Kyrgyzstan: crypto has no legal status, despite mining tax

by in Cryptocurrency News

Kyrgyzstan crypto law

In Kyrgyzstan, the legal status of cryptocurrencies is not defined and there is no regulation. This was stated by the head of the department of the National Bank Sanzhar Abdygaziev, writes the local publication Tazabek.

The official noted that operations with crypto coins as a form of public relations already exist in the country, although this term is not fixed by law.

“In the legislation, we do not have cryptocurrencies and legal mechanisms for protecting consumer rights, but we have attempts,” said Sanzhar Abdygaziev.

Related: Russia: Ministry of ED criticized the bill banning bitcoin

He recalled that recently parliament approved the introduction of a mining tax.

“The project passed the third reading in parliament. We can say that crypto is legalized to some extent, the regulatory mechanism, and other issues, including consumer protection and personal data. It is necessary to develop the most appropriate regulatory option,” said the representative of the National Bank.

An interdepartmental working group has already been created to develop a regulatory model.