Abstract:

This paper examines the legal frameworks governing digital contracts in the Kyrgyz Republic, with a focus on their implications for economic integration, particularly within the banking sector. Drawing upon doctrinal legal analysis and empirical research, this study investigates the regulatory landscape governing digital contracting and remote banking services for foreign entities operating in Kyrgyzstan. The research methodology involves a comprehensive review of statutes, regulations, case law, and policy documents related to digital contracts and banking services, with a focus on European Union regulation. Particularly e-IDAS Regulation, Digital Services Act, and Digital Markets Act.

Central to this paper's argument is the assertion that the adoption of digital contracting mechanisms and remote banking services presents significant opportunities for advancing economic integration in Kyrgyzstan on the global stage. By embracing digital technologies, foreign individuals and companies can access banking services remotely, facilitating cross-border transactions and fostering international business partnerships. The analysis reveals that the legal framework surrounding digital contracting in Kyrgyzstan provides a conducive environment for foreign investment and promotes financial inclusion by enhancing access to banking services for foreign entities.

Moreover, the findings of this study contribute to the broader scholarly studies on digitalization in emerging economies and its impact on economic development. By offering insights into the legal frameworks governing digital contracts and remote banking services in Kyrgyzstan, this paper fills a gap in existing literature and provides a nuanced understanding of the opportunities and challenges associated with digitalization in the banking sector. Furthermore, the research sheds light on the role of legal frameworks in facilitating economic integration and promoting foreign investment in transitioning economies, thereby enriching discussions on the intersection of law, technology, and economic development.

In conclusion, this paper underscores the importance of robust legal frameworks for digital contracting in enhancing economic integration and facilitating business transactions. It advocates for continued regulatory reforms to support the growth of digital banking services and promote foreign investment, thereby positioning Kyrgyzstan as a dynamic player in the global marketplace.