Regulatory Alerts2020-08-12 | 129821Regulation on the Special Regulatory Regime
The National Bank of the Kyrgyz Republic issued this Regulation to establish a special regulatory regime allowing financial institutions to test innovative banking and payment services, including virtual assets, in a controlled environment. The document defines strict eligibility criteria for applicants, outlines the application and review procedures, and grants the regulator authority to issue limited licenses and exemptions from standard regulations to foster innovation while managing risks. It mandates that participants maintain robust risk management practices and ensures the regime serves to reduce legal uncertainty and enhance financial accessibility without bypassing existing laws.
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