Regulation on Electronic Money in the Kyrgyz Republic

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Creation date: 2026-02-12

Appendix to the Resolution of the Board of the National Bank of the Kyrgyz Republic of April 20, 2022 No. 2022-P-14/25-3-(PS)

REGULATION on electronic money in the Kyrgyz Republic

(As amended by resolutions of the Board of the National Bank of the Kyrgyz Republic of December 7, 2022 No. 2022-P-14/76-6, August 23, 2023 No. 2023-P-14/53-5, December 4, 2024 No. 2024-P-14/64-1-(PS), October 31, 2025 No. 2025-P-14/59-2-(PS), December 26, 2025 No. 2025-P-12/70-6-(PS), January 21, 2026 No. 2026-P-39/3-2-(NPA))

Chapter 1. General Provisions

1. This Regulation establishes the procedure and requirements for operators of local and international payment systems using electronic money, issuers of local and international electronic money, their agents/sub-agents for conducting transactions with electronic money within the territory of the Kyrgyz Republic.

2. Transactions with electronic money include the issuance (release), distribution, redemption of electronic money, and the provision of payment services using electronic money within the territory of the Kyrgyz Republic.

3. The right to issue electronic money within the territory of the Kyrgyz Republic is held by:

• a bank - based on a license issued by the National Bank of the Kyrgyz Republic (hereinafter - the National Bank) in accordance with the Regulation "On Licensing of Banking Activities", approved by the Resolution of the Board of the National Bank of June 8, 2017 No. 2017-P-12/23/1-(NPA);

• a payment organization - based on an additional license of the National Bank, issued in accordance with the Regulation "On Licensing of Payment Organizations and Payment System Operators", approved by the Resolution of the Board of the National Bank of the Kyrgyz Republic of September 2, 2019 No. 2019-P-14/46-1-(PS).

A bank/payment organization having the right to issue electronic money may carry out the following types of transactions with electronic money:

1. issuance, distribution, and redemption of electronic money;

2. acceptance of instructions from holders of electronic money to make payments for goods/services, transmitted to the bank/payment organization/operator using the Internet, mobile, and other communication means;

3. processing (processing) of transactions using electronic money (if holding the corresponding license of the National Bank);

4. settlement with acquirers, with whom contracts have been concluded, for payments processed in the system on behalf of and at the instruction of holders.

(As amended by the Resolution of the Board of the National Bank of the Kyrgyz Republic of October 31, 2025 No. 2025-P-14/59-2-(PS))

4. Transactions with international electronic money include the distribution and redemption of international electronic money within the territory of the Kyrgyz Republic.

5. Operators of local and international electronic money systems, issuers of local and international electronic money systems, and their agents/sub-agents within the territory of the Kyrgyz Republic must comply with and fulfill the requirements of the legislation of the Kyrgyz Republic.

Chapter 2. Terms and Definitions

6. For the purposes of this Regulation, the following terms and definitions are used:

Agent for the distribution of electronic money - a legal entity or individual entrepreneur, a resident of the Kyrgyz Republic, who conducts the redemption (exchange) of electronic money into cash or non-cash funds, distributes electronic money in accordance with the legislation of the Kyrgyz Republic.

Agent of an international electronic money system - a bank-resident, conducting activities in accordance with the legislation of the Kyrgyz Republic and having contractual relations with the issuer/operator of international electronic money systems, which has been registered with the National Bank of the Kyrgyz Republic.

Acquirer of electronic money (acquirer) - a legal entity, as well as an individual entrepreneur, a resident of the Kyrgyz Republic, who, in accordance with a concluded contract with the issuer of electronic money or the agent for the distribution of electronic money, accepts electronic money for payment for goods or services with the provision of documents confirming the completion of transactions with electronic money.

Authentication - the establishment of the authenticity of a person by checking the authenticity of the presented identifier (PIN code, login, etc.).

Bank account for accounting of electronic money - an account opened by a bank issuing electronic money for conducting operations on crediting the amount of funds for issued electronic money and for debiting funds in case of redemption of electronic money. The balance in this account is equal to the total amount of obligations for all issued electronic money. The debiting of funds from this account is restricted and is carried out only to acquirers, for the redemption of electronic money, as well as when transferring from an electronic wallet of one system to an electronic wallet of another electronic money system.

Holder (owner) of electronic money (hereinafter - holder) - a physical or legal entity, an individual entrepreneur, who dispose of electronic money and use electronic money in carrying out settlements for goods/services provided by acquirers of the corresponding electronic money system.

Use of electronic money in settlements - the transfer of electronic money by the holder to the acquirer using software and technical means in carrying out settlement for goods and/or services provided. Settlements using electronic money are non-cash if the movement of funds occurs in the national currency, without the participation of cash, by debiting funds from the holder's electronic wallet and crediting them to the acquirer's electronic wallet.

Identification number of an electronic wallet - a unique number of an electronic wallet, which is assigned upon its initial registration in the system. By the identification number of an electronic wallet, the holder has the right to obtain information about the movement of electronic money and the balance in the electronic wallet, as well as to block the wallet if necessary.

Identified electronic wallet - an electronic wallet, the holder of which has undergone the process of identification and verification in accordance with the legislation of the Kyrgyz Republic.

Local electronic money payment system - a set of banking and other institutions, hardware and technical means, rules and procedures ensuring the circulation of electronic money issued by residents within the territory of the Kyrgyz Republic.

Personal account of the owner (holder) of electronic money - a personal section of the owner of electronic money on the Internet resource of the electronic money system and/or a specialized application, which contains the main tools necessary for working with an electronic wallet.

International electronic money - electronic money, electronic monetary funds, monetary obligations in electronic form, issued (accounted for) by non-residents of the Kyrgyz Republic within the framework of the legislation of the country of origin outside the territory of the Kyrgyz Republic.

Cash funds - banknotes and coins in foreign and national currencies.

Unidentified electronic wallet - an electronic wallet, the holder of which has not undergone the process of identification and verification in accordance with the legislation of the Kyrgyz Republic.

Operator of an electronic money payment system (hereinafter - operator) - a legal entity, a resident of the Kyrgyz Republic, having a license to provide services for the acceptance, processing, and issuance of financial information (processing, clearing) for payments and settlements of third parties to participants of the payment system of this processing, clearing center, acting in accordance with the legislation of the Kyrgyz Republic, which establishes and/or ensures technical support of special software, hardware, and network equipment for conducting transactions with electronic money, carries out processing independently or on the basis of a contract with the issuer.

Operator of an international electronic money system - a legal entity, a non-resident of the Kyrgyz Republic, conducting activities within the framework of the legislation of the country of origin, which establishes and/or ensures technical support of special software, hardware, and network equipment for conducting transactions with international electronic money/electronic monetary funds outside the territory of the Kyrgyz Republic.

Operator of the national payment system for electronic money settlements - a legal entity, a resident of the Kyrgyz Republic, having a license of a payment system operator, on the basis of which a "single window" is created, through which integration between all local electronic money systems is carried out in accordance with the legislation of the Kyrgyz Republic. The electronic money system of this operator must correspond to the status of a national payment system.

Redemption - an operation of exchanging electronic money/international electronic money, presented by the holder to the issuer of local electronic money systems, an agent/sub-agent, an agent/sub-agent of international electronic money systems, for cash or non-cash funds, not exceeding the balance of the amount of electronic money/international electronic money stored in the electronic wallet. Redemption may be carried out using peripheral devices.

Claim work - the process of accepting and processing complaints/appeals from holders of electronic wallets by the issuer/operator regarding any unauthorized transactions and erroneous transactions carried out using electronic money.

Processing of an electronic money system - activities including the collection, processing, and distribution of information to participants about transactions with electronic money, provided by the corresponding contracts between participants of the electronic money system.

Distribution of electronic money - a service of the issuer, its agent/sub-agent, agent/sub-agent of international electronic money systems to replenish an electronic wallet, as a result of which the balance of electronic money in the holder's electronic wallet increases for further use.

Registration in an electronic money system - the conduct of client registration in the system with mandatory authentication by entering their data in accordance with the procedures of the issuer, operator, international electronic money system.

Payment system using electronic money (electronic money system) - a set of banking and other institutions, hardware and technical means, rules and procedures ensuring the issuance and circulation of electronic money.

Sub-agent/sub-agent of international electronic money - a legal entity-resident or individual entrepreneur-resident, having concluded a sub-agency contract with an agent/agent of international electronic money for carrying out transactions on the distribution and redemption of electronic money/international electronic money within the territory of the Kyrgyz Republic.

Access device - this is a tool (personal computer, mobile phone, or other device) that provides the holder with access to their electronic wallet for conducting transactions using electronic money.

Participants of an electronic money system - the issuer, agent, operator, acquirer, holder of electronic money, sub-agent, agent/sub-agent of international electronic money.

Electronic money - monetary value, which is stored in electronic form on a software and technical device, including prepaid cards and/or virtual prepaid cards and an electronic wallet, and is accepted as a means of payment.

Electronic wallet - a storage of electronic money, representing software or other software and technical device, in which there is a record of the amount of electronic money and their belonging to the holder.

Issuance (hereinafter - release) of electronic money - the activity of the issuer to release its own electronic money into circulation in exchange for cash or non-cash funds, under the obligation of their subsequent redemption by the issuer.

Issuer of international electronic money - a bank or legal entity, a non-resident of the Kyrgyz Republic, conducting activities in accordance with the legislation of the country of origin, which carries out the issuance (accounting) of international electronic money outside the territory of the Kyrgyz Republic.

Issuer of electronic money (issuer) - a legal entity having the right to issue electronic money into circulation in accordance with the banking legislation of the Kyrgyz Republic and accepting unconditional and irrevocable obligations to redeem issued electronic money from holders presenting electronic money for redemption.

Special account for depositing funds for the purpose of issuing electronic money - an account opened by a payment organization issuing electronic money for storing funds that are the collateral for issued electronic money. Operations on the special account can only be carried out for crediting the amount of funds for issued electronic money and for debiting funds for the redemption of electronic money. The balance in this account is equal to the total amount of obligations for all issued electronic money of the payment organization. The debiting of funds from this account is restricted and is carried out only to acquirers for the redemption of electronic money, as well as when transferring from an electronic wallet of one system to an electronic wallet of another electronic money system.

(As amended by the Resolution of the Board of the National Bank of the Kyrgyz Republic of October 31, 2025 No. 2025-P-14/59-2-(PS))

Chapter 3. Procedure for Providing Services Using Electronic Money

7. Electronic money issued within the territory of the Kyrgyz Republic must be denominated (expressed) in the national currency.

The issuer is prohibited from issuing within the territory of the Kyrgyz Republic electronic money denominated in foreign currency. The issuance of international electronic money denominated in the national currency of the Kyrgyz Republic (som) outside the territory of the Kyrgyz Republic is prohibited.

The distribution of international electronic money issued by non-residents of the Kyrgyz Republic within the territory of the Kyrgyz Republic is carried out by a bank-resident (agent of international electronic money systems). The agent has the right to attract sub-agents of international electronic money for the subsequent distribution of international electronic money in accordance with the legislation of the Kyrgyz Republic.

The payment system using electronic money (hereinafter - electronic money system), as well as the electronic wallet, must have its own name. The use of a name other than the official one, as well as names identical or confusingly similar to the name of previously issued or currently issued electronic money/products, is prohibited. Information about the change of the name of the electronic money system/electronic wallet is subject to publication in the media (hereinafter - media) 30 calendar days before the date of entry into force of the decision on renaming.

8. Electronic money systems must have the ability to carry out joint service related to the conduct of transactions via electronic money, the ability to mutually exchange information when conducting payments and settlements, and the use of this information within the territory of the Kyrgyz Republic.

Software and technical means used in local electronic money systems within the territory of the Kyrgyz Republic must have functional compatibility with the hardware and software complex of the national payment system for electronic money settlements/the interaction operator when conducting payments and settlements.

9. The following transactions can be carried out using electronic money:

• for the purchase of goods and services from acquirers, as well as from other suppliers of goods/services, whose goods/services are posted (provided) to electronic wallets for payment;
• to redeem electronic money;
• to transfer electronic money from an identified electronic wallet to another identified electronic wallet within the same or another electronic money system, prepaid card and/or virtual prepaid card of the holder.

In the case of international/cross-border transfers of electronic money, holders of electronic wallets, prepaid cards and/or virtual prepaid cards must also be identified.

10. All transactions on unidentified electronic wallets are prohibited.

11. Payments from the subscriber's (user's) account of the supplier of goods and services are made only for the services of the supplier of goods and services themselves within the framework of their main activity.

12. Replenishment of an electronic wallet, prepaid card and/or virtual prepaid card of the holder can be carried out using only the following methods:

• transfer from a bank account;
• transfer from an identified electronic wallet, including from an identified electronic wallet within another electronic money system, prepaid card and/or virtual prepaid card;
• money transfer without opening a bank account through money transfer systems that have been registered with the National Bank;
• depositing cash funds in automated self-service terminals (cash-in), in the cashier of the issuer, or through its agent/sub-agent;
• from the account (balance) of an identified user of the mobile application of the agent (hereinafter - MPA).

The list of replenishment methods established in this paragraph is exhaustive and does not provide for the use of other replenishment methods.

The list of replenishment methods established in this paragraph may be used as a tool for crediting credit funds and loans to electronic wallets issued in accordance with the requirements of Article 724 of the Civil Code of the Kyrgyz Republic.

At the same time, the replenishment of an electronic wallet, prepaid card and/or virtual prepaid card of the holder, which is a consequence of a decrease in the obligations of the supplier of goods and services to its subscriber (user), cannot be carried out by the supplier of goods and services itself, nor by it by power of attorney and/or instruction of the subscriber (user) and/or his trusted person, as well as by other persons directly or indirectly related by contractual relations with the supplier of goods and services. The requirements of this paragraph do not apply to cases of replenishment of an electronic wallet, prepaid card and/or virtual prepaid card of the holder from the account (balance) of an identified user of the MPA.

When replenishing an electronic wallet, prepaid card and/or virtual prepaid card of the holder, the time interval between the transfer or transfer of cash or non-cash funds by the person replenishing the electronic wallet, prepaid card and/or virtual prepaid card of the holder, and the receipt of electronic money into the electronic wallet, prepaid card and/or virtual prepaid card of the holder must not exceed 1 (one) calendar day.

Replenishment of an electronic wallet, prepaid card and/or virtual prepaid card of the holder from the subscriber's (user's) account of the supplier of goods and services is not allowed, including by returning an advance payment for goods and services with the crediting of the returned advance to an electronic wallet, prepaid card and/or virtual prepaid card. The requirements of this paragraph do not apply to cases of replenishment of an electronic wallet, prepaid card and/or virtual prepaid card of the holder from the account (balance) of an identified user of the MPA.

(As amended by the Resolutions of the Board of the National Bank of the Kyrgyz Republic of December 4, 2024 No. 2024-P-14/64-1-(PS), October 31, 2025 No. 2025-P-14/59-2-(PS))

12-1. Transactions to replenish an electronic wallet, prepaid card and/or virtual prepaid card of the holder from the account (balance) of an identified MPA are possible only for electronic wallets, prepaid cards and/or virtual prepaid cards issued by local electronic money systems.

(As amended by the Resolution of the Board of the National Bank of the Kyrgyz Republic of December 4, 2024 No. 2024-P-14/64-1-(PS))

12-2. Replenishment of an electronic wallet, prepaid card and/or virtual prepaid card of the holder from the account (balance) of an identified MPA is carried out on the basis of a concluded contract between the payment organization using the mobile application of its agent and the issuer.

The contract between the payment organization and the issuer must contain:

• maximum daily/weekly limits for replenishing electronic wallets, prepaid cards and/or virtual prepaid cards of holders of this electronic money system;
• providing the payment organization to the bank - the issuer of electronic money the opportunity to technically suspend the replenishment of electronic wallets, prepaid cards and/or virtual prepaid cards of holders in online mode;
• an obligation to cooperate exclusively on advance financial relations when replenishing electronic wallets of all issuers - residents of the Kyrgyz Republic for the service "replenishment of an electronic wallet via MPA";
• other conditions arising from the terms of the contract.

The requirements of this paragraph do not apply to cases where the payment organization is the issuer of electronic money.

(As amended by the Resolutions of the Board of the National Bank of the Kyrgyz Republic of December 4, 2024 No. 2024-P-14/64-1-(PS), October 31, 2025 No. 2025-P-14/59-2-(PS))

13. The issuer concludes a contract with acquirers for the acceptance of electronic money of a local electronic money system to ensure payment for goods and services of acquirers, establishes a list of services using electronic money. The rights and responsibilities of the parties, as well as the procedure for carrying out mutual settlements between them, are established by the contract.

The issuer has the right to transfer the authority to conclude contracts with acquirers to the agent for the distribution of electronic money, indicating this in the contract or in an additional agreement to the contract on the distribution of electronic money.

14. The issuer must maintain a database of acquirers, which must contain at least:

• details of the contract (date, number, type of contractual relations, term of validity of the contract);
• name of the legal entity/full name of the individual entrepreneur;
• information on the state registration of the legal entity, passport data of the individual entrepreneur, details of the certificate of registration of the individual entrepreneur or patent;
• location/address of residence, address of carrying out entrepreneurial activity;
• contact details;
• information on the type of activity of the legal entity/individual entrepreneur and the types of services provided/goods sold;
• financial conditions (tariffs, commissions, limits, and rewards).

15. Salary payments can be transferred to identified electronic wallets only for commercial organizations provided that there is a contract between the issuer or its agent with this commercial organization and compliance with the legislation of the Kyrgyz Republic.

16. When concluding a contract with a legal entity for the right to use electronic money in carrying out payments and settlements within the norms of this Regulation, an electronic wallet is opened for the legal entity with the indication of the authorized person having the right to dispose of this electronic wallet in accordance with the constituent documents, properly оформленными internal decisions or powers of attorney.

17. The issuer, operator must take measures to ensure security when conducting the registration of the holder in the electronic money system, with mandatory authentication.

18. Each electronic wallet must have an identification number in the system

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