Kyrgyzstan has proposed allowing banks and microfinance institutions to trade directly with cryptocurrencies.

Relevant amendments to the law "On virtual assets" have been brought for discussion by the Ministry of Economy. Financial institutions can now only store and transfer digital money, not trade it.

If parliament approves the changes, banks will be allowed to open their own crypto exchanges, work with virtual customer assets, and integrate crypto services into their products - exchange of cryptocurrencies will become a routine operation like currency conversion or money transfers. The regulatory framework will take six months to complete.