The National Bank has introduced the concept of escrow accounts for virtual assets

The National Bank of Kyrgyzstan has amended the Instructions for Working with Bank Accounts, approving a new type of special account — an escrow account for virtual assets.

According to the document, an escrow account is opened on the basis of a tripartite agreement between the bank, the client, and the virtual asset service provider. It is intended for accounting and blocking funds until the terms of the transaction are fulfilled, after which the bank transfers the funds to the seller of the virtual assets.

The National Bank clarified that transactions with such accounts are carried out within the framework of the legislation on virtual assets and the current rules for the provision of services in this area. This addition became part of a broad package of amendments aimed at adapting the banking system to new financial technologies.

Now, escrow accounts for virtual assets are officially included in the list of special accounts, along with notary deposits and recultivation accounts.

Experts note that the introduction of this rule will create additional security guarantees for participants in digital asset transactions and make the market more transparent for banks.