The reason was a violation of legislation and non-compliance with the directive
The company "Data Group" no longer has a license to conduct virtual asset exchange, according to the decision of the Financial Market Regulation and Supervision Service.
According to information from the agency, this decision was made because the company did not comply with the directives of the authorized body and violated the requirements of legislation regarding virtual assets.
During the conducted inspection, the State Financial Supervision identified several violations:
- the platform of "Data Group" LLC is not operational, which contradicts part 1 of article 27 of the Law of the Kyrgyz Republic "On Virtual Assets";
- there is no submission of monthly and quarterly reports, which violates paragraphs 36 and 37 of the Regulation on the Activities of Virtual Asset Exchange Operators and the order of the Financial Supervision No. 88-p dated February 19, 2024;
- internal control procedures do not meet the requirements established by the government decree of the Kyrgyz Republic dated December 25, 2018, No. 606;
- the requirement of paragraph 3.1 of the Financial Supervision directive to provide data on electronic wallets from the moment of obtaining the license (December 26, 2024) has not been fulfilled, which complicates the establishment of the volume and nature of operations and the verification of compliance with legislation in the field of AML/CFT.
Due to the fact that the violations were not rectified, the State Financial Supervision decided to revoke the license of "Data Group" LLC for conducting activities as a virtual asset exchange operator.
Photo by the State Financial Supervision
