Regulation on the Committee for the Payment System and Digital Financial Technologies of the National Bank of the Kyrgyz Republic

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Date created: 2025-12-26

Appendix to the Resolution of the Board of the National Bank of the Kyrgyz Republic dated January 17, 2018 No. 2018-P-14/2-6-(PS)

REGULATION "On the Committee for the Payment System and Digital Financial Technologies of the National Bank of the Kyrgyz Republic" (As amended by Resolutions of the Board of the National Bank of the Kyrgyz Republic dated August 12, 2020 No. 2020-P-12/45-4, August 10, 2022 No. 2022-P-14/50-6, December 7, 2022 No. 2022-P-14/76-6, December 19, 2025 No. 2025-P-14/68-3-(NPA))

Chapter 1. General Provisions

1. This Regulation defines the powers, main objectives, functions, formation procedure and activities of the Committee for the Payment System and Digital Financial Technologies of the National Bank of the Kyrgyz Republic (hereinafter - the Committee).

2. The Committee is a standing collegial body authorized by the Board of the National Bank of the Kyrgyz Republic (hereinafter - the National Bank) in accordance with this Regulation and other normative legal acts of the National Bank to make decisions on matters within the scope of methodology, development of the payment system and digital financial technologies in the Kyrgyz Republic, including services related to virtual assets, as well as implementation of projects related to the introduction and application of the digital som, testing of innovative services/technologies within a special regulatory regime.

(Amended by Resolutions of the Board of the National Bank of the Kyrgyz Republic dated August 10, 2022 No. 2022-P-14/50-6, December 19, 2025 No. 2025-P-14/68-3-(NPA))

3. Decisions made by the Committee are mandatory for execution by structural subdivisions of the National Bank, legal entities supervised by the National Bank, as well as other legal entities involved in implementing projects related to testing innovative services/technologies within a special regulatory regime (hereinafter - other participants). If necessary, the Committee may initiate the submission of an issue for consideration at meetings of the Board of the National Bank, the Supervision Committee and other authorized collegial bodies of the National Bank.

(Amended by Resolution of the Board of the National Bank of the Kyrgyz Republic dated December 19, 2025 No. 2025-P-14/68-3-(NPA))

4. In its activities, the Committee is guided by normative legal acts of the Kyrgyz Republic, this Regulation and the Committee's Regulations.

Chapter 2. Main Objectives, Tasks and Functions of the Committee

5. The Committee determines directions, objectives and tasks for the development of the payment system and digital financial technologies in the Kyrgyz Republic, introduction and application of the digital som, conditions for establishing a special regulatory regime for testing and implementation of innovative services/technologies, as well as exercises control over the implementation/execution of Committee decisions.

(Amended by Resolutions of the Board of the National Bank of the Kyrgyz Republic dated August 10, 2022 No. 2022-P-14/50-6, December 19, 2025 No. 2025-P-14/68-3-(NPA))

6. The main objective of the Committee is to coordinate work on the development of the payment system and implementation of digital financial technologies in the Kyrgyz Republic.

(Amended by Resolution of the Board of the National Bank of the Kyrgyz Republic dated December 19, 2025 No. 2025-P-14/68-3-(NPA))

7. The main tasks of the Committee are to make decisions, develop and submit recommendations (conclusions) on the following matters:

• determining main directions for development of the payment system of the Kyrgyz Republic;
• implementation of digital financial technologies;
• coordination of activities to ensure and improve the normative legal framework for development of the payment system of the Kyrgyz Republic and digital financial technologies, including development of digital cashless payments and settlements, application of artificial intelligence and distributed ledger technologies;
• coordination of cooperation with national (central) banks of other countries on matters of development of payment systems and implementation of digital financial technologies;
• current issues of functioning and improvement of the payment system, including introduction and application of the digital som;
• integration of the payment system of the Kyrgyz Republic with international payment systems and national payment systems of other countries;
• determination of the operating schedule for systemically important payment systems and their individual components;
• coordination and control over implementation of main directions and projects for development and improvement of the payment system of the Kyrgyz Republic and implementation of digital financial technologies;
• consideration, approval and adjustment of plans and timelines for implementation of projects for development and improvement of the payment system of the Kyrgyz Republic, innovative payment technologies;
• interaction of the payment system with interbank trading systems and with foreign payment systems and digital financial technologies;
• determination of tariffs for services of payment systems (Gross Real-Time Settlement System and System for Batch Clearing of Small and Retail Payments), operators of which is the National Bank;
• consideration of draft normative legal documents, draft standard contracts and recommendations within integration projects of payment systems.

(Amended by Resolutions of the Board of the National Bank of the Kyrgyz Republic dated August 10, 2022 No. 2022-P-14/50-6, December 19, 2025 No. 2025-P-14/68-3-(NPA))

8. (Ceased to be in force in accordance with Resolution of the Board of the National Bank of the Kyrgyz Republic dated December 19, 2025 No. 2025-P-14/68-3-(NPA))

9. In the course of developing the payment system and implementing digital financial technologies in the Kyrgyz Republic, improving normative documents in the field of payment systems and digital financial technologies in accordance with assigned tasks, the Committee performs the following functions:

• consideration of main directions for development of the payment system and digital financial technologies in the Kyrgyz Republic;
• consideration of matters related to the current state of the payment system of the Kyrgyz Republic, digital financial technologies and innovations applied in the payment and banking systems, global practice, including the field of virtual assets;
• consideration of draft state programs and concepts in the field of development of payment systems, digital financial technologies, functional/technical documentation, as well as normative documents for development of the payment system of the Kyrgyz Republic and digital financial technologies, including development of digital cashless payments and settlements, application of artificial intelligence and distributed ledger technologies (as necessary);
• coordination and interaction with other state bodies, national (central) banks of other countries, foreign payment systems and other organizations on matters of cooperation for development of payment systems and implementation of digital financial technologies;
• coordination and control over implementation of main directions and projects for development and improvement of the payment system and implementation of digital financial technologies in the Kyrgyz Republic;
• consideration of analysis of trends in development of the payment market, digital technologies and virtual asset market.

(Amended by Resolutions of the Board of the National Bank of the Kyrgyz Republic dated August 10, 2022 No. 2022-P-14/50-6, December 19, 2025 No. 2025-P-14/68-3-(NPA))

10. (Ceased to be in force in accordance with Resolution of the Board of the National Bank of the Kyrgyz Republic dated December 19, 2025 No. 2025-P-14/68-3-(NPA))

11. (Ceased to be in force in accordance with Resolution of the Board of the National Bank of the Kyrgyz Republic dated August 10, 2022 No. 2022-P-14/50-6)

12. (Ceased to be in force in accordance with Resolution of the Board of the National Bank of the Kyrgyz Republic dated December 19, 2025 No. 2025-P-14/68-3-(NPA))

12-1. Within the special regulatory regime, in accordance with the Regulation "On the Special Regulatory Regime", the Committee's functions include:

• consideration of documents on creation or refusal to create a special regulatory regime within the Regulation "On the Special Regulatory Regime";
• making decisions regarding issuance/refusal of issuance of a license to the applicant within the special regulatory regime;
• consideration and making decisions on suspension, revocation and termination of licenses within the special regulatory regime due to violations by the licensee of the legislation of the Kyrgyz Republic, including those identified during inspectorate audits;
• consideration and making decisions on extension of licenses within the special regulatory regime, including based on inspectorate audit results;
• making decisions regarding revocation of licenses, including decisions on termination of licenses based on corresponding application/notification by the licensee/founder/participant;
• determination of conditions, including introduction of restrictions and prohibitions, establishment of economic standards within the special regulatory regime, including based on inspectorate audit results;
• initiating on-site audits and evaluating activities of participants within the special regulatory regime.

(Amended by Resolutions of the Board of the National Bank of the Kyrgyz Republic dated August 10, 2022 No. 2022-P-14/50-6, December 19, 2025 No. 2025-P-14/68-3-(NPA))

13. (Ceased to be in force in accordance with Resolution of the Board of the National Bank of the Kyrgyz Republic dated December 19, 2025 No. 2025-P-14/68-3-(NPA))

14. (Ceased to be in force in accordance with Resolution of the Board of the National Bank of the Kyrgyz Republic dated August 10, 2022 No. 2022-P-14/50-6)

15. (Ceased to be in force in accordance with Resolution of the Board of the National Bank of the Kyrgyz Republic dated December 19, 2025 No. 2025-P-14/68-3-(NPA))

16. The Committee considers other matters delegated to it by the Board of the National Bank.

Chapter 3. Composition of the Committee

17. The Committee comprises Deputy Chairpersons/Board Members of the National Bank, heads or deputy heads of structural subdivisions of the National Bank. (Amended by Resolution of the Board of the National Bank of the Kyrgyz Republic dated December 19, 2025 No. 2025-P-14/68-3-(NPA))

18. The personal composition of the Committee is approved by order of the National Bank. Employees of the National Bank may be included in the Committee with advisory voting rights according to order of the National Bank. In the absence of the Committee Chairperson and other members, persons holding equivalent positions participate in Committee work according to order of the National Bank.

(Amended by Resolution of the Board of the National Bank of the Kyrgyz Republic dated December 19, 2025 No. 2025-P-14/68-3-(NPA))

19. Employees of the National Bank, representatives of organizations supervised by the National Bank and other organizations, including state bodies, as well as external experts may be invited to Committee meetings depending on the matters under consideration.

(Amended by Resolution of the Board of the National Bank of the Kyrgyz Republic dated December 19, 2025 No. 2025-P-14/68-3-(NPA))

20. The Committee Chairperson organizes and coordinates the work of the Committee, determines the scope of matters to be considered at meetings, and issues instructions to Committee members.

21. Committee members execute instructions for developing draft decisions and recommendations, participate in studying and discussing various matters, and perform other instructions arising from this Regulation.

22. The functions of the Committee Secretary are performed by an employee of the National Bank. Control over organization of Committee meetings and preparation of documents is exercised by the Committee Secretary. Coordination, work organization and control over activities of the Committee Secretary are performed by the Committee Chairperson.

(Amended by Resolution of the Board of the National Bank of the Kyrgyz Republic dated December 19, 2025 No. 2025-P-14/68-3-(NPA))

23. The duties of the Committee Secretary include: a) organizing Committee meetings, timely notifying each member of the meeting date and agenda; b) distributing the necessary package of documents and materials to all Committee members on matters under consideration within established deadlines; c) drafting the Committee's work plan for the following year; d) preparing meeting minutes and controlling formatting and deadlines for preparation of resolutions and/or decisions of the Committee; e) controlling preparation and formatting of materials by structural subdivisions in accordance with the Committee's Regulations; f) preparing quarterly reports for the Committee on progress of execution by structural subdivisions of resolutions and other decisions (instructions) of the Committee.

(Amended by Resolution of the Board of the National Bank of the Kyrgyz Republic dated August 10, 2022 No. 2022-P-14/50-6)

Chapter 4. Organization of the Committee's Work

24. The Committee carries out its activities in accordance with objectives and functions outlined in Chapter 2 of this Regulation.

(Amended by Resolution of the Board of the National Bank of the Kyrgyz Republic dated December 19, 2025 No. 2025-P-14/68-3-(NPA))

25. The Committee's work is conducted in the form of meetings (in-person, online or by polling) based on an approved agenda. Materials for regular and extraordinary meetings must contain documents sufficient to make a decision.

(Amended by Resolution of the Board of the National Bank of the Kyrgyz Republic dated August 10, 2022 No. 2022-P-14/50-6)

26. Committee meetings are conducted based on an approved meeting agenda. If necessary, the Committee Chairperson may convene an extraordinary meeting of the Committee.

(Amended by Resolutions of the Board of the National Bank of the Kyrgyz Republic dated August 10, 2022 No. 2022-P-14/50-6, December 19, 2025 No. 2025-P-14/68-3-(NPA))

27. Depending on the matter, the responsible structural subdivision of the National Bank submits to the Committee for consideration, in accordance with the Committee's Regulations, a package of documents that must include an internal memo from the respective subdivision to the Chairperson and members of the Committee, separately for each matter indicated in the draft meeting agenda, with analysis and assessment of the current situation presented concisely and sequentially. In case of amendments to a normative legal act of the National Bank, documents must be submitted in accordance with the Regulations of the Board of the National Bank.

(Amended by Resolutions of the Board of the National Bank of the Kyrgyz Republic dated August 10, 2022 No. 2022-P-14/50-6, December 19, 2025 No. 2025-P-14/68-3-(NPA))

28. Extraordinary (unscheduled) meetings of the Committee, requiring prompt decisions, may be convened upon initiative of the Committee Chairperson or acting person, or upon initiative of one of the Committee members with notification and indication of a specific meeting date. During extraordinary meetings, any matter within the Committee's competence under this Regulation that does not tolerate delay may be considered.

(Amended by Resolution of the Board of the National Bank of the Kyrgyz Republic dated August 10, 2022 No. 2022-P-14/50-6)

29. A quorum for a Committee meeting consists of 2/3 votes of the Committee members, one of whom must be the Committee Chairperson or acting person.

30. Decisions on matters submitted to the Committee are made by open voting by a simple majority of attending members. In case of a tie, the vote of the Committee Chairperson or acting person is decisive.

31. Following discussion of matters considered at a Committee meeting, decisions are made in the following forms:

• Resolution of the Committee;
• Protocol instruction of the Committee.

(Amended by Resolution of the Board of the National Bank of the Kyrgyz Republic dated December 19, 2025 No. 2025-P-14/68-3-(NPA))

32. A Committee meeting is documented by minutes, which after agreement with Committee members are signed by the Committee Chairperson, members and Secretary. Procedures and order for keeping minutes are determined by the Committee's Regulations. Minutes are prepared and agreed within five working days after holding a Committee meeting.

(Amended by Resolution of the Board of the National Bank of the Kyrgyz Republic dated August 10, 2022 No. 2022-P-14/50-6)

33. A Committee decision is brought to the attention of involved structural subdivisions of the National Bank, and if necessary - to organizations supervised by the National Bank and other participants, in accordance with the Committee's Regulations, as an extract from the meeting minutes, an extract from the Committee resolution or a copy of the Committee resolution.

(Amended by Resolutions of the Board of the National Bank of the Kyrgyz Republic dated August 10, 2022 No. 2022-P-14/50-6, December 19, 2025 No. 2025-P-14/68-3-(NPA))

34. A Protocol instruction of the Committee is mandatory for execution by structural subdivisions of the National Bank. The Protocol instruction is formatted in accordance with the Committee's Regulations, signed by the Committee Secretary and brought to the attention of structural subdivisions of the National Bank according to a distribution list compiled by the person initiating the matter for consideration at a Committee meeting.

(Amended by Resolution of the Board of the National Bank of the Kyrgyz Republic dated August 10, 2022 No. 2022-P-14/50-6, December 19, 2025 No. 2025-P-14/68-3-(NPA))

35. A Committee decision may be appealed in accordance with a normative legal act of the National Bank regulating the out-of-court dispute resolution procedure.

36. Activities of the Committee cease upon a corresponding decision of the Board of the National Bank.

Chapter 5. Liability of the Committee

37. The Chairperson and all members of the Committee are responsible for compliance with and execution of requirements of this Regulation, as well as for decisions made on matters considered at Committee meetings in accordance with the legislation of the Kyrgyz Republic.

38. All persons, including Committee members, responsible for preparing materials for meetings, are responsible for completeness and accuracy of information on matters considered at Committee meetings in the manner provided by legislation of the Kyrgyz Republic.

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