RESOLUTION OF THE CABINET OF MINISTERS OF THE KYRGYZ REPUBLIC

of December 31, 2024 No. 823

About introduction of amendments to some resolutions of the Cabinet of Ministers of the Kyrgyz Republic in the field of turnover of virtual assets

For the purpose of increase in efficiency of activities of service providers of virtual assets, according to Articles 10, of 16, of 18, of 25, of 27, 28 Laws of the Kyrgyz Republic "About virtual assets", articles 13, of the 17th constitutional Law of the Kyrgyz Republic "About the Cabinet of Ministers of the Kyrgyz Republic" the Cabinet of Ministers of the Kyrgyz Republic decides:

1. Bring in the resolution of the Cabinet of Ministers of the Kyrgyz Republic "About questions of subordinated divisions and organizations of the Ministry of Economy and Trade of the Kyrgyz Republic" of December 10, 2021 No. 300 the following changes:

in Regulations on Service of regulation and supervision of the financial market under the Ministry of Economy and Trade of the Kyrgyz Republic approved by the above-stated resolution:

- Item 3 paragraph two after words "security market" to add with words ", the market of virtual assets";

- add Item 14 with the subitem 50 of the following content:

"50) to perform control purchase of virtual assets at service providers of virtual assets.";

- add Item 20 with the paragraph the fourth the following content:

"-fund, created for the purpose of implementation of test purchases of virtual assets at service providers of virtual assets;".

2. Bring in the resolution of the Cabinet of Ministers of the Kyrgyz Republic "About questions of regulation of the relations arising in case of turnover of virtual assets" of September 16, 2022 No. 514 the following changes:

To add 1) with Item 3-1 of the following content:

"3-1. To the acting service providers of virtual assets to bring the size of the authorized capital into accord with requirements of regulatory legal acts till January 1, 2026.";

2) in Regulations on activities of the operator of the biddings of virtual assets (cryptoexchange) and the maintaining the Register of operators of the biddings of virtual assets (cryptoexchanges) approved by the above-stated resolution:

- in Item 2:

third to declare the paragraph invalid;

the fourth to state the paragraph in the following edition:

"clients are partners of the operator of the biddings of virtual assets (cryptoexchange), physical persons and legal entities, including the foreign physical/legal entities performing transactions (transactions) on specialized platform of the operator of the biddings of virtual assets (cryptoexchange) on its own behalf, own means and in the interests;";

add with the paragraph twenty third the following content:

"crypto - the ATM - the automated system of exchange of fiatny means and virtual assets;";

- state Item 5 in the following edition:

"5. If the operator of the biddings of virtual assets (cryptoexchange) stores assets of users on the balances, he shall provide separate accounting of financial assets of the operator of the biddings of virtual assets (cryptoexchange), electronic virtual assets, the money which is at the operator of the biddings of virtual assets (cryptoexchange).";

- third Item 11 in state language to declare the paragraph invalid;

- state Item 18 in the following edition:

"18. The centralized operator of the biddings of virtual assets (cryptoexchange) shall carry out the procedure of proper check of the client established by internal regulations of the operator of the biddings of virtual assets according to the legislation of the Kyrgyz Republic in the field of counteraction to financing of terrorist activities and to legalization (washing) of the criminal income and in the field of turnover of virtual assets.

All checks of transactions of legal entities and physical persons on virtual assets within observance of measures for counteraction to financing of terrorist activities and to legalization (washing) of the criminal income (AML) without fail shall pass through the information system (software) determined by authorized body.";

- add with Item 18-1 of the following content:

"18-1. Before making with citizens of the Kyrgyz Republic of transactions on sale of virtual assets to them for money or electronic money, or on exchange of virtual assets of one type for virtual assets of other type, the operator of the biddings of virtual assets (cryptoexchange) shall be convinced that they have the sufficient level of knowledge (competence) for making of such transactions. The operator of the biddings of virtual assets (cryptoexchange) has no right to make the called transactions with those citizens of the Kyrgyz Republic concerning which he determined that they have no such level of knowledge (competence).

Determination of level of knowledge (competence) for transactions specified in this Item is made by the operator of the biddings of virtual assets (cryptoexchange) by means of representation to citizens of the Kyrgyz Republic of the questionnaire (test) for filling (decision).

The questionnaire (test) and changes/amendments to it are subject to approval of authorized body according to the procedure and the terms established by authorized body.

The authorized body after receipt of the adequate notice analyzes the received questionnaire (test) and in case of availability of notes/offers within 30 (thirty) calendar days from the date of registration of the notification informs the operator of the biddings of virtual assets on need of study of the questionnaire (test).

The operator of the biddings of virtual assets (cryptoexchange) shall inform the client on risks when implementing transactions with virtual assets.";

- add Item 23 with paragraphs of the following content:

"-the questionnaire (test) determining the level of knowledge (competence) of clients.

Rules of stock exchange trading with virtual assets shall be published on the website of the operator of the biddings by virtual assets and are available to acquaintance by all bidders.";

- the paragraph one of Item 30 after the words "Founders/shareholders" to add with words ", beneficial owners";

- add with Item 30-1 of the following content:

"30-1. Officials of the operator of the biddings of virtual assets are subject to obligatory approval of authorized body.

Officials of the operator of the biddings of virtual assets which candidates are subject to approval are:

- head and board members (in the presence);

- the head (person solely performing functions of executive body) and members of executive body;

- chief accountant or single accountant;

- authorized employee or director of risks and komplayens.

The official of the operator of the biddings of virtual assets has the right to hold the position without approval no more than 45 (forty five) calendar days from the date of its appointment (election).

After the term specified in this Item and in cases of non-presentation of complete document package on approval or refusal in approval the operator of the biddings of virtual assets shall terminate the employment contract with this person, or in case of lack of the employment contract to take measures for the termination of powers of this official.

Fulfillment of duties (substitution temporarily absent) the official of the operator of the biddings of virtual assets without approval over the term identified by this Item is forbidden.

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