Resolution of the Board

of the National Bank

of the Kyrgyz Republic

of 30 April 2025
No. 2025-П-14/20-2-(ПС)

On Amending Certain Regulatory Legal Acts of the National Bank of the Kyrgyz Republic

In accordance with Articles 5, 9 and 64 of the Constitutional Law of the Kyrgyz Republic "On the National Bank of the Kyrgyz Republic" and Article 26 of the Law of the Kyrgyz Republic "On the Payment System of the Kyrgyz Republic", the Board of the National Bank of the Kyrgyz Republic resolves:

• 1. To introduce the following amendments to the Resolution of the Board of the National Bank of the Kyrgyz Republic "On Approval of the Regulation 'On Licensing the Activities of Payment Organizations and Payment System Operators'" of 2 September 2019 No. 2019П14/461(ПС):

in the Regulation "On Licensing the Activities of Payment Organizations and Payment System Operators" approved by the above-mentioned Resolution:

• 1) to restate paragraph 10 as follows:

"10. The minimum amount of the charter capital of a payment organization/payment system operator shall be established by a regulatory legal act of the National Bank on the minimum amount of the charter capital of payment organizations and payment system operators.";

• 2) paragraphs 11, 12, 12-1 shall be recognized as having lost force;

• 3) to restate paragraph 13 as follows:

"13. If a payment system is recognized as a systemically important/important payment system or a payment organization/payment system operator is recognized as a provider of critical services based on the results of 12 (twelve) months, according to the significance criteria established in the Policy on Supervision (Oversight) of the Payment System of the Kyrgyz Republic approved by Resolution of the Board of the National Bank of 15 July 2015 No. 38/4, then the minimum amount of the charter capital of such payment organization/payment system operator, depending on the degree of significance, shall be established in the amount provided for by the regulatory legal act of the National Bank on the minimum amount of the charter capital of payment organizations and payment system operators.

A payment organization/payment system operator shall, within 6 (six) months from the day of notification by the National Bank of the decision of the Committee on the Payment System of the National Bank in accordance with the requirements for supervision (oversight) of the payment system of the Kyrgyz Republic, adopt a decision to increase the charter capital to the minimum amount established by the regulatory legal act of the National Bank on the minimum amount of the charter capital of payment organizations and payment system operators, and deposit funds into the bank in accordance with the requirements of paragraph 13-1 of this Regulation.

In the event of failure to comply with the requirements provided for in this paragraph within the established time limits, the National Bank shall apply enforcement measures in accordance with the regulatory legal acts of the National Bank.";

• 4) to supplement paragraph 13-1 with subparagraph 4 as follows:

"4) a certificate from a commercial bank confirming the presence in the account of the payment organization/payment system operator with the commercial bank of funds in the amount of the increase of the charter capital in the national currency, except in the case of an increase of the charter capital at the expense of retained earnings. An increase of the charter capital at the expense of retained earnings of a payment organization/payment system operator shall be carried out after passing an external independent financial audit.";

• 5) to supplement with paragraph 13-2 as follows:

"13-2. In the event of failure by payment organizations and payment system operators to submit, within the established time limits, the documents specified in paragraph 13-1 of this Regulation, the National Bank shall apply enforcement measures in accordance with the regulatory legal acts of the National Bank.";

• 6) to restate subparagraph 10 of paragraph 19 as follows:

"10) a document confirming the deposit of funds as charter capital, in accordance with the regulatory legal act of the National Bank on the minimum amount of the charter capital of payment organizations and payment system operators;";

• 7) to restate subparagraph 9 of paragraph 19-1 as follows:

"9) a document confirming the deposit of funds as charter capital, in accordance with the regulatory legal act of the National Bank on the minimum amount of the charter capital of payment organizations and payment system operators.".

• 2. To introduce the following amendment to the Resolution of the Board of the National Bank of the Kyrgyz Republic "On Approval of the Regulation 'On Regulating the Activities of Payment Organizations and Payment System Operators'" of 30 September 2019 No. 2019П14/502(ПС):

in the Regulation "On Regulating the Activities of Payment Organizations and Payment System Operators" approved by the above-mentioned Resolution:

• 1) to restate paragraph 8 as follows:

"8. The amount of the charter capital of a payment system operator shall be not less than the amount established in the regulatory legal act of the National Bank on the minimum amount of the charter capital of payment organizations and payment system operators.";

• 2) to restate paragraph 31 as follows:

"31. The amount of the charter capital of a payment organization shall be not less than the amount established in the regulatory legal act of the National Bank on the minimum amount of the charter capital of payment organizations and payment system operators.";

• 3) to restate paragraph 104 as follows:

"104. In order to carry out acquiring, a payment organization must comply with the charter capital requirements established in the regulatory legal act of the National Bank on the minimum amount of the charter capital of payment organizations and payment system operators.".

• 3. This Resolution shall enter into force upon the expiration of 15 (fifteen) days from the day of official publication.

• 4. To the Legal Department:

  • from the day of receipt of the relevant documents, within 3 (three) working days, to publish this Resolution on the official website of the National Bank of the Kyrgyz Republic;

  • after the 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.

• 5. The Payment Systems Methodology and Licensing Department shall, from the day of receipt of the relevant documents, within 3 (three) working days, bring this resolution to the attention of payment system operators and payment organizations of the Kyrgyz Republic, and the Association of Legal Entities “Association of Payment System Operators KG (KJ)”.

• 6. The “Secretariat of the Board” Division shall, within 3 (three) working days, bring this resolution to the attention of the relevant structural subdivisions, regional departments and the Representative Office of the National Bank of the Kyrgyz Republic in Batken Oblast.

• 7. Control over the execution of this resolution shall be assigned to the member of the Board of the National Bank of the Kyrgyz Republic supervising the Payment Systems Methodology and Licensing Department.

Chairman M. Turgunbaev