The document proposes amendments to the existing Law "On Virtual Assets" to designate a single authority responsible for control and monitoring in the field of cryptocurrencies.
It is planned that the State Financial Supervision Agency will be empowered as the authorized body that will oversee the circulation of virtual assets.
Its control will cover aspects such as mining, issuance, and initial placement of virtual assets, including stablecoins and asset-backed tokens, as well as services provided by virtual asset providers.
A risk-oriented model will be applied for supervision, allowing for the classification of companies by risk levels: high, medium, and low. This will be based on the volume of their operations, the number of clients, cross-border activities, and the history of violations.
The State Financial Supervision Agency will have the right to conduct both scheduled and unscheduled inspections, use blockchain analytics, and request information about beneficial owners, sources of capital, and the ownership structure of companies.
In case of violations, the agency will have the ability to restrict operations, require the delisting of tokens, initiate the suspension or revocation of licenses, as well as transfer materials to law enforcement agencies and publish information about the measures taken.
Licensing control will include requirements for authorized capital, server placement within Kyrgyzstan, ensuring cybersecurity, internal control, and risk management systems.
