RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of April 20, 2022 No. 2022-P-14/25-3-(PS)

About approval of the Provision "About Electronic Money in the Kyrgyz Republic"

According to articles 20 and 68 of the Law of the Kyrgyz Republic "About National Bank of the Kyrgyz Republic, banks and banking activity" the Board of National Bank of the Kyrgyz Republic decides:

1. Approve the Provision "About Electronic Money in the Kyrgyz Republic" it (is applied).

2. Recognize invalid:

1) the resolution of Board of National Bank of the Kyrgyz Republic "About approval of the Provision "About Electronic Money in the Kyrgyz Republic" of March 30, 2016 No. 15/6;

2) the resolution of Board of National Bank of the Kyrgyz Republic "About modification of the resolution of Board of National Bank of the Kyrgyz Republic "About approval of the Provision "About Electronic Money in the Kyrgyz Republic" of March 30, 2016 No. 15/6" of October 27, 2016 No. 43/7;

3) the resolution of Board of National Bank of the Kyrgyz Republic "About modification of the resolution of Board of National Bank of the Kyrgyz Republic "About approval of the Provision "About Electronic Money in the Kyrgyz Republic" of March 30, 2016 No. 15/6" of February 24, 2017 No. 7/1;

4) the resolution of Board of National Bank of the Kyrgyz Republic "About modification and amendments in the resolution of Board of National Bank of the Kyrgyz Republic "About approval of the Provision "About Electronic Money in the Kyrgyz Republic" of March 30, 2016 No. 15/6" of May 17, 2017 No. 19/1;

5) the resolution of Board of National Bank of the Kyrgyz Republic "About modification and amendments in the resolution of Board of National Bank of the Kyrgyz Republic "About approval of the Provision "About Electronic Money in the Kyrgyz Republic" of March 30, 2016 No. 15/6" of February 14, 2018 No. 2018-P-14/5-5-(NPA);

6) the resolution of Board of National Bank of the Kyrgyz Republic "About entering of amendments into the resolution of Board of National Bank of the Kyrgyz Republic "About approval of the Provision "About Electronic Money in the Kyrgyz Republic" of March 30, 2016 No. 15/6" of February 27, 2019 No. 2019-P-14/9-4-(PS);

7) the resolution of Board of National Bank of the Kyrgyz Republic "About modification and amendments in the resolution of Board of National Bank of the Kyrgyz Republic "About approval of the Provision "About Electronic Money in the Kyrgyz Republic" of March 30, 2016 No. 15/6" of September 30, 2019 No. 2019-P-14/50-4-(PS);

8) the resolution of Board of National Bank of the Kyrgyz Republic "About introduction of amendments to the resolution of Board of National Bank of the Kyrgyz Republic "About approval of the Provision "About Electronic Money in the Kyrgyz Republic" of March 30, 2016 No. 15/6" of November 18, 2020 No. 2020-P-14/66-5-(PS).

3. This resolution becomes effective after fifteen days from the date of official publication, except for Item 63 of the Provision "About Electronic Money in the Kyrgyz Republic" approved by this resolution which becomes effective since July 1, 2022.

4. To legal management:

- publish this resolution on the official website of National Bank of the Kyrgyz Republic;

- after official publication to send this resolution to the Ministry of Justice of the Kyrgyz Republic for entering into the State register of regulatory legal acts of the Kyrgyz Republic.

5. To management of payment systems to bring this resolution to the attention of commercial banks, operators of payment systems and payment institutes, international electronic payment systems.

6. To department of development of official language and document flow to bring this resolution to the attention of the relevant structural divisions, regional managements, representative offices of National Bank of the Kyrgyz Republic in Batken Province.

7. To impose control of execution of this resolution on the board member of the National Bank of the Kyrgyz Republic supervising management of payment systems.

Appendix

to the Resolution of Board of National Bank of the Kyrgyz Republic of April 20, 2022 No. 2022-P-14/25-3-(PS)

Regulations on electronic money in the Kyrgyz Republic

Chapter 1. General provisions

1. This Provision establishes procedure and requirements to operators of local and international settlement systems with use of electronic money, to issuers of local and international electronic money, their agents / subagents on making of transactions with electronic money in the territory of the Kyrgyz Republic.

2. Transactions with electronic money include issue (release), distribution, repayment of electronic money and provision of payment services with use of electronic money in the territory of the Kyrgyz Republic.

3. Release of electronic money in the territory of the Kyrgyz Republic is the licensed activities for which implementation the bank gets permission of National Bank of the Kyrgyz Republic (further - National Bank) according to the Provision "About Licensing of Activities of Banks" approved by the resolution of Board of National Bank of June 8, 2017 No. 2017-P-12/23/1-(NPA). Based on this permission the bank can carry out the following transaction types with use of electronic money:

1) release, distribution and repayment of electronic money;

2) acceptance of orders from holders of the electronic money on implementation of payment for goods/services transferred to the bank/operator with use the Internet, mobile and other means of communication;

3) processing (processing) of transactions with use of electronic money;

4) implementation of settlings with acceptors with which contracts, on the payments processed in system for and on behalf of holders are signed.

4. Transactions with the international electronic money include distribution and repayment of the international electronic money in the territory of the Kyrgyz Republic.

5. Operators of local and international electronic payment systems, issuers of local and international electronic payment systems and their agents / subagents in the territory of the Kyrgyz Republic shall observe and fulfill requirements of the legislation of the Kyrgyz Republic.

Chapter 2. Terms and determinations

6. For the purposes of this provision the following terms and determinations are used:

The agent on distribution of electronic money - the legal entity or the individual entrepreneur, resident of the Kyrgyz Republic which carries out repayment (exchange) of electronic money for cash or non-cash extends electronic money according to the legislation of the Kyrgyz Republic.

The agent of the international electronic payment system - the resident bank which is performing activities according to the legislation of the Kyrgyz Republic and having contractual relations with the issuer/operator of the international electronic payment systems who was registered by National Bank of the Kyrgyz Republic.

The acceptor of electronic money (acceptor) - the legal entity, and also the individual entrepreneur, resident of the Kyrgyz Republic which according to the signed contract with emitting bank of electronic money or the agent accepts electronic money for payment of goods or services with provision of the documents confirming making of transactions with electronic money.

Authentication is installation of authenticity of person by check of authenticity of the shown identifier (PIN code, login, etc.).

The bank account on accounting of electronic money - the account opened by emitting bank for carrying out transactions on transfer of cash amount on the issued electronic money and on cash write-off in case of repayment of electronic money. The remaining balance on this account is equal to the total amount of obligations on all to the issued electronic money. Cash write-off from this account is limited and performed only to acceptors, on repayment of electronic money, and also when translating from one e-wallet of one system on e-wallet of other electronic payment system.

The holder (owner) of electronic money (further - the holder) - physical person or legal entity, the individual entrepreneur disposing of electronic money and using electronic money when implementing calculations for the provided goods/service of acceptors of the corresponding electronic payment system.

Use of electronic money in calculations - transfer by the holder of electronic money to the acceptor with use of program technical means when implementing calculation for provided goods and/or services. Calculations with use of electronic money are non-cash if cash flow happens in national currency, without participation of cash, by cash write-off from e-wallet of the holder of electronic money and their transfer on e-wallet of the acceptor.

Identification number of e-wallet - unique number of e-wallet which is assigned in case of its initial registration in system. According to identification number of e-wallet the holder has the right to obtain information on movement of electronic money and remaining balance on e-wallet, and also to carry out blocking of purse in case of need.

The identified e-wallet - e-wallet which holder underwent process of identification and verification according to the legislation of the Kyrgyz Republic.

Local settlement system electronic money - set of the bank and other institutes, hardware technical means, rules and procedures providing the address of electronic money issued by residents in the territory of the Kyrgyz Republic.

Private office of the owner (holder) of electronic money - the personal Section of the owner of electronic money on Internet resource of electronic payment system and/or customized application which contains the main tools necessary for work with e-wallet.

The international electronic money - the electronic money, electronic money, monetary commitments electronically issued (considered) nonresidents of the Kyrgyz Republic within legislation countries of source outside the Kyrgyz Republic.

Cash - bank notes in the form of banknotes and coins in foreign and national currencies.

Not identified e-wallet - e-wallet which holder did not undergo process of identification and verification according to the legislation of the Kyrgyz Republic.

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info