Kyrgyz Central Bank to license cryptocurrency trading

The National Bank of Kyrgyzstan (NBKR) plans to license cryptocurrency exchange operators for the purchase and sale of digital assets. This was stated by NBKR chairman Tolkunbek Abdygulov, reported by Tazabek.

"For example, if you want to buy Bitcoin, you go to an exchange bureau, you pay money and the bitcoins you purchase are guaranteed to be registered in your name," he said.

According to him, licensing will help reduce risks for users:

"There must be a guarantee. Today you sell soms, you buy dollars—if an exchange bureau has an NBKR license, there is no danger of losing money. There is an intention to do the same for cryptocurrencies."

He emphasised that the regulator’s position on investments in cryptocurrencies has not changed — the central bank still regards them as high risk.

According to Abdygulov, the main risk of cryptocurrencies is that there is "no state involvement."

He also added that a bill on the circulation of cryptocurrencies is expected to be considered by the end of the year.

Earlier, the NBKR proposed to regulate cryptocurrency companies.

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