Regulatory Alerts2023-02-03 | 130298Procedure for Providing Services Related to Virtual Assets (Decision of the Board of NBKR dated February 3, 2023 No. 2023-P-14/8-2-(NPA))
The National Bank of the Kyrgyz Republic issued this Procedure to regulate commercial banks acting as virtual asset service providers (VASPs), establishing mandatory licensing, consent, and operational requirements. It mandates that banks restrict their virtual asset services to transfers, custody, management, control, and issuer-related financial operations while prohibiting direct trading or asset-to-asset exchanges. Furthermore, the document enforces strict compliance with anti-money laundering and counter-financing of terrorism rules, detailed record-keeping, real-time agent oversight, and standardized monthly reporting to ensure system stability and consumer protection.
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