The National Bank of the Kyrgyz Republic, or NBKR, is reportedly planning to introduce a licensing regime for cryptocurrency exchanges in a move to protect local investors.
NBKR chairman Tolkunbek Abdygulov announced that the country’s central bank is planning to start regulating exchange operations involving cryptocurrencies like Bitcoin (BTC), local economic publication Tazabek reports Feb. 12.
Abdygulov said that the regulatory initiative aims to safeguard crypto operations in the Kyrgyz Republic and provide investor protections similar to those that are already in place for traditional finance:
“The NBKR’s objective is to create conditions for clients, for citizens of the Kyrgyz Republic. If you want to buy Bitcoin — you just go to an exchange office, pay money and get those Bitcoins guaranteed […] Today you sell soms, buy dollars — if an exchange office has a license from the NBKR, there is no risk of losing money. There is an objective to do the same for cryptocurrencies.”