Tuesday, November 17, 2020

The Central Bank of Kyrgyzstan embodies the Crypto Law

 The central bank for the Central Asian nation of Kyrgyzstan is working on a draft law to control the cryptocurrency industry in the country.

According to the announcement, the State Bank of the Kyrgyz Republic presented a draft law that would regulate crypto currency exchanges by holding negotiations with interested parties in the industry.

In addition, the draft will cover the business of selling and buying cryptocurrencies with the aim of combating crypto scams and fake financial scams, and protecting the rights of users and investors.

Among the expected benefits of the forthcoming regulation, the bank noted the increased development of digital financial products, as well as creating a favorable environment for the commerce community and it is even possible that formal excise regulations for digital assets will be introduced.

However, the bank is also aware of the challenges it will face.

Based on the announcement, they hope that a tough crypto law can make a good impression on crypto-related commerce and attract investment.

Furthermore, they will receive reserves for the draft law until November 27, after which it will be officially published on December 4.

In August 2019, the parliament introduced a bill to impose excise on crypto traders and is still discussing the issue in detail.