Kyrgyzstan reportedly introduces regulations for crypto exchanges
The new regulatory framework aims to bring the legal status to cryptocurrency exchanges in Kyrgyzstan. The government of the Kyrgyz Republic is moving forward to cryptocurrency adoption by introducing a national regulatory framework for crypto trading platforms.Kyrgyzstan’s State Service for Regulation and Supervision of Financial Markets (Gosfinnadzor), a regulatory agency operating under the Ministry of Economy and Finance, has developed a draft provision for regulating crypto exchanges, local news agency 24.kg reported Wednesday.The newly proposed regulations reportedly aim to establish....
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Kyrgyzstan's central bank wants to regulate cryptocurrency – licensing exchanges and barring its use in payments.
The government of Kyrgyzstan has recently revised its electricity tariffs for various groups of consumers. Authorities in Bishkek have raised the rates at which crypto mining businesses buy power citing the energy-intensive nature of the coin minting process. Crypto Miners in Kyrgyzstan to Pay More for Electricity Companies operating crypto mining facilities in Kyrgyzstan will have to pay a higher price for the electrical energy they need to mint digital currencies. The increase follows a government decision to update electricity rates across the board in order to “ensure the....
The National Bank of the Kyrgyz Republic (NBKR) revealed its new-year plans for the national crypto industry. They are about to introduce two drafts to regulate the country’s exchanges that aim to combat terrorism, money laundering, and protecting consumers. Kyrgyzstan Central Bank Set to Introduce Two Crypto Bills to Combat Terrorism Financing and Fraud According to Sputnik Kyrgyzstan, the central bank’s bills hope to add a series of anti-money laundering (AML) and combating the financing of terrorism (CFT) measures that should force local crypto exchanges to report their....
Amid the growing popularity of cryptocurrencies in Kyrgyzstan, the country’s central bank has reminded citizens about the risks associated with the digital assets. The monetary authority also warned that crypto payments are illegal in the Kyrgyz Republic.
National Bank of Kyrgyzstan Urges Caution With Cryptocurrency
Cryptocurrencies and other virtual assets are increasingly spreading in Kyrgyzstan, the nation’s central bank recently noted. The regulator reminded that using them to buy or sell goods and services is still against the law, with the Kyrgyzstani som....
The Cabinet of Ministers of Kyrgyzstan has recently revised its electricity tariffs for different groups of consumers. The authorities have raised the rates at which crypto mining businesses buy power. They cited the energy-intensive nature of the crypto mining process. Related Reading | More Miners Come Back Online Post 2021 Hashrate Crash Crypto miners in Kyrgyzstan […]