Within the framework of the agreement with CJSC “Ranex KG” through the analytical platform RunexKG, the Finnadzor revealed violations of legislation on the part of business entities operating in the sphere of virtual assets turnover.

According to the results of the analysis, administrative fines totaling KGS 366 thousand were imposed on seven legal entities, including one virtual assets trading operator and six exchange operators, for non-compliance with legal requirements.

The violations were related to insufficient verification of clients, lack of effective internal control procedures, as well as failure to provide complete and reliable information to the FinNadzor.

The agency emphasized that the formation of a transparent and safe system of functioning of the virtual assets market is one of the most important goals. FinNadzor intends to continue to identify and eliminate violations, contributing to the development of a bona fide and sustainable virtual assets market in Kyrgyzstan.

Financial Supervision calls on all participants of the financial market to strictly comply with the requirements of the legislation and timely adapt internal procedures in accordance with the current regulations of the Kyrgyz Republic.

We would like to add that based on the results of the conducted monitoring the facts of non-compliance with the requirements of the legislation in the field of virtual assets on the part of exchange operators - PervyPlusKrypto LLP and Trust Chain LLP were established. As a result, on the basis of paragraph 4, part 3, Article 32 of the Law of the Kyrgyz Republic “On Virtual Assets” the licenses of the above companies were suspended.