Good news for crypto owners, another governmental bold move!!

We've seen a couple of bold moves on the governmental levels, Once with El-Salvador, then once again with Ukraine when they received crypto donations.

We're now witnessing a new bold move, as Kyrgyzstan has regulated the crypto exchanges and the crypto mining industry, but, still there are no laws governing the circulation of cryptocurrencies in the country.

Kyrgyz member of parliament (MP) Karim Khanjeza called for the legalization of cryptocurrency in the country during a parliamentary committee meeting on law and order and combating corruption.

The member of Parliament Khanjeza encouraged developing a legal framework for the crypto market and suggested amendments for the [Draft Law] to incorporate virtual assets. He said: "Nothing is growing as fast as cryptocurrency"

He also said that Kyrgyzstan is greatly positioned to take advantage of the uprising crypto popularity and suggested launching their own national cryptocurrency.

He added that the government should focus on developing a sovereign national digital currency overlooked by the national bank, reported a local daily

He also advocated for building a local crypto hub by onboarding highly qualified specialists in the crypto field, it's a strategy followed by the likes of the UAE to become a regional hub for the growing crypto market.

The central Asian nation has taken serious steps toward being crypto-fiendly with remarkable progress in regulating the market. Bitcoin is considered a commodity and it's even allowed to mine and transact under commodity laws.

In August 3032, the government introduced a national crypto framework for crypto exchanges, giving them legal existence in the country.

But, still, there are no current laws to regulate the circulation of cryptocurrencies, there is only the draft law on the "turnover of cryptocurrencies" suggested by the national bank.

Kyrgyzstan's government has started working towards regulating the crypto mining industry, but the growing energy crisis caused by illegal crypto mining led to several crackdowns last years.

Most of the early-adopting countries like Kazakhstan and Iran had faced similar energy crises due to illegal crypto mining.

Follow us to receive the latest news and updates in the crypto world, and much more!

@hustleaccepted @marvelous4k @anassharkawy @givingyouapush
Follow these accounts and you'll receive follow backs and interactions