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Payment systems fall within licensing in Kyrgyzstan

The President of Kyrgyzstan Almazbek Atambayev signed the law under which the payment systems in the country are subject to licensing. Information Policy Department of the Presidential Administration reported.

It is noted that Almazbek Atambayev signed a law on amendments to the laws on the payment system and the Code of Administrative Responsibility. The law was adopted by the Parliament on January 19, 2017.

The activities of payment institutions and payment system operators — residents of Kyrgyzstan are prohibited without a license. If operators are not residents of the Kyrgyz Republic, they must be registered.

The National Bank will be a producer of the electronic money in Kyrgyzstan along with the commercial banks. As for the Code of Administrative Responsibility, it is complemented by the possibility to pay fines at the place of offense in non-cash form.