The government of Kyrgyzstan is ready to bring the adoption of Cryptocurrency in their country. Reportedly they impose new rules to give legal status for the crypto exchanges.
Crypto adoption is increasing day by day despite huge volatility in the crypto assets. The governments of the countries are also aware about the revolution and potential of the crypto industry so most of the country is taking their action to bring new laws to regulate and give a legal status to this market and their aim is only to provide better custody for their users over the Investment. Now this is Kyrgyzstan, which is ready to adopt the crypto market.
According to reports, Gosfinnadzor proposed a draft to bring a regulatory framework on the crypto exchanges in Kyrgyzstan.
Gosfinnadzor is an agency under the Ministry of Economy and Finance. This agency is responsible for Kyrgyzstan’s State Service for Regulation and Supervision of Financial Markets.
As per report by the agency 24.kg on Wednesday ( local media news outlet), Gosfinnadzor’s draft bill gives legal status for the crypto companies. The new proposed bill restricts all the crypto exchanges so that they can comply with the rules and regulations of Kyrgyzstan. Like to comply with the AML and to get registered under regulators & get approval for their services to run. And also it will give guidelines for crypto companies to follow for their operations under a certain framework in the crypto market for the citizens of Kyrgyzstan.
Reports also say that Gosfinnadzor claimed that these new rules will bring lots of regulation on the crypto exchanges and also it will bring lots of opportunities for the country to get in the digital economy. And this will bring new business & a wider range of players like qualified investors.