Kyrgyzstan’s central bank proposes regulating cryptocurrency firms

The National Bank of Kyrgyzstan reported on the development of a regulatory act addressing cryptocurrency regulation. 

The central bank intends to regulate the activities of companies that provide cryptocurrency exchange services.

It is expected that the introduction of regulation will create a conducive environment for technology development in the country and minimize the risks of fraud schemes or financing of criminal activity.

The bank has already begun public consultations on this issue.

Earlier, the National Bank pointed to the absence of a legal status for cryptocurrencies in the country.

Earlier this summer, Kyrgyzstan’s parliament, in the third reading, passed the bill “On Amendments to the Tax Code,” which provides for the taxation of mining.

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