Central Bank of Kyrgyzstan develops regulation for cryptocurrency exchanges

The National Bank of Kyrgyzstan has begun developing regulation for cryptocurrency exchanges and is accepting comments from community members on the development of regulations.

According to the Central Bank’s statement , the main goal of the initiative is to create favorable conditions for the development of technologies and the market, minimize the relevant risks and protect consumer rights. The new regulation should stimulate the development of innovative technologies, create favorable conditions for the business community, including investors, and contribute to the development of national legislation in the field of digital products. 

In addition, regulations will reduce the risks of fraudulent transactions, terrorist financing, money laundering and capital flight. The regulation will increase the transparency of the turnover of crypto assets in the country and will bring out of the shadow market entities that provide services for their purchase and sale – cryptocurrency exchanges. It is also planned to introduce the optimal taxation option for such sites.

According to the statement of the National Bank of Kyrgyzstan, reducing the level of legal uncertainty contributes to expanding the range and quality of services provided, as well as attracting investments. The regulator accepts comments on the development of regulation until November 27, 2020.

Recall that last year, the Ministry of Economy of Kyrgyzstan submitted for public discussion a draft law “On Amendments to the Tax Code”, which proposes the introduction of taxation of cryptocurrency mining.

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