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The document ceased to be valid since  April 27, 2016 according to Item 2 of the Resolution of Board of National Bank of the Kyrgyz Republic of  March 30, 2016 No. 15/6

RESOLUTION OF BOARD OF NATIONAL BANK OF THE KYRGYZ REPUBLIC

of May 12, 2015 No. 27/8

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

(as amended on 02-11-2015)

According to articles 7 and 43 of the Law "About National Bank of the Kyrgyz Republic", 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 the following resolutions of Board of National Bank of the Kyrgyz Republic:

- "About the Provision "About Licensing of Activities for Provision of Payment Services with Use of Electronic Money in the form of Prepaid Cards" of July 25, 2007 No. 36/6;

- "About entering of amendment into the resolution of Board of National Bank of the Kyrgyz Republic of July 25, 2007 No. 36/6 "About approval of the Provision "About Licensing of Activities for Provision of Payment Services with Use of Electronic Money in the form of Prepaid Cards" of March 12, 2008 No. 10/3;

- part 2 appendices to the resolution of Board of National Bank of the Kyrgyz Republic "About modification and amendments in some regulatory legal acts of National Bank of the Kyrgyz Republic" of September 25, 2013 No. 35/19.

3. To legal management:

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

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

4. To commercial banks and operators of payment systems within 5 months from the moment of the introduction of this resolution in force to bring activities for issue, processing, distribution and repayment of electronic money into compliance with requirements of the Provision "About Electronic Money in the Kyrgyz Republic".

4-1. To operators of payment systems:

- stop activities for issue of new electronic money;

- perform processing, distribution and repayment of the operating electronic money according to requirements of the Provision "About Electronic Money in the Kyrgyz Republic".

5. This resolution becomes effective after 15 days from the date of official publication.

6. To management of payment systems to bring this resolution to the attention of structural divisions, regional managements and representative office of National Bank in Batken Province, operators of payment systems and payment institutes, commercial banks of the Kyrgyz Republic.

7. To management of methodology of supervision and licensing to carry out process of licensing of commercial banks according to this Resolution.

8. To impose control of execution of this resolution on the vice-chairman of National Bank of the Kyrgyz Republic B. Zh. Zheenbayeva.

Chairman

T. Abdygulov

Appendix

to the Resolution of Board of National Bank of the Kyrgyz Republic of May 12, 2015 No. 27/8

Provision "About Electronic Money in the Kyrgyz Republic"

Chapter 1. General provisions

1. This Provision is developed in compliance with the Laws "About National Bank of the Kyrgyz Republic", "About Banks and Banking Activity in the Kyrgyz Republic", "About Payment System of the Kyrgyz Republic", "About Licensed Authorization System in the Kyrgyz Republic", "About Counteraction to Financing of Terrorism and to Legalization (Washing) of Income Gained in the Criminal Way" and regulatory legal acts of National Bank of the Kyrgyz Republic (further - National Bank).

2. This Provision determines procedure for release of electronic money by commercial banks, their distribution and cashing in (repayment), provision of payment services with use of electronic money in the territory of the Kyrgyz Republic, and also the main requirements to participants of system.

3. This Provision also establishes requirements to the operators of payment systems, agents extending electronic money, providing services with their use and making transfer of electronic money by means of use of devices of access with the conclusion of the agency agreement with the bank issuing electronic money.

4. The National Bank is the single licensor in the territory of the Kyrgyz Republic having the right to grant the license to commercial banks on release of electronic money.

Chapter 2. Terms and determinations

5. In this Provision the following terms and determinations are used:

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