Among a lot of news from all around the world about crypto market regulation and banning policies, the legal system of the Kyrgyz Republic indeed shows a friendly attitude to the rapidly-developing financial technology. As a recent report states, Kyrgyzstan is set to create favorable conditions for cryptocurrency trading and bitcoin mining.
“Without a need for legislative reforms, Kyrgyzstan can now satisfy the demand of global crypto-investors to deal with blockchain-based assets on a firm legal basis. Having said that, we are fully in agreement with the position of the National Bank that non-professional investment of savings into crypto-assets carries an unacceptable risk. The introduction of blockchain technologies can speed up securities settlements, optimize state procurement procedures and make the country a regional centre for securities offerings by startups,” – the paper explains.
The report titled “The Legal Status of Blockchain Technology in Kyrgyzstan” facilitates steady development and stimulates growth and expansion of blockchain, crypto trading and mining, crypto assets, and ICOs. The Kyrgyz Stock Exchange and the International Finance Centre Development Agency became initiators of the document, which was prepared and organized by law firm John Tiner & Partners.
The newly-born document emphasizes that the country’s law doesn’t forbid or interfere with the activity of fintech projects, such as blockchain and digital currency. It only calls for obeying the republic’s tax policy, rules on anti-money laundering, norms of consumer protection, and some other laws associated with trade on the traditional financial market.