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Terms of Use

  1. General Provisions

1.1. This Procedure governs the settlement of virtual asset transactions conducted through a licensed trading organizer on the virtual asset market of the Kyrgyz Republic (hereinafter referred to as the "trading organizer").

1.2. Settlements for transactions concluded through a trading organizer on the Virtual Asset market are carried out separately for each transaction.

1.3. The Clearing and Settlement House opens a clearinghouse in the settlement bank of CoinHub Open Joint-Stock Company (hereinafter referred to as the "Company"), a special sub-account is opened for each authorized depositor, through which settlements for transactions concluded on the trading platform of the trading organizer are made.

1.4. In the internal clearing system, depository accounts are opened for each authorized depositor in accordance with the Company's Depository and Clearing Operations Rules, to which funds are credited or debited, in accordance with the receipt or withdrawal of funds to/from the special sub-account in the Settlement Bank of the Unified State Register of Depository Accounts (UDEA) and transactions with Virtual Assets.

  1. Procedure for depositing funds intended for settlements for transactions with Virtual Assets.

2.1. The client deposits funds in cash or by bank transfer to a special sub-account in the Company's Settlement Bank in accordance with the Company's Settlement Bank's cash management regulations.

2.2. When depositing funds, the Client must indicate the ownership of the funds (the depositor's own funds, the depositor's client's funds, or funds for the initial placement of Virtual Assets), specifying the Virtual Assets. If the funds are deposited by the depositor's client, it is necessary to indicate for which depositor the funds are intended.

  1. Procedure for crediting funds to depositors' depository accounts

3.1. The Company's Depository and Clearing Operations Department daily reconciles the availability of funds in the Company's special sub-accounts with the settlement bank and in the depositors' depository accounts.

3.2. Upon receipt of funds in the special sub-account with the Settlement Bank, the Depository and Clearing Operations Department makes the corresponding crediting of funds to the depository accounts. Depositors.

  1. Settlement Procedure

4.1. The Company's Depository and Clearing Operations Department receives information from the trading organizer about transactions concluded in its trading system in the format and within the timeframes established by internal documents of CoinHub OJSC.

4.2. The Company's Depository and Clearing Operations Department, within the timeframes established by internal documents with the trading organizer, makes settlements for transactions, information about which is transferred to the Company's Depository and Clearing Operations Department in accordance with paragraph 4.1 of these Instructions.

Settlements are made in the following order:

4.2.1. The Depository and Clearing Operations Department verifies the availability of virtual assets in the seller's depository account. If there are insufficient virtual assets in the seller's depository account, the Depository and Clearing Operations Department sends a notice to the trading organizer refusing to execute mutual settlements;

4.2.2. If there are sufficient virtual assets in the seller's depository account, the Depository and Clearing Operations Department blocks this amount and verifies the availability of funds in the buyer's depository account. If there are insufficient funds in the buyer's depository account, the Depository and Clearing Operations Department sends a notice to the trading organizer refusing to execute mutual settlements and unblocks these virtual assets.

4.2.3. If there are sufficient virtual assets in the seller's depository account and sufficient funds in the buyer's depository account, the Depository and Clearing Operations Department delivers the virtual assets and funds in accordance with the terms of the concluded transaction, and notifies the auction organizer of the execution of the transaction.

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