The Ministry of Justice has officially registered amendments and additions to the regulations governing the licensing of crypto-asset service providers.
According to the document, service providers cannot be managed by individuals who permanently reside, stay, or are registered in jurisdictions that do not participate in international cooperation against money laundering, terrorist financing, and the financing of the proliferation of weapons of mass destruction.
Additionally, providers must obtain prior approval from the licensing authority before selling shares in their charter capital to individuals or legal entities, including non-residents. Prior approval is also required when replacing the director, deputy directors, or the chief of the internal unit responsible for anti-money laundering and counter-terrorist financing compliance.
Under the new procedures, the licensing authority will issue a decision to approve or reject an application within 10 working days of receipt. No fee will be charged for reviewing applications or issuing decisions.
Earlier, on April 15, the registration procedure for a special regulatory sandbox aimed at governing the circulation of stablecoins was officially approved. According to that document, the use of stablecoins as a legal means of payment will now be permitted within the country.
These stablecoins must be fully backed by national or foreign currency reserves held in a dedicated account at the Central Bank. Utilizing funds acquired through loans or as collateral is strictly prohibited.
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