The Financial Market Regulation and Supervision Service announced the revocation of licenses of five virtual asset exchange operators. The reason for such drastic measures was the companies' failure to fulfill the requirements of the legislation on financial reporting.

Among the companies whose activities were banned were: AlfaBit Group, Aza Cash, Crypto Ford, Asia Capital and Paystones. The latter is a foreign-owned company.

The regulator's statement emphasizes that these operators failed to submit quarterly reports compiled in accordance with International Financial Reporting Standards (IFRS) by the deadline.

Among the deprived crypto exchangers' licenses, the most significant tax deductions in 2024 were recorded by Asia Capital - 5.7 million KGS. The contribution of “AlfaBit Group” amounted to 983.7 thousand KGS. The other three companies contributed much more modest amounts to the budget: “Aza Cash” (4 thousand KGS), “Crypto Ford” (26 thousand KGS) and “Peystones” (24 thousand 998 KGS). Note that all companies were registered in 2023-2024, and most of them started their activities only at the end of last year.

We would like to add that according to paragraph 37 of the current Regulation, operators are obliged to submit a full set of quarterly reporting, which includes:

• a statement of financial position,
• profit and loss statement,
• a statement of changes in equity,
• statement of cash flows,
• explanatory notes.