The central bank for the Central Asian country of Kyrgyzstan is working on a draft law to regulate the cryptocurrency industry in the country. According to an announcement on Nov. 13, the National Bank of the Kyrgyz Republic is developing a draft law that would regulate cryptocurrency exchanges in consultation with industry stakeholders. The bank stated that the draft law would regulate the sale and purchase of cryptocurrencies with the aim of tackling fraudulent cryptocurrency schemes and financial crimes, as well as safeguarding consumer and investor rights. Among the expected benefits of the forthcoming regulations, the bank notes the improved development of digital financial products, favorable conditions for the business community and even the possible introduction of a formal tax regime for digital assets. However, the bank also expects crypto legislation to come with its own share of obstacles, stating that the cross-border nature of many private cryptocurrencies will make the law difficult to enforce without the proper infrastructure for monitoring and implementation. Indeed, the bank states that due to the “lack of regulation and the chaotic nature of the cryptocurrency market,” there is no hard data on the number of businesses that would be subject to the new law. Per the announcement, the bank expects firm crypto regulations to provide more certainty for crypto-related businesses and attract investment without a significant effect on the government budget. The bank will accept proposals for the draft law until Nov. 27, after which they will be published on the official register by Dec. 4. Solid crypto regulations would be a long time coming for the politically beleaguered nation. In August 2019 the parliament introduced a bill to tax cryptocurrency miners, only for authorities to cut off electricity to miners a month later due to reported overconsumption. Last summer, the parliament was still deliberating on a solid tax regime for cryptocurrency miners, but civil unrest has since derailed previous political initiatives, with a rump parliament electing nationalist opposition leader and former member of parliament Sadyr Japarov as acting president and prime minister on Oct. 7.

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Malaysia-based company IBF Net said it is seeking to implement blockchain technology in Islamic charities. According to a press release on its blog, blockchain technology will enhance the confidence of existing donors. It will also encourage new donors to give their zakat, a payment made under Islamic law for charitable giving, and sadaqah, or voluntary charity. The product, called RecurPay, will be on the Tezos platform and facilitate recurring and automatic small payments. IBF Net said blockchain technology would create a framework that will allow the donor to ensure that their payments, whether it is zakat, sadaqah, or cash endowments, reach the beneficiaries. If they have donations for a large project that is being implemented in stages, the donor can see the effect of their contribution on specific steps. According to IBF Net CEO Mohammed Alim, the implementation of blockchain technology will bring many advantages to Islamic charity, for example, enhanced transparency, reduced cost of intermediation, and an enhanced donor base like crypto-donors. The company clarified that the application of blockchain would not be limited to charitable works only. Later on, RecurPay may be applied in electronic commerce. The crypto world has been looking at charities for some time. As the COVID-19 pandemic goes on, crypto firms began giving or setting up charities to raise money for frontline workers. The charity also launched a blockchain platform focused on privacy to facilitate donations.

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