Kyrgyz Cabinet Unveils Draft Regulation for Bitcoin Exchanges

The State Service for Regulation and Supervision of Financial Markets of Kyrgyzstan (Gosfinadzor) has developed a draft regulation governing cryptocurrency exchanges. Local media report.

The document sets out the status, functions, rights and obligations of trading platforms, as well as a requirement for their mandatory registration in the Unified State Register.

The project also provides for the exchanges’ responsibility in countering the financing of terrorism and the laundering of criminal proceeds.

According to Gosfinadzor, the rules being developed will reduce the risks for cryptocurrency holders and attract qualified investors and business to the market.

Earlier in November 2020, the National Bank of Kyrgyzstan began drafting a normative-legal act concerning the regulation of digital assets.

In February 2021, the regulator said it intended to license cryptocurrency exchanges and exchangers. It was reported that the bill was to be considered by the end of the year.

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