The Kyrgyz government is preparing to introduce amendments to its 'On Virtual Assets' law, which will enable banks and non-bank financial institutions to trade and convert cryptocurrencies on behalf of their clients. The changes are part of efforts to develop the country's virtual-asset market and increase transparency in cryptocurrency transactions.
According to reports, the National Bank of the Kyrgyz Republic will oversee the banking organizations that offer services for buying, selling, and exchanging digital coins. The move is expected to bring more financial flows out of the shadows and attract foreign investment.