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Kyrgyzstan plans to ban binary options

Proposal to ban binary options in Kyrgyzstan was made by the State Service for Regulation and Supervision over the Financial Market. The document was submitted for public discussion.

As the agency explained to 24.kg news agency, over-the-counter market is forming in the republic, consequently, the risk of uncontrolled spread of gambling transactions that are not backed by the underlying asset is growing.

Gambling transactions have a large number of signs of gamble and a bookmaker’s office. Analytical work has shown that the main part of such companies are registered in offshore zones. This facilitates the withdrawal of money to foreign accounts. A number of European countries have already introduced a complete ban on gambling.

A gambling transaction is any risk-based transaction that allows to derive revenue based on the forecast and not related to the possibility of purchasing a real product. An obligatory condition for participation in a gambling transaction is payment by a participant of money (electronic money), including through the system of electronic payments, which enables the participant to receive income in any form, and not to receive it depending on chance. The ban will be imposed on binary options, a contract for difference, forex.

A fine in the amount of 10,000 estimated rates (1 million soms) or imprisonment from one to three years is proposed for organization of gambling transactions.

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