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Home Latest News Policy and regulation Kyrgyzstan's central bank is working on a draft law for cryptocurrency industry

Kyrgyzstan’s central bank is working on a draft law for cryptocurrency industry

According to an announcement on Nov. 13, the National Bank of the Kyrgyz Republic is developing a draft law that would regulate cryptocurrency exchanges in communication with industry stakeholders.

The bank stated that the draft law would regulate the sale and purchase of cryptocurrencies with the purpose of tackling fraudulent cryptocurrency schemes and financial crimes, including safeguarding consumer and investor rights.

Among the expected advantages of the oncoming regulations, the bank notes the improved development of digital financial products, favorable conditions for the business community and the possible introduction of a formal tax regime for digital assets.

The bank states that owing to the “lack of regulation and the chaotic nature of the cryptocurrency market,” there is no hard data on the number of businesses that would be subject to the new law.

The bank expects firm crypto regulations to supply more certainty for crypto-related businesses and also attract investment without a serious effect on the government budget.

The bank will accept proposals for the draft law until Nov. 27, after which they will be published on the official register by Dec. 4.

This was reported by cointelegraph.com on Nov.16,2020.

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