The Kyrgyzstan authority has reportedly taken new strides regarding crypto adoption, via rolling out a national regulatory framework dedicated to crypto trading platforms.

Specifically, Kyrgyzstan’s State Service for Regulation and Supervision of Financial Markets (Gosfinnadzor) – a regulatory body functioning in the supervision of the Ministry of Economy and Finance – has reportedly introduced a draft provision of crypto exchange regulation. 

The freshly rolled out regulations reportedly have a primary goal of coming up with the legal status of crypto exchanges currently functioning across Kyrgyzstan, as well as functions, responsibilities, and compliance requirements, including what is needed to finalize the registration with the unified state register. 

The legislation further makes it mandatory for crypto exchange service providers to guarantee to have plans in place, to combat different illegal activities, nominally money laundering and terrorism financing.

Gosfinnadzor further shared that the new framework would help bring down the risks, as well as offering assistance regarding the development of innovative technologies, as well as the Kyrgyzstan-based creation of a digital economy. 

The legislation further offers assistance in establishing a new financial ecosystem, which facilitates the participation of different players on a more expanded scope, such as qualified investors and businesses. 

The new framework was reportedly designed with the overall goal of developing investor awareness, in terms of crypto exchange operations, together with generating new income sources for the national budget.