Fraudsters use various online platforms, including social networks and messengers, disguising their actions as promotional campaigns or charitable events.
Organizers attract the attention of citizens with promises of winning cars, large sums of money, or other prizes; however, these events do not comply with the requirements of the legislation of the Kyrgyz Republic.Illegal online lotteries and binary options pose a serious threat, affecting the economy, social aspects, as well as issues of national security and the fight against money laundering. In light of the current situation, the Ministry of Economy emphasizes the need for additional measures to strengthen control and improve the financial literacy of citizens.
In this regard, it is proposed to amend the Criminal Code to include criminal liability for organizing or conducting lotteries without the necessary permission, including using information and communication technologies. The penalty for individuals may amount to 500 calculation indicators (50,000 soms), and for legal entities — 1,000 calculation indicators (100,000 soms).
If this offense is committed by an organized group, as part of a criminal community, or using official position, the punishment will be imprisonment for a term of 3 to 5 years.
Note. This article does not concern stimulating lotteries.
Violations in the organization of stimulating lotteries are subject to liability in accordance with the Code of Offenses.
Additionally, Article 151 will be added to the Law "On Gambling Activities in the Kyrgyz Republic," which contains the following provisions:
1. The following are prohibited on the territory of the country:
- organization and conduct of gambling in the form of binary options;
- advertising, distribution, and promotion of binary options;
- accepting monetary funds and virtual assets from citizens for participation in binary options;
- brokerage activities aimed at attracting citizens to participate in binary options.
3. Banks, payment organizations, and virtual asset service providers are required to block all operations related to binary options, including the transfer and storage of funds, based on the list provided by the authorized body, and to prevent such transactions.
The photo on the main page is for illustrative purposes: youtube.com.
