Legal services for FinTech industry in Kazakhstan

Financial technologies (fintech) are innovative solutions that are used in the field of finance to improve it and maximize the optimization of work processes. In essence, it is the combined application of all technologies: software, applications, computers and so on.

free consultation

The main areas of synthech

The main areas of fintech include:

payments and transfers;
Asset management and investment;
lending;
cryptocurrency and blockchain;
using artificial intelligence (robotic services);
market analysis and its trends;
biometric data and their role in ensuring maximum security.

Development of the fintech industry in Kazakhstan

It should be noted that in order to achieve success in this area, legal support for fintech is necessary, because this area has many of its own characteristics. However, if we talk about the prospects, they are quite favorable.:

The introduction of artificial intelligence. Thanks to this, banks and other credit organizations can cooperate with fintech startups.;
The open banking system and its development. All expenses and income can be easily tracked in one application, therefore, it will be much more convenient for users.
Especially if a person has several accounts and deposits in different banks.;
Using cryptocurrencies. Fintech regulation in Kazakhstan is already well developed due to the availability of numerous cryptocurrency services. This applies to exchanges, deposits, withdrawals, and everything else.;
Online services for small and medium-sized businesses. Banks undoubtedly have competition among themselves, so it is much easier for customers to start a fintech business.

Challenges faced by the fintech industry:

The lack of clear boundaries. That is, each industry creates something of its own, resulting in inconsistency. Insurance companies are developing their own services, banks are working with ecosystems, and marketplaces have their own online banks.;

Little product research. If you pay more attention to this, you will be able to create unique products and offers.;

Shortage of personnel in the field of digital personnel.

The stages of obtaining tax residency

Concern for the protection of personal data. In other words, all information about the client must be protected from third parties and from any unauthorized access in general. Sometimes it is acceptable to transfer biometric data for commercial purposes, but again, this is done solely with the consent of the person himself.;
The choice of jurisdiction. A lot depends on the field in which financial technologies are used. Therefore, the opening of a fintech business should be fully supported: professional lawyers are required to explain all the nuances. For example, if we are talking about countering terrorism and money laundering, then there may be difficulties with fintech projects and their development.;
Secure payment systems. In other words, it is necessary to pass PCI DSS certification for both the bank and its commercial partner. This is considered the main security standard.;
The use of cryptocurrencies and tokens. They can be exchanged for rubles and used for a specific purpose. For example, banks allow providing foreign currency as collateral for obtaining financial products (loans). But there are also limitations: digital money cannot be used to pay for goods and services.

Another important issue is the interaction with the securities market and the ability to influence it. This happens like this: traders perform certain actions, as a result of which the price may change (increase or decrease, depending on the situation).

Regulation of fintech companies in Kazakhstan

First of all, it is necessary to highlight the development of these technologies. For this purpose, the Astana International Financial Center (AIFC) is actively operating in Kazakhstan.

Here you can contact specialists to support fintech startups, obtain a license, register, and so on.

Other aspects of regulation:

Mining and trading of cryptocurrencies. But for this you need to get a fintech license in Kazakhstan. That is, users register on official crypto exchanges and earn money from it. There will be no restrictions or difficulties in doing so.;
Consumer protection. There are many nuances here, which is why legal support for fintech projects is required. Some companies may be subject to the law on consumer protection: terms of contracts, misleading, and more.

How does the Law Consult Group help fintech startups?

Law Consult Group Law Firm offers a wide range of services for entrepreneurs and organizations interested in registering at the Astana Hub Technopark and Astana International Financial Center.

The team of specialists has in-depth knowledge of legislation and significant practical experience in these specialized economic zones. This allows us to provide our clients with high-quality legal services.

Our staff offers comprehensive legal services in a wide variety of fields. This includes representation in court (including arbitration), consultations, and much more.

Range of services

As for financial technology assistance, there is a fairly wide range of services:

obtaining a license;
preparation of documents. This includes a business plan, a financial model, a statement, and much more.;
fintech company registration and business accreditation;
customer support at all stages;
investing and everything related to it;
assistance with reporting;
advice on requirements for fintech companies.

If you need professional help, please contact Law Consult Group, the staff will not only complete all the necessary documents, but also help the company take advantage of all the advantages that registration with Astana Hub provides. Additionally, post-registration customer support is provided (if necessary).

Ready

Your application has been sent. We'll give you a discount:

10%

+ free checklist on how to register and obtain a license in MFCA

perfectly