The Parliament of Kyrgyzstan is considering a bill to establish crypto banks. This initiative comes from the Ministry of Economy and Commerce, which aims to legalize and structure the growing market of crypto assets, as reported by the local publication 24.kg.
According to the agency, crypto banks will operate based on a license issued by the National Bank.
They will offer services related to virtual assets:
- opening and managing crypto accounts;
- exchanging and storing digital assets;
- conducting transactions and payments;
- performing operations with foreign currencies and precious metals.
As stated by the Minister of Economy and Commerce of Kyrgyzstan, Daniyar Amangeldiev, the establishment of crypto banks will help to legalize and structure the rapidly growing cryptocurrency market.
“In recent years, there has been a significant increase in interest in cryptocurrencies among both individuals and legal entities. The creation of crypto banks will help to structure and legalize this market,” the ministry noted.
The ministry emphasized that the establishment of crypto banks will ensure the protection of user rights, reduce the risks of fraud and unauthorized access to funds. It is expected that this initiative will attract foreign investments, increase transaction volumes, and create new jobs.
Additionally, the planned crypto bank will serve as a platform for implementing new financial technologies, such as smart contracts and DeFi, which will contribute to the modernization of the financial system.
“With the introduction of crypto banks, an increase in cryptocurrency transaction volumes is anticipated, which will boost tax revenues and strengthen the country's reputation as one of the centers for financial innovation,” Amangeldiev concluded.
Earlier, Spot reported that the case against a 17-year-old resident of Bukhara for illegal cryptocurrency circulation was closed.