsel can help determine the specific licensing requirements for your business model.

Are cryptocurrencies legal in Nur-Sultan, Kazakhstan?

Within the AIFC, activities involving cryptocurrencies and digital assets are permitted under certain conditions. Outside the AIFC, national regulations may be more restrictive. Legal guidance is essential to ensure compliance.

What are the main compliance obligations for Fintech companies?

Fintech companies must comply with anti-money laundering (AML) and know-your-customer (KYC) procedures, data protection laws, and consumer protection regulations. Additional reporting and operational requirements may also apply.

Can foreign investors set up Fintech companies in Nur-Sultan?

Yes, both domestic and foreign investors can establish Fintech companies in Nur-Sultan, particularly within the AIFC, which offers streamlined processes and investment incentives.

How are Fintech disputes resolved?

Fintech disputes within the AIFC are resolved through the AIFC Court and International Arbitration Centre. Outside the AIFC, local courts have jurisdiction.

What are regulatory sandboxes and how can I benefit from them?

Regulatory sandboxes allow Fintech innovators to test new products or services under regulator supervision with temporary relaxation of certain rules. Participation can speed up market entry while ensuring compliance.

Is my personal and business data protected in Kazakhstan?

Kazakhstan has robust personal data protection laws. Both national and AIFC regulations set high standards for the collection, storage, and use of personal and business data.

Are there particular tax considerations for Fintech companies?

Yes, there are special tax incentives for companies registered in the AIFC. However, regular tax obligations still exist and can be complex, especially for cross-border operations. Expert legal or tax advice is recommended.

Where can I get help if my account or payment service is blocked or disputed?

If you encounter issues with blocked accounts or disputed transactions, you can seek assistance through the customer support of your service provider, or escalate the matter to the AIFC’s dispute resolution bodies or local regulatory authorities.

Additional Resources

When seeking legal advice or further information about Fintech in Nur-Sultan, the following organizations and agencies can be helpful:

• Astana International Financial Centre (AIFC) Administration
• AIFC Financial Services Regulatory Committee
• Kazakhstan National Bank
• Ministry of Digital Development, Innovation, and Aerospace Industry of Kazakhstan
• Kazakhstan Fintech Association
• Local law firms specialized in Fintech and startup law
• Chamber of Commerce and Industry of Kazakhstan

Next Steps

If you need legal assistance in the field of Fintech in Nur-Sultan, consider the following steps:

• Identify the particular area or problem you need help with (e.g., licensing, compliance, dispute resolution).
• Prepare all relevant documents and information, such as business plans or correspondence with regulators.
• Consult with a lawyer or legal advisor experienced in Fintech and, if applicable, the AIFC regime.
• Contact the relevant regulatory body or association to seek guidance or referrals to professionals.
• If in doubt, start with general consultation services provided by the AIFC or the Kazakhstan Fintech Association to better understand your options.

Remember, the regulatory environment in Kazakhstan is evolving, so staying updated with official sources and seeking expert advice is the best way to ensure your Fintech venture’s success and legal compliance.