BISHKEK, Kyrgyzstan, November 2. The Ministry of Economy and Commerce of Kyrgyzstan has released a draft law for public discussion aimed at establishing crypto banks in the country, Trend reports.
The proposed amendments to the bill "On Amendments to Certain Legislative Acts in the Field of Virtual Assets" introduce the concepts of "crypto bank" and "crypto banking activities."
Under the new regulations, crypto banks will operate as business entities providing one or more types of banking services related to virtual assets.
The statutory capital of a crypto bank must be formed exclusively in the national currency and in non-cash form, sourced solely from the funds of the founders. The minimum statutory capital for a crypto bank will be determined by the National Bank.
Crypto banks will conduct activities under a crypto banking license issued by the National Bank. Upon receiving this license, they will be authorized to engage in activities related to digital assets as outlined in the proposed legislation.
The document emphasizes that, given the rapid development of digital technologies and cryptocurrencies, establishing crypto banks is essential for integrating crypto assets into the country's traditional financial system.
This initiative aims to facilitate secure, regulated, and convenient interactions between citizens, businesses, and cryptocurrencies.