On the adoption of the constitutional law of the Kyrgyz Republic “On the National Bank of the Kyrgyz Republic”

The Constitutional Law of the Kyrgyz Republic “On the National Bank of the Kyrgyz Republic” was adopted by the Jogorku Kenesh on June 30, 2022.

This constitutional Law determines the legal status, purpose and main tasks, the procedure for organizing activities, functions and powers of the National Bank of the Kyrgyz Republic.

The law provides, among other things:

– increase in the authorized capital of the National Bank of the Kyrgyz Republic at the expense of the required reserves of the National Bank;

– the possibility of granting credits/loans by the National Bank to subsidiaries and associates of the National Bank;

– in pursuance of the provisions of the Constitution of the Kyrgyz Republic, the provisions on the functional, organizational and financial independence of the National Bank are specified.

On Adoption of the Law of the Kyrgyz Republic “On Banks and Banking Activities”

The adopted Law of the Kyrgyz Republic dated August 11, 2022 No. 93 regulates the implementation of banking activities, the procedure for the creation, reorganization, liquidation of banks, the procedure for handling information constituting banking secrecy.

The activities of non-banking financial and credit organizations and other legal entities supervised by the National Bank are regulated by laws and other regulatory legal acts of the National Bank of the Kyrgyz Republic, unless otherwise provided by the constitutional Law of the Kyrgyz Republic “On the National Bank of the Kyrgyz Republic” and this Law.

On the adoption of the decision of the pilot project on awarding the status of “Digital Nomad” to foreign citizens

Decree of the Cabinet of Ministers of the Kyrgyz Republic dated August 18, 2022 No. 464 in order to create favorable conditions for the modern creative category of persons “Digital nomads” (“Digital nomad”), the development of innovative projects and high-tech sectors of the economy, attracting highly qualified foreign specialists in the field of information technology to the Kyrgyz Republic -communication technologies and creative industries, it was decided to conduct a pilot project to grant foreign citizens the status of “Digital nomad” from July 12, 2022 to December 31, 2023.

In case of successful implementation of the pilot project, following the results of the first half of the year, draft regulatory legal acts will be developed aimed at resolving the issues of assigning the status of “Digital nomad” to foreign citizens on an ongoing basis through the state digital platform.

On the approval of acts regulating certain issues in the field of gambling

Decree of the Cabinet of Ministers of the Kyrgyz Republic dated August 1, 2022 N 440 approved the Regulations on state regulation of gambling activities, on licensing gambling activities, on the procedure for reporting and disclosing information by gambling entities.

The Service for Regulation and Supervision of the Financial Market under the Ministry of Economy and Commerce of the Kyrgyz Republic is designated as the authorized state body for the regulation of gambling activities, with the exception of online casinos, electronic (virtual) casinos. The authorized state body for the regulation of gambling activities in terms of online casinos, electronic (virtual) casinos is the Service for Regulation and Supervision in the Communications Industry under the Ministry of Digital Development.

On the adoption of the Law of the Kyrgyz Republic “On the Park of Creative Industries”

The adopted Law of the Kyrgyz Republic dated August 8, 2022 No. 88 determines the legal status of the Creative Industries Park, management features and the procedure for its functioning.

According to the Law, the creative industry is a type of economic activity based on creativity and the creation of intellectual property products using talent, innovation, technology, cultural heritage, which results in a product, work, service of economic value.

The purpose of the Law of the Kyrgyz Republic “On the Park of Creative Industries” is to create a legal framework for the functioning of a special regime for the activities of entrepreneurs engaged in creative activities.

On Adoption of the Law of the Kyrgyz Republic “On Precious Metals and Precious Stones”

The purpose of the Law is to form a unified legislative framework for regulating the production

and circulation of precious metals and precious stones, state regulation and control over operations with precious metals, as well as creating conditions for the development of the jewelry industry in the Kyrgyz Republic and harmonizing national legislation in this area with the law of the Eurasian Economic union.

The new version of the law will ensure a unified legislative framework in the field of transactions with precious metals and precious stones, the creation of a transparent mechanism and the establishment of clear criteria and procedures for the circulation of precious metals and precious stones, and the development of the jewelry industry as a whole.

On the introduction of quantitative restrictions on the export of precious metals and commodities containing precious metals from the territory of the Kyrgyz Republic

After three days from the date of entry into force of the Resolution of the Cabinet of Ministers of the Kyrgyz Republic of August 1, 2022 N 429, quantitative restrictions are introduced on the export of precious metals and raw materials containing precious metals from the territory of the Kyrgyz Republic in accordance with the customs procedure for processing outside the customs territory in a unilateral order for a period of six months for commodity items 7106, 7107 00 000 0, 7108, 7109 00 000 0, 7111 00 000 0 FEACN of the EAEU in the amount of not more than 500 kg.

Оn clarification of the procedure for converting a foreign currency money transfer by the National Bank of the Kyrgyz Republic

According to the changes adopted by the Resolution of the Board of the National Bank of the Kyrgyz Republic dated July 27, 2022 N 2022-P-14 / 47-6-(PS), the money transfer will be converted by banks of the Kyrgyz Republic only at the rate indicated in the information stand of the buying and selling rates of foreign currencies (as for cash currency exchange).

On establishing the amount of fees for state registration (re-registration) and registration of the termination of activities of legal entities, branches (representative offices)

Decree of the Cabinet of Ministers of the Kyrgyz Republic dated August 23, 2022 No. 470 establishes the fees for state registration (re-registration) and registration of the termination of activities of legal entities, branches (representative offices).

For the state registration of legal entities, branches (representative offices) within the period established by the legislation of the Kyrgyz Republic, a fee of 507 soms is determined; for state re-registration – 457 soms; for state registration of termination of activities of legal entities, branches (representative offices) – 526 soms.