{"id":112540,"date":"2021-02-12T11:12:20","date_gmt":"2021-02-12T11:12:20","guid":{"rendered":"https:\/\/precoinnews.com\/?p=112540"},"modified":"2021-02-12T11:12:20","modified_gmt":"2021-02-12T11:12:20","slug":"kyrgyzstan-central-bank-plans-to-license-crypto-exchanges","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/kyrgyzstan-central-bank-plans-to-license-crypto-exchanges\/","title":{"rendered":"Kyrgyzstan Central Bank Plans to License Crypto Exchanges"},"content":{"rendered":"

The National Bank of Kyrgyzstan (NBKR) is planning to license the cryptocurrency exchanges operating in the country as public interest in digital currencies are growing with the rising Bitcoin prices, according to a\u00a0<\/span>Tazabek<\/span><\/em>\u00a0report.<\/span><\/p>\n

Tolkunbek Abdygulov, Chairman of the NBKR, revealed the intentions of the regulator in regulating the exchanges on Friday.<\/span><\/p>\n

\u201cThe purpose of the NBKR is to create conditions for clients, for citizens of the Kyrgyz Republic,\u201d Abdygulov said (translated from Russian). \u201cWe plan to grant a license to cryptocurrency exchange operators to buy and sell cryptocurrency. There must be a guarantee.\u201d<\/span><\/p>\n

Further, he explained that the licensing regime would eliminate the fraudulent risk on the part of the crypto exchanges.<\/span><\/p>\n

\u201cToday you sell soms, buy dollars – if the exchange office has a license from the NBKR, there is no danger of losing money. There is a desire to do the same for cryptocurrencies,\u201d he said\u00a0(translated from Russian).<\/span><\/p>\n

The First Step to Regulate Crypto<\/span><\/h2>\n

Kyrgyzstan is following various other countries to license the cryptocurrency exchanges. Though regulations around cryptocurrencies are still not solid, countries like Japan and Thailand have mandated the licensing of crypto exchanges. The United Kingdom went a bit ahead and ordered all companies dealing with crypto to register themselves.<\/span><\/p>\n

Meanwhile, major countries like India are taking a different round and mulling on whether to put a blanket ban on cryptocurrencies. The Nigerian central bank already ordered all banks to cut services for the crypto exchanges.<\/span><\/p>\n

However, Abdygulov is aware of the risks of cryptocurrencies and warned against the price risks.<\/span><\/p>\n

\u201cWe give advice to our citizens: Investing in cryptocurrencies is very risky,\u201d he said\u00a0(translated from Russian). \u201cIf Bitcoin hit $50K yesterday, it could drop to $20K tomorrow. And, then all your invested money will be burned. This is a very high-risk investment.\u201d<\/span><\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The National Bank of Kyrgyzstan (NBKR) is<\/p>\n","protected":false},"author":3,"featured_media":112539,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\nKyrgyzstan Central Bank Plans to License Crypto Exchanges - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/crypto\/kyrgyzstan-central-bank-plans-to-license-crypto-exchanges\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Kyrgyzstan Central Bank Plans to License Crypto Exchanges - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"The National Bank of Kyrgyzstan (NBKR) is\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/crypto\/kyrgyzstan-central-bank-plans-to-license-crypto-exchanges\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2021-02-12T11:12:20+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2021\/02\/ccryptafotoBitcoin-exchange-880x400-1.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/crypto\/kyrgyzstan-central-bank-plans-to-license-crypto-exchanges\/\",\"url\":\"https:\/\/precoinnews.com\/crypto\/kyrgyzstan-central-bank-plans-to-license-crypto-exchanges\/\",\"name\":\"Kyrgyzstan Central Bank Plans to License Crypto Exchanges - 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