Binary options and illegal lotteries proposed to be banned in Kyrgyzstan

Марина Онегина Local news
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In Kyrgyzstan, a draft law has been initiated concerning changes in gambling legislation and lottery activities. The main objective of the document is to introduce criminal liability for illegal lotteries and a ban on binary options.
A new article is planned to be added to the Criminal Code, which will punish the organization and conduct of lotteries without proper permission, including online lotteries.
According to the draft, the punishment for these offenses is imprisonment for a term of three to five years. If the crime is committed by an organized group, using official position, or involving minors, the sentence increases to eight years.

The draft law also defines binary options as a type of gambling and emphasizes that they are not a financial instrument.
The document proposes a complete ban on the organization, conduct, advertising, and promotion of binary options in the country, as well as on accepting funds from citizens to participate in such games.
Additionally, the draft provides for granting powers to state authorities to identify internet resources related to binary options and the ability to appeal to the court for their blocking. Banks and payment systems are proposed to suspend relevant financial transactions, and internet providers will be required to restrict access to such resources within 24 hours after receiving notification.
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