The National Bank of the Kyrgyz Republic (NBKR) revealed its new-year plans for the national crypto industry. They are about to introduce two drafts to regulate the country’s exchanges that aim to combat terrorism, money laundering, and protecting consumers.

Kyrgyzstan Central Bank Set to Introduce Two Crypto Bills to Combat Terrorism Financing and Fraud

According to Sputnik Kyrgyzstan, the central bank’s bills hope to add a series of anti-money laundering (AML) and combating the financing of terrorism (CFT) measures that should force local crypto exchanges to report their activities. The country wants to reduce the risks of financing terrorist activities and to cut flows of criminal proceeds.

One of the motivations behind introducing such crypto bills is the growing interest among the cryptocurrencies in the country, said the NBKR, as most of their citizens consider it a widespread means of investment nowadays and a solution for cross-border payments.

However, the central bank provided the…

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Source: https://news.bitcoin.com/kyrgyzstan-central-bank-is-set-to-introduce-bills-to-monitor-crypto-exchanges-activities-and-forcing-them-to-apply-for-permits/