Kyrgyzstan Central-Bank Looks At Regulating Cryptocurrency In A New Draft Law
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The central bank for Kyrgyzstan is getting ready to regulate the cryptocurrency world in the country as it works on a new draft law to put into regulation.
The National bank of the Kyrgyz Republic published an announcement on Friday on 13th of November saying that they are developing a draft law that would help regulate exchanges of cryptocurrency within the industry in consultation with industry stakeholders.
Through this draft, it would help regulate the sale and purchase of different digital assets as it aims to fight fraud and all the malicious activity in relation to cryptocurrency schemes and financial crimes.
It was highlighted by the bank that there are numerous benefits that are expected to come from this. This would include the improved development of the digital financial product and even bring in a formal tax plan for crypto.
But the bank is well aware that there are numerous obstacles in the way when it comes to putting legislation into place for cryptocurrency. The cross-border nature of many private assets will make it difficult to enforce without the proper infrastructure.
They even claimed that there is no hard data on the number of businesses that would be affected by this new legislation, due to the “lack of regulation and the chaotic nature of the cryptocurrency market“.