Digital assets are gradually gaining a niche in the financial market. In neighboring Russia, in August, a bank loan was issued secured by cryptocurrency for the first time. In Kazakhstan, according to experts, neither the regulators nor the banks are willing to work with the new instrument due to the lack of clear rules.
The first crypto-secured loan in Russia was issued by Expobank. The pledge was the Waves blockchain tokens. The Waves platform is a cryptocurrency analogue of the Kickstarter crowdfunding platform. Waves allows any user to issue a cryptographic token and use it to raise funding for their project through a crowdfunding campaign.
The Russian State Duma passed a law on digital financial assets (DFA) and digital currency in July. According to him, cryptocurrencies such as bitcoin are prohibited from being used to pay for goods and services. Transactions with CFA are allowed, but they cannot serve as a means of payment. Digital assets can be pledged and used for transactions in the exchange of one type of digital asset for another. The lawyer accompanying the transaction, the founder of LFCS, Yuri Brisov, told reporters that the use of Waves in Russia is absolutely legal, since the circulation of non-payment tokens in the country is not prohibited.
Features of national regulation
The status of digital assets in Kazakhstan, as well as in the Russian Federation, was consolidated only last summer. According to the amendments to the Law of the Republic of Kazakhstan "On Informatization" adopted in June, a digital asset is a property created in digital form using cryptography and computer calculations. A digital asset is not a financial instrument, but it can serve as an electronic digital form of certification of property rights.
The law in Kazakhstan divides digital assets into two types - secured and unsecured. Secured assets include assets that are digital means of certifying property rights to goods and services issued or provided by the person who issued the digital asset. Unsecured tokens are those received as a reward for participating in maintaining consensus on the blockchain. This category includes cryptocurrencies, such as the well-known Bitcoin and Ethereum. Their release and circulation in Kazakhstan is allowed only on the territory of the Astana International Financial Center (AIFC).
The state bodies that oversee the circulation and issue of digital assets in Kazakhstan were unable to answer the question of "Italic" about whether such assets can be used as collateral for a bank loan. The Ministry of Digital Development, Innovation and Aerospace Industry (ICRIAP), in response to a request from the publication, quoted an extract from the legislation, which states that a digital asset is not a financial instrument. The department advised to contact the National Bank of Kazakhstan for details. The regulator at the time of the publication of the material did not respond to the request of the editor ...
More details: https://kursiv.kz/news/finansy/2020-09/v-kazakhstane-gotovyat-pravila-vypuska-i-oborota-kriptovalyuty
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