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LAW OF THE KYRGYZ REPUBLIC

of January 21, 2022 No. 12

About virtual assets

Accepted by Jogorku Kenesh of the Kyrgyz Republic on December 22, 2021

Chapter 1. General provisions

Article 1. Purpose and subject of regulation of this Law

The purpose of this Law is relations management, the virtual assets arising in case of turnover, that is their creation, release, storage and the address.

Article 2. Scope of this Law

1. This Law extends to activities in the sphere of turnover of virtual assets in the territory of the Kyrgyz Republic.

2. This Law does not extend to activities in the sphere:

1) securities and other types of the financial instruments determined by the legislation in the sphere of securities;

2) currencies, electronic money, reserves, deposits (deposits) determined by the bank law of the Kyrgyz Republic;

3) gambling activities.

Article 3. The legislation in the sphere of turnover of virtual assets

The legislation of the Kyrgyz Republic in the sphere of virtual assets consists of this Law and other regulatory legal acts adopted according to this Law.

Article 4. Basic concepts and terms

1. In this Law the following basic concepts and terms are applied:

1) blokcheyn - kind of technology of the distributed registers in which all data register consistently and are distributed in blocks, at the same time each new block is connected with the previous block the cryptographic signature;

2) virtual asset - the intangible asset in digital form which is expression of value and (or) means of the certificate of property rights which is created, stored and addresses with use of technology of the distributed registers or similar technology and is not monetary unit (currency), instrument of payment and security;

3) purse of virtual asset - means (software application or other mechanism / carrier) for storage and the translation of virtual asset;

4) mayner - the legal entity or the individual entrepreneur performing mining;

5) mining - the activities for implementation by means of program technical means of the computing transactions providing functioning of the register of blocks of transactions (blokcheyn) by means of entering into the distributed register (according to in advance determined rules and the principles) information on the transactions made between users requiring providing with continuous electric utility service. The Mining can be followed by creation of the virtual asset arriving in ownership of person performing mining as remuneration for confirmation of making of transactions in the distributed register;

6) the mayningovy equipment - the hardware and software allowing to perform activities for mining;

7) mining-pool - the electronic platform intended for consolidation of mayningovy capacities of mayner and the organization of works on mining;

8) industrial mining - the activities for mining performed by the legal entity;

9) the operator of the biddings of virtual assets (cryptoexchange) - the service provider of virtual assets providing electronic platform and rendering the services which are directly promoting transactions with virtual assets;

10) the operator of exchange of virtual assets - the service provider of virtual assets providing services of purchase and sale (exchange) of virtual assets and (or) exchange between virtual assets on its own behalf;

11) primary placement of virtual assets - process of distribution or distribution of again issued virtual assets for the purpose of attraction of financial resources;

12) the service provider of virtual assets - the legal entity registered in the territory of the Kyrgyz Republic who as business activity provides one or several types of service connected with virtual assets based on the license granted by authorized body according to this Law;

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