Kyrgyzstan: Online casino payments will be accepted in foreign currency
A draft law on making payments to virtual casinos in foreign currency was published in Kyrgyzstan on April 5, 2023. The initiator of the project was the National Bank of the state. The bill states that all gaming platforms (online casinos, gaming halls, etc.) that have received local licenses to provide gambling services will be able to accept transactions from foreigners in the currencies of their countries. At the same time, at the time of payment, foreigners must be on the territory of the republic.
It should be recalled that previously there was a law in the country that prohibited the use of foreign currencies on the territory of Kyrgyzstan. Incidentally, the decree on the legalization of gambling activities in the republic for foreign tourists was signed by President Sadyr Japarov last summer. According to it, only foreign nationals can visit online casinos, make deposits and play for money.
Opening online casinos is allowed for companies registered as legal entities in the country. A license to provide gambling services is issued for 10 years. The procedure for issuing them is determined by the Cabinet of Ministers. As of April 2023, not a single license to open virtual casinos has been issued yet.
It is known that the gambling industry brings a solid income to the budget of any country where it is legalized. At the same time, prohibitions lead to the emergence of illegal gambling establishments and the growth of fraud in this area. Gamblers are not protected before the law, and the detection of underground casinos is not always effective. In some CIS countries, special gambling zones have been opened in which casinos can be opened and visitors can participate in games for real money. There are four such zones in Russia. The commissioning of the fifth, which will presumably be located in Crimea, is still in question.
