Repealed

in accordance with resolution of the National Bank of the Kyrgyz Republic

of 20 April 2022 No. 2022-P-14/25-3-(PS)

NATIONAL BANK OF THE KYRGYZ REPUBLIC

RESOLUTION

of 17 May 2017 No. 19/1

On Amending and Supplementing the Resolution of the Board of the National Bank of the Kyrgyz Republic "On Approval of the Regulation "On Electronic Money in the Kyrgyz Republic" of 30 March 2016 No. 15/6

In accordance with Articles 7 and 43 of the Law of the Kyrgyz Republic "On the National Bank of the Kyrgyz Republic", the Board of the National Bank of the Kyrgyz Republic

RESOLVES:

1. To introduce amendments and supplements to the resolution of the Board of the National Bank of the Kyrgyz Republic "On Approval of the Regulation "On Electronic Money in the Kyrgyz Republic" of 30 March 2016 No. 15/6 (attached).

2. The Legal Department shall:

• publish this resolution on the official website of the National Bank of the Kyrgyz Republic;

• after official publication, send this resolution to the Ministry of Justice of the Kyrgyz Republic for inclusion in the State Register of Normative Legal Acts of the Kyrgyz Republic.

3. This resolution enters into force upon the expiry of fifteen days from the day of official publication, except for the provisions concerning the recognition as invalid of Chapter 6 and Annex 2 of the Regulation "On Electronic Money in the Kyrgyz Republic", which enter into force on 22 June 2017.

4. The State Language Development and Document Management Department shall bring this resolution to the attention of the relevant structural subdivisions, regional departments and the representative office of the National Bank in Batken Region.

5. The Payment Systems Department shall bring this resolution to the attention of operating commercial banks, payment system operators of the Kyrgyz Republic and international electronic money systems.

6. Control over the execution of this resolution shall be assigned to the Deputy Chairman of the National Bank of the Kyrgyz Republic, L.Dj. Orozbaewa.

Acting Chairman of the Board of the National Bank of the Kyrgyz Republic		N. Zhenish

		Annex to the resolution of the National Bank of the Kyrgyz Republic of 17 May 2017 No. 19/1

AMENDMENTS AND SUPPLEMENTS to the resolution of the Board of the National Bank of the Kyrgyz Republic "On Approval of the Regulation "On Electronic Money in the Kyrgyz Republic" of 30 March 2016 No. 15/6

To introduce the following amendments and supplements to the resolution of the Board of the National Bank of the Kyrgyz Republic "On Approval of the Regulation "On Electronic Money in the Kyrgyz Republic" of 30 March 2016 No. 15/6:

paragraph 3-1 shall be set out in the following wording:

"3-1. Operators of an international electronic money system/issuers of an international electronic money system, in order to provide services using international electronic money on the territory of the Kyrgyz Republic, must bring their activities into compliance with this resolution and undergo registration with the National Bank of the Kyrgyz Republic by 1 October 2017.";

in the Regulation "On Electronic Money in the Kyrgyz Republic" approved by the above-mentioned resolution, introduce the following amendments and supplements:

• paragraph 1 shall be recognized as invalid;

• paragraphs 2-5 shall be set out in the following wording:

"2. This Regulation establishes the procedure and requirements for commercial banks (hereinafter - bank), operators, agents, subagents and operators of an international electronic money system/issuers of international electronic money for carrying out operations with electronic money on the territory of the Kyrgyz Republic.

3. Operations with electronic money include the issuance, distribution, redemption of electronic money and the provision of payment services using electronic money on the territory of the Kyrgyz Republic.

4. The issuance of electronic money on the territory of the Kyrgyz Republic is a licensed activity. A license is issued to a bank only for the performance of the following types of operations:

1) issuance, distribution and redemption of electronic money;

2) acceptance of instructions from electronic money holders for making payments for goods/services transmitted to the bank using the internet, mobile and other means of communication;

3) processing of transactions using electronic money;

4) settlement with acceptants with whom contracts have been concluded, for payments processed in the payment system on behalf of and on the instructions of holders.

5. Banks, operators, agents, subagents, as well as operators of international electronic money systems/issuers of international electronic money must comply with and fulfill the requirements of the legislation of the Kyrgyz Republic.";

• in paragraph 6:

the second paragraph shall be set out in the following wording:

"Electronic money acceptant (acceptant) - a legal entity, as well as an individual entrepreneur, who, in accordance with a contract concluded with the issuing bank of electronic money or an agent, accepts electronic money for payment of goods or services with the provision of documents confirming the performance of operations with electronic money.";

the ninth paragraph shall be set out in the following wording:

"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 Kyrgyz Republic.";

the twenty-fifth paragraph shall be set out in the following wording:

"Issuer of international electronic money - a bank or legal entity, non-resident of the Kyrgyz Republic, carrying out its activity 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.";

the twenty-sixth paragraph shall be set out in the following wording:

"Issuer of electronic money (issuer) - the National Bank of the Kyrgyz Republic (hereinafter - the National Bank), as well as a bank holding a license for the right to issue electronic money, assuming an unconditional and irrevocable obligation to redeem electronic money to holders presenting electronic money for cashing out.";

supplement with paragraphs of the following content:

"Unidentified electronic wallet - an electronic wallet opened by an individual remotely/distantly with the help of electronic devices (mobile phones, smartphones and other electronic devices) on the basis of a public offer and in accordance with the requirements of the issuer, operating on the territory of the Kyrgyz Republic within the limits established in paragraph 31 of this Regulation.

Operator of an international electronic money system - a legal entity carrying out activity within the framework of the legislation of the country of origin, which establishes and/or provides technical support for special software, hardware and network equipment for carrying out operations with international electronic money/electronic monetary funds outside the territory of the Kyrgyz Republic.";

• paragraph 7 shall be set out in the following wording:

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

A bank is prohibited from issuing electronic money denominated in foreign currency on the territory of the Kyrgyz Republic. The issuance of international electronic money denominated in the national currency of the Kyrgyz Republic (som) outside the Kyrgyz Republic is prohibited. The distribution of international electronic money issued by non-residents of the Kyrgyz Republic on the territory of the Kyrgyz Republic is carried out by a bank. The bank has the right to engage agents for the subsequent distribution of international electronic money in accordance with the Law "On the Payment System of the Kyrgyz Republic" and paragraph 5 of Chapter 3 of this Regulation.";

• paragraph 17 shall be recognized as invalid;

• supplement with paragraphs 22-1 and 22-2 of the following content:

"22-1. A bank is prohibited from accruing and paying interest on the balance of electronic money in unidentified electronic wallets.

22-2. A bank has the right to provide loyalty programs (bonuses) and payment of accrued bonuses to identified electronic wallets in the national currency, in accordance with the contract, with the holders/users of electronic wallets.";

• paragraph 32 shall be set out in the following wording:

"32. The total volume of transactions per month from unidentified electronic wallets must not exceed 300 (three hundred) calculation indicators per one electronic wallet.

To carry out operations in excess of the amount specified in the first paragraph of this paragraph, wallet holders must undergo identification in accordance with the legislation of the Kyrgyz Republic.";

• in paragraph 63, the word "Bank" shall be replaced by the words "Bank/operator" in the corresponding case forms;

• in paragraph 64, the word "Bank" shall be replaced by the words "Bank/operator";

• the name of Chapter 4 shall be set out in the following wording:

"Chapter 4. Requirements for an agent of international electronic money systems and an operator of international electronic money systems/issuer of international electronic money";

• in paragraphs 69, 72, 75 and 76, the words "international electronic money system/issuer of an international electronic money system" shall be replaced by the words "operator of an international electronic money system/issuer of international electronic money" in the corresponding case forms;

• paragraph 70 shall be set out in the following wording:

"70. To undergo registration, the operator of an international electronic money system/issuer of an international electronic money system shall send to the National Bank an application for registration and provide a package of documents including the following:

• the name of the operator of the international electronic money system/issuer of international electronic money;

• a copy of the certificate of state registration of the legal entity;

• copies of the permitting documents of the operator of the international electronic money system/issuer of international electronic money, licenses/certificate/registration certificate for the right to carry out the activity of an operator/issuer of electronic money/electronic monetary funds, for processing and servicing, issued by the authorized body of the country of origin regulating the specified activity;

• the rules of operation of the operator of the international electronic money system/issuer of international electronic money or another document regulating operations with international electronic money, under the legislation of the issuer's country of origin. The rules must also contain a general scheme of all monetary and information flows, a description of the organization of control over financial and technical risks in the use of electronic money.";

• paragraphs 73 and 74 shall be set out in the following wording:

"73. In the event of a decision to register, the National Bank assigns to the operator of the international electronic money system/issuer of the international electronic money system a registration number and includes the information in the register of international payment systems on the territory of the Kyrgyz Republic and, no later than 7 calendar days from the date of the decision, sends to the operator of the international electronic money system/issuer of international electronic money a letter on completion of registration.

74. The operator of the international electronic money system/issuer of international electronic money is obliged to notify the National Bank in writing of changes to any information specified during registration within three working days from the moment the changes occur. The National Bank, on the basis of the provided information, within three working days makes changes to the register of international payment systems.";

• supplement with paragraph 76-1 of the following content:

"76-1. The operator of the international electronic money system/issuer of international electronic money, no later than 6 (six) months from the date of registration with the National Bank, must submit to the National Bank the contract(s) with the agent of international electronic money systems.";

• paragraph 77 shall be set out in the following wording:

"77. Financial obligations, the procedure for daily mutual settlement and other financial and other conditions must be established in the contract between the operator of the international electronic money system/issuer of the international electronic money system and the agent of the international electronic money system";

• paragraph 78 shall be set out in the following wording:

"78. An agent of the international electronic money system may provide services for the redemption and top-up of international electronic money, as well as conclude contracts with acceptants for the acceptance of international electronic money for payment of goods or services.";

• the second sentence of paragraph 81 shall be set out in the following wording:

"Upon redemption in the national currency, conversion is carried out in accordance with the contract on the distribution of international electronic money with the agent of international electronic money, taking into account the official exchange rate posted on the official website of the National Bank.";

• Chapter 6 shall be recognized as invalid;

• Annex 2 shall be recognized as invalid.