The National Bank of Kyrgyzstan Proposed to Allow Online Casinos to Accept Payments in Both National and Foreign Currencies

The National Bank of Kyrgyzstan proposes to allow online casinos to accept payments in foreign currency. A corresponding draft resolution of the financial regulator has been submitted for public discussion.

The National Bank noted that all bank card payments within the country are now made in Kyrgyz soms. This may cause problems. According to the law, only foreigners are allowed to play at Kyrgyz casinos. And they will not be able to pay in the foreign currency.

«The proposed changes are being made to eliminate contradictions between banking legislation and the gambling law. After all, the law was adopted to create favorable conditions for stimulating the attraction of investments and increasing the revenue side of the republican budget of the Kyrgyz Republic», — noted the regulator. 

At the end of June 2022, the President of Kyrgyzstan Sardar Japarov signed a package of laws that allowed foreign citizens to visit and play at online casinos. Legal entities in the form of limited liability companies or joint stock companies registered in Kyrgyzstan may be the main subject for operating gambling facilities. To do this, they must obtain a license from the authorized state body for a period of 10 years. Licenses are issued in the manner determined by the Cabinet of Ministers.

To date, no license has been issued to run land-based or online casinos.

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