Kyrgyzstan Parliament Approves Bill for State Cryptocurrency Reserve and Regulation
Kyrgyzstan's Parliament has proposed a bill to create a state cryptocurrency reserve, regulate digital assets, and license mining operations. If signed by President Sadyr Japarov, the bill will:
- Expand presidential powers for issuing and regulating virtual assets
- Introduce regulatory sandboxes for testing fintech services
- Be expedited through three legislative sessions
The government previously expressed interest in collaborating with Binance on cryptocurrency policy and developing a strategic Bitcoin reserve. It is unclear if this legislation involved input from Binance or other organizations.
Asian Cryptocurrency Developments
The Asian cryptocurrency market is experiencing growth, with initiatives across the region to establish regulatory frameworks. In August, Philippine lawmakers introduced legislation for a national Bitcoin reserve, mandating annual purchases of 2,000 BTC over five years, locked for 20 years, allowing sales only to retire government debt.