LEGAL REGULATION OF ELECTRONIC MONEY IN THE REPUBLIC OF KAZAKHSTAN: CHALLENGES, RISKS AND PROSPECTS IN THE CONTEXT OF DIGITALIZATION OF THE FINANCIAL SECTOR

Abstract

Consideration of the topic of legal support for the electronic money Institute is aimed at studying the content and application of the provisions of national legislation in the light of the development of digitalization and the emergence of new technologies in the field of electronic payments and the application of regulatory systems. The introduction of electronic money has become possible based on the development of an international payment system in the United States and Europe. The content of the institute under study as a monetary obligation, as a means of payment, as well as in other aspects is considered based on the ideas of domestic and foreign researchers in this field. The authors of the article support the opinion regarding the definition of electronic money as a special type of non-cash money, on the basis of which the content of electronic money becomes more voluminous due to the expansion of the areas of its use. The paper presents statistical materials that prove a steady increase in the number of transactions with electronic money. This is caused by the development of digitalization and information technology, which currently requires a timely response through the formation and adoption of security measures. The issue of determining the participants in the process of using electronic money is also relevant, in particular, this applies to issuers of electronic money, which determines the legality of issuing electronic money and trust in them.  The authors cite the international experience of states in determining the issuer of electronic money, as well as the provisions of national legislation and the current status on this issue. The article analyzes the provisions of legislation in order to identify ambiguities and inconsistencies between various regulatory legal acts, as well as suggests ways to use electronic money to expand its capabilities. Among the prospects for the development of the use of the institution under study are the expansion of participants and areas of application of electronic money, as well as the improvement of the data protection mechanism through the formation of reliable security measures.