The National Bank of the Kyrgyz Republic (NBKR) is reportedly looking to roll out a licensing framework dedicated to crypto exchange platforms, in an attempt to offer safeguarding to local investors.

Specifically, NBKR chairman Tolkunbek Abdygulov reportedly disclosed that the nation’s central bank is having plans down its pipeline to begin to apply regulations, to exchange operations associated with crypto such as Bitcoin (BTC). 

Abdygulov reportedly remarked that the regulatory decision has a primary goal of protecting crypto operations in the Kyrgyz Republic, as well as equipping investors with protections – the same type that is currently applied to traditional finance. 

“The NBKR’s objective is to create conditions for clients, for citizens of the Kyrgyz Republic. If you want to buy Bitcoin — you just go to an exchange office, pay money and get those Bitcoins guaranteed […] Today you sell some, buy dollars — if an exchange office has a license from the NBKR, there is no risk of losing money. There is an objective to do the same for cryptocurrencies.”

Regardless of the NBKR’s ambitious plans to offer safety to the investment activities into crypto, the central bank is still telling its citizens to be careful when making investments in crypto. 

“If Bitcoin hit $50,000 yesterday, it could drop to $20,000 tomorrow. And then all your invested money will be burned,” Abdygulov reportedly cautioned. 

Following the introduction of a draft crypto bill in November last year, the Kyrgyz government reportedly rolled out two bills, “On the Processing of Cryptocurrencies” and “On Amendments to Legislative Acts in the Field of Virtual Assets”, for public discussion in January this year.