Kyrgyz Cabinet of Ministers develops draft regulation of cryptocurrency exchanges

The Kyrgyz State Service for Regulation and Supervision of Financial Markets has developed a draft regulation on cryptocurrency exchanges, Report informs referring to foreign media.

The document establishes the status, functions, rights, and obligations of trading platforms, as well as the requirement for their mandatory registration in the Unified State Register.

The project also provides for the responsibility of exchanges in terms of countering the financing of terrorist activities and money laundering.

According to the State Service for Regulation and Supervision of Financial Markets, the developed rules will reduce the risks for cryptocurrency holders and will attract qualified investors and businesses to the market.