President of Kyrgyzstan Sadyr Japarov signed a decree establishing the National Agency for Virtual Assets and Blockchain Technologies under the President of the Kyrgyz Republic.
The new agency will be formed on the basis of the existing Secretariat of the National Council for the Development of Virtual Assets and Blockchain Technologies. The agency will become the authorized body for implementing state policy and regulating the virtual asset sector.
As noted in the decree, the decision was made to improve the efficiency of public administration in this area by separating development, regulation, and oversight functions between government agencies.
The agency will receive some of the powers of the Financial Market Regulation and Supervision Service under the Ministry of Economy and Commerce. Within one month, the service has to transfer information systems, electronic databases, digital registries, software, hardware, and documents related to the regulation of virtual assets to the new agency.
Specifically, this concerns data on licenses and permits, the state registry of virtual asset issuances, and issues related to the issuance, circulation, and registration of digital assets in Kyrgyzstan.
The head of the National Agency will be appointed and dismissed by the President of the country.
The decree also approves the staffing level, remuneration system, and social guarantees for agency employees. Specifically, it provides for bonuses for the complexity and special importance of the work, health benefits, a thirteenth salary, and compensation for meals and transportation.
Furthermore, the document allows for the appointment of employees to vacant administrative government positions within the agency through a special procedure—without a competition.
The Cabinet of Ministers is instructed to bring its decisions into compliance with the decree within three months and ensure the implementation of all stipulated measures.
