{"source":"Four Pillars Asia Digital Asset Policy Center","source_url":"https://policy.4pillars.io","license":"Free to reuse with attribution. Credit \"Four Pillars Asia Digital Asset Policy Center\" and link to the page you cite (every record carries its own `url`). Primary sources remain the property of their issuers.","terms_url":"https://policy.4pillars.io/developers#attribution","data":{"id":"KG","slug":"kyrgyzstan","iso_code":"KG","name":"Kyrgyzstan","region":"Central Asia","region_slug":"central-asia","status":"covered","status_label":"Full dossier","headline":"A fast-growing licensed crypto hub with KGS 2.7 trillion of 2025 turnover, now under a new agency and adding stablecoins and a state reserve.","financial_centre":"Bishkek","snapshot":{"exchanges":{"name":"Exchange licensing","level":"comprehensive","label":"Comprehensive","rank":4,"note":"NAVA licenses crypto exchanges and exchange offices under the 2022 law; 11 exchanges and 166 offices active"},"stablecoins":{"name":"Stablecoin regime","level":"partial","label":"Partial","rank":3,"note":"2026 amendments define stablecoins; gold-backed USDKG registered by the FSA in October 2025"},"tokenization":{"name":"Tokenisation & RWA","level":"developing","label":"Developing","rank":2,"note":"RWA tokens added to the law in January 2026; NAVA keeps the unified register of virtual asset issues"},"retail":{"name":"Retail access","level":"comprehensive","label":"Comprehensive","rank":4,"note":"Residents and non-residents may trade via licensed operators; residents barred from unlicensed ones"},"tax":{"name":"Tax clarity","level":"partial","label":"Partial","rank":3,"note":"Tax Code sets a 10% mining tax on power costs; VASPs and miners paid KGS 2.04 billion by late 2025"}},"counts":{"sources":21,"licences":4,"regulators":3},"last_reviewed":"2026-10-05","url":"https://policy.4pillars.io/kyrgyzstan","api_url":"https://policy.4pillars.io/api/v1/markets/kyrgyzstan","story":["Kyrgyzstan was one of the first Central Asian states to write a full crypto statute. The Law on Virtual Assets of 21 January 2022 took effect in July 2022, and a Cabinet resolution of 16 September 2022 set rules for three licensed businesses: virtual asset exchange operators (crypto exchange offices), virtual asset trading operators (crypto exchanges) and issuers, plus certificates for miners. The Financial Market Regulation and Supervision Service (FSA, also called Finnadzor) issued the licences until 2026, when licensing passed to a new National Agency for Virtual Assets and Blockchain Technologies (NAVA).","The market grew quickly. The register went from 6 exchange operators and 1 exchange in 2022 to more than 200 exchange operator licences by 2026, 166 of them active in October, and the FSA reports that providers turned over KGS 2.74 trillion in 2025 across 2.1 million transactions. In March 2025 the government raised the minimum capital of a crypto exchange to KGS 10 billion, but a presidential decree of March 2026 reset it to KGS 300 million from 1 July 2026, to be used for liquidity.","Growth brought scrutiny. In August 2025 the US Treasury designated Grinex, a Kyrgyz-licensed exchange it described as the successor to Garantex, and Old Vector, the Kyrgyz issuer of the rouble-backed A7A5 token; the UK sanctioned both and other Kyrgyz entities days later. The government responded with Resolution No. 625 of 30 September 2025, which requires on-chain AML screening, bans anonymous wallets and high-risk assets, and vets key staff against sanctions lists, and in July 2026 the FSA revoked Grinex's licence for breaches of the law. At the same time the state moved into the market itself: on 31 October 2025 the FSA registered USDKG, a gold-backed dollar stablecoin issued by a Finance Ministry company, and the Law of 19 January 2026 added stablecoins, RWA tokens, state mining and a state crypto reserve to the statute. It also split the roles: in May 2026 the President created NAVA to set policy, license providers and register token issues, and in July 2026 the Cabinet made the FSA the supervision and control body.","For builders, Kyrgyzstan is open to residents and foreigners through licensed firms; exchange offices face a KGS 40 million capital floor and exchanges KGS 300 million. Compliance expectations have risen sharply, and NAVA's implementing rules for the 2026 amendments were still in draft in October 2026. Watch the National Bank's digital som pilot and how the state reserve and state mining are set up."],"watch":["NAVA's seven draft rules, published for comment in July 2026, on licensing exchanges and exchange offices, stablecoins, RWA tokens, a regulatory sandbox and mining.","The National Bank's digital som, which its 2025 to 2030 strategy takes from prototype to pilot and production, and use of the som-pegged KGST stablecoin.","Enforcement by NAVA and the FSA under Resolution No. 625 after the revocations of Grinex, Only Finance and TengriCoin.","Further US, UK or EU sanctions steps involving Kyrgyz crypto firms and banks."],"key_numbers":[{"value":"KGS 2.74T","label":"Turnover of licensed virtual asset providers in 2025","as_of":"2025-12-31"},{"value":"11","label":"Licensed crypto exchanges (trading operators)","as_of":"2026-10-05"},{"value":"KGS 300M","label":"Minimum charter capital for a crypto exchange","as_of":"2026-07-01"},{"value":"USD 50.1M","label":"First issue of the gold-backed USDKG stablecoin","as_of":"2025-10-31"}],"jurisdictions":null,"regulators":[{"id":"kg-nava","abbr":"NAVA","name":"National Agency for Virtual Assets and Blockchain Technologies under the President","role":"Sets virtual asset policy, licenses exchanges and exchange offices, certifies miners and registers token issues.","remit":"Created by Presidential Decree No. 186 of 28 May 2026 from the secretariat of the National Council on virtual assets, as the authorised body for policy and regulation under the amended Law on Virtual Assets.","crypto":"Took over the licensing files, registers and the Unified State Register of token issues from the FSA in 2026. It keeps the public registers of crypto exchanges (11 active), exchange offices (166) and miners (6), and in July 2026 published seven draft rules on licensing, stablecoins, RWA tokens, a sandbox and mining.","licences":["Virtual asset trading operator (crypto exchange) licence","Virtual asset exchange operator licence","Virtual asset issue registration","Mining certificate"],"jurisdiction":null,"source_url":"https://nava.gov.kg/","url":"https://policy.4pillars.io/kyrgyzstan#regulators","market":{"slug":"kyrgyzstan","iso_code":"KG","name":"Kyrgyzstan","url":"https://policy.4pillars.io/kyrgyzstan"}},{"id":"kg-fsa","abbr":"FSA","name":"Financial Market Regulation and Supervision Service under the Ministry of Economy and Commerce","role":"Supervision and control body for virtual asset service providers; licensed them from 2022 until NAVA took over in 2026.","remit":"Government regulator under the Ministry of Economy and Commerce that licenses and supervises Kyrgyzstan's non-bank financial market, including securities and insurance.","crypto":"Licensed crypto exchanges and offices, registered token issues (including USDKG in October 2025) and certified miners from 2022. Cabinet Resolution No. 516 of 30 July 2026 made it the supervision and control body for virtual assets, including licence compliance and AML checks; it revoked Grinex's licence in July 2026.","licences":[],"jurisdiction":null,"source_url":"https://fsa.gov.kg/","url":"https://policy.4pillars.io/kyrgyzstan#regulators","market":{"slug":"kyrgyzstan","iso_code":"KG","name":"Kyrgyzstan","url":"https://policy.4pillars.io/kyrgyzstan"}},{"id":"kg-nbkr","abbr":"NBKR","name":"National Bank of the Kyrgyz Republic","role":"Central bank; developing the digital som CBDC under its 2025 to 2030 strategy.","remit":"Kyrgyzstan's central bank. It sets monetary policy, issues the som, licenses and supervises banks, and oversees payment systems.","crypto":"Does not license crypto firms; NAVA licenses them and the FSA supervises them. It is developing a digital som CBDC, which its 2025 to 2030 strategy takes from prototype to a pilot with real payments and then to production.","licences":[],"jurisdiction":null,"source_url":"https://www.nbkr.kg/index.jsp?lang=ENG","url":"https://policy.4pillars.io/kyrgyzstan#regulators","market":{"slug":"kyrgyzstan","iso_code":"KG","name":"Kyrgyzstan","url":"https://policy.4pillars.io/kyrgyzstan"}}],"licences":[{"id":"kg-virtual-asset-trading-operator-crypto-exchange-licence","name":"Virtual asset trading operator (crypto exchange) licence","regulator":{"abbr":"NAVA","name":"National Agency for Virtual Assets and Blockchain Technologies under the President","url":"https://nava.gov.kg/"},"law":"Law on Virtual Assets (2022, amended 2026); Cabinet Resolution No. 514 (2022), as amended in 2025 and 2026; Presidential Decree No. 112 (2026)","covers":"Running a trading platform that matches buyers and sellers of virtual assets.","requirements":["Minimum charter capital of KGS 300 million from 1 July 2026, to be used to provide liquidity","No owners, managers or bank accounts in offshore zones","AML/KYT screening through providers approved by the authorities and no anonymous wallets","Key staff approved by the authorised body and checked against sanctions lists","Annual audit and five-year AML record keeping"],"holders":11,"holders_as_of":"2026-10-05","notable_holders":["Envoys Vision Digital Exchange","Bitcore","Biatex","TokenSpot","Central Asia Exchange","Coin Nomad Exchange","BitRuby","XPrime"],"register_url":"https://nava.gov.kg/registries/trading-operators","jurisdiction":null,"url":"https://policy.4pillars.io/kyrgyzstan/licences#lic-1","market":{"slug":"kyrgyzstan","iso_code":"KG","name":"Kyrgyzstan","url":"https://policy.4pillars.io/kyrgyzstan"}},{"id":"kg-virtual-asset-exchange-operator-licence","name":"Virtual asset exchange operator licence","regulator":{"abbr":"NAVA","name":"National Agency for Virtual Assets and Blockchain Technologies under the President","url":"https://nava.gov.kg/"},"law":"Law on Virtual Assets (2022, amended 2026); Cabinet Resolution No. 514 (2022), as amended by No. 625 (2025)","covers":"Exchanging virtual assets for money or other virtual assets as a counterparty, the typical crypto exchange office.","requirements":["Minimum charter capital of 400,000 calculation units (KGS 40 million) in cash","No borrowed capital and no offshore owners","AML/KYT screening and client identification, including remote onboarding","Annual audit"],"holders":166,"holders_as_of":"2026-10-05","notable_holders":[],"register_url":"https://nava.gov.kg/registries/exchange-operators","jurisdiction":null,"url":"https://policy.4pillars.io/kyrgyzstan/licences#lic-2","market":{"slug":"kyrgyzstan","iso_code":"KG","name":"Kyrgyzstan","url":"https://policy.4pillars.io/kyrgyzstan"}},{"id":"kg-virtual-asset-issue-registration","name":"Virtual asset issue registration","regulator":{"abbr":"NAVA","name":"National Agency for Virtual Assets and Blockchain Technologies under the President","url":"https://nava.gov.kg/"},"law":"Law on Virtual Assets (2022), as amended by Law No. 3 (2026)","covers":"Registering an issue of virtual assets, including stablecoins and RWA tokens, in the Unified State Register.","requirements":["Registration of the issue with NAVA (the FSA until 2026) before placement","Disclosure of the backing for asset-backed tokens","Compliance with the issuance and circulation regulation"],"holders":null,"holders_as_of":null,"notable_holders":["Virtual Assets Issuer OJSC (USDKG)"],"register_url":null,"jurisdiction":null,"url":"https://policy.4pillars.io/kyrgyzstan/licences#lic-3","market":{"slug":"kyrgyzstan","iso_code":"KG","name":"Kyrgyzstan","url":"https://policy.4pillars.io/kyrgyzstan"}},{"id":"kg-mining-certificate","name":"Mining certificate","regulator":{"abbr":"NAVA","name":"National Agency for Virtual Assets and Blockchain Technologies under the President","url":"https://nava.gov.kg/"},"law":"Law on Virtual Assets (2022); Cabinet mining registration and certification procedure (Resolution No. 514)","covers":"Industrial crypto mining by legal entities and individual entrepreneurs.","requirements":["State registration and a mining certificate, now issued by NAVA","Reporting of the wallets used to hold mined coins","Technical and fire safety compliance","Payment of the mining tax of 10% of electricity charges"],"holders":6,"holders_as_of":"2026-10-05","notable_holders":[],"register_url":"https://nava.gov.kg/registries/miners","jurisdiction":null,"url":"https://policy.4pillars.io/kyrgyzstan/licences#lic-4","market":{"slug":"kyrgyzstan","iso_code":"KG","name":"Kyrgyzstan","url":"https://policy.4pillars.io/kyrgyzstan"}}],"milestones":[{"date":"2022-01-21","date_precision":"day","title":"Law on Virtual Assets signed","detail":"Law No. 12 created licensing for crypto service providers and took effect in July 2022."},{"date":"2022-09-16","date_precision":"day","title":"Cabinet approves VASP rulebook","detail":"Resolution No. 514 set rules for exchange operators, crypto exchanges, token issuance and mining."},{"date":"2025-03-06","date_precision":"day","title":"Crypto exchange capital raised to KGS 10 billion","detail":"Cabinet Resolution No. 117 amended the trading operator rules."},{"date":"2025-08-14","date_precision":"day","title":"US sanctions Grinex and A7A5 issuer Old Vector","detail":"The UK sanctioned Grinex, Old Vector, Tengricoin and Capital Bank of Central Asia on 20 August 2025."},{"date":"2025-09-30","date_precision":"day","title":"Resolution No. 625 tightens AML and sanctions controls","detail":"It requires AML/KYT screening, bans anonymous wallets and high-risk assets, and mandates annual audits."},{"date":"2025-10-31","date_precision":"day","title":"FSA registers the gold-backed USDKG stablecoin","detail":"The first issue of 50,140,738 tokens came from a company owned by the Ministry of Finance."},{"date":"2026-01-19","date_precision":"day","title":"Virtual assets law amended","detail":"Law No. 3 added stablecoin, RWA token, state mining and state crypto reserve provisions."},{"date":"2026-02-10","date_precision":"day","title":"FSA reports KGS 2.74 trillion of 2025 turnover","detail":"Providers processed 2,122,177 transactions in 2025, with crypto exchanges handling KGS 157 billion."},{"date":"2026-03-13","date_precision":"day","title":"Crypto exchange capital reset to KGS 300 million","detail":"Presidential Decree No. 112 set the new minimum from 1 July 2026, replacing the KGS 10 billion rule."},{"date":"2026-05-28","date_precision":"day","title":"National Agency for Virtual Assets created","detail":"Presidential Decree No. 186 made NAVA the policy, regulation and licensing body; the FSA became the supervisor in July."},{"date":"2026-07-15","date_precision":"day","title":"FSA revokes Grinex and Only Finance licences","detail":"It cited breaches of the Law on Virtual Assets."}],"sources":[{"id":"kg-a0d3475f","title":"Law on Virtual Assets (No. 12)","local_title":"Закон Кыргызской Республики «О виртуальных активах»","issuer":"Jogorku Kenesh (Parliament), via the Ministry of Justice legal database","date":"2022-01-21","date_precision":"day","status":"in-force","status_label":"In force","category":"framework","category_label":"Core framework","topic_slug":"asset-classification","summary":"The core statute defining virtual assets, service providers, issuance and mining, with licensing by the authorised body. Signed 21 January 2022, in force from July 2022; the link is the current edition as amended on 19 January 2026.","source_url":"https://cbd.minjust.gov.kg/112346/edition/45021/ru","url":"https://policy.4pillars.io/kyrgyzstan/regulation","market":{"slug":"kyrgyzstan","iso_code":"KG","name":"Kyrgyzstan","url":"https://policy.4pillars.io/kyrgyzstan"}},{"id":"kg-e77ec7f7","title":"Law on amendments to the Law on Virtual Assets (No. 3)","local_title":"Закон КР от 19 января 2026 года № 3 «О внесении изменений в Закон Кыргызской Республики „О виртуальных активах“»","issuer":"Jogorku Kenesh (Parliament), via the Ministry of Justice legal database","date":"2026-01-19","date_precision":"day","status":"in-force","status_label":"In force","category":"framework","category_label":"Core framework","topic_slug":"asset-classification","summary":"Redefines stablecoins and adds RWA tokens, state cryptocurrency mining, a state cryptocurrency reserve and presidential power to set pilot regimes. It splits the authorities into a policy, regulation and licensing body named by the President and a supervision body named by the Cabinet. In force ten days after publication on 23 January 2026.","source_url":"https://cbd.minjust.gov.kg/4-5695/edition/44884/ru","url":"https://policy.4pillars.io/kyrgyzstan/regulation","market":{"slug":"kyrgyzstan","iso_code":"KG","name":"Kyrgyzstan","url":"https://policy.4pillars.io/kyrgyzstan"}},{"id":"kg-b35ef1b6","title":"Presidential Decree No. 112 on the minimum charter capital of virtual asset trading operators","local_title":"Указ Президента КР от 13 марта 2026 года № 112 «Об установлении минимального размера уставного капитала оператора торгов виртуальных активов»","issuer":"President of the Kyrgyz Republic, via the Ministry of Justice legal database","date":"2026-03-13","date_precision":"day","status":"in-force","status_label":"In force","category":"exchanges","category_label":"Exchanges & custody","topic_slug":"exchanges-brokerage","summary":"Sets the minimum charter capital of a crypto exchange at KGS 300 million from 1 July 2026, replacing the KGS 10 billion rule, and requires the capital to be used to provide liquidity.","source_url":"https://cbd.minjust.gov.kg/230043833/edition/50630/ru","url":"https://policy.4pillars.io/kyrgyzstan/regulation","market":{"slug":"kyrgyzstan","iso_code":"KG","name":"Kyrgyzstan","url":"https://policy.4pillars.io/kyrgyzstan"}},{"id":"kg-385c1056","title":"Presidential Decree No. 186 on the authorised body for policy and regulation of virtual assets","local_title":"Указ Президента КР от 28 мая 2026 года № 186 «О вопросах уполномоченного органа по реализации политики и регулированию в сфере виртуальных активов Кыргызской Республики»","issuer":"President of the Kyrgyz Republic, via the Ministry of Justice legal database","date":"2026-05-28","date_precision":"day","status":"in-force","status_label":"In force","category":"framework","category_label":"Core framework","topic_slug":"asset-classification","summary":"Creates the National Agency for Virtual Assets and Blockchain Technologies (NAVA) under Article 10 of the amended law, from the secretariat of the National Council, and orders the FSA to hand over within a month its virtual asset licensing files, registers and the Unified State Register of token issues. In force ten days after publication on 29 May 2026.","source_url":"https://cbd.minjust.gov.kg/230047406/edition/54552/ru","url":"https://policy.4pillars.io/kyrgyzstan/regulation","market":{"slug":"kyrgyzstan","iso_code":"KG","name":"Kyrgyzstan","url":"https://policy.4pillars.io/kyrgyzstan"}},{"id":"kg-dcd1a1df","title":"Cabinet Resolution No. 516 on the authorised body for supervision and control of virtual assets","local_title":"Постановление Кабинета Министров КР от 30 июля 2026 года № 516 «О вопросах уполномоченного органа по надзору и контролю в сфере виртуальных активов»","issuer":"Cabinet of Ministers, via the Ministry of Justice legal database","date":"2026-07-30","date_precision":"day","status":"in-force","status_label":"In force","category":"exchanges","category_label":"Exchanges & custody","topic_slug":"exchanges-brokerage","summary":"Names the FSA as the supervision and control body for virtual assets, covering licence compliance and AML monitoring, removes its licensing role, and repeals the KGS 10 billion exchange capital clause. It applies from 9 June 2026.","source_url":"https://cbd.minjust.gov.kg/230049286/edition/56682/ru","url":"https://policy.4pillars.io/kyrgyzstan/regulation","market":{"slug":"kyrgyzstan","iso_code":"KG","name":"Kyrgyzstan","url":"https://policy.4pillars.io/kyrgyzstan"}},{"id":"kg-2d714866","title":"NAVA publishes draft rules on virtual asset licensing, stablecoins and RWA tokens for public comment","local_title":null,"issuer":"National Agency for Virtual Assets and Blockchain Technologies (NAVA)","date":"2026-07-31","date_precision":"day","status":"consultation","status_label":"Consultation","category":"stablecoins","category_label":"Stablecoins & payments","topic_slug":"stablecoins-payments","summary":"A draft presidential decree with seven annexed rules implementing the January 2026 amendments, covering licensing of exchanges and exchange offices, stablecoin and RWA token issuance, enforcement measures, a regulatory sandbox and mining certificates. Still listed as drafts on NAVA's site in October 2026.","source_url":"https://nava.gov.kg/articles/20260731-draft_legal_acts","url":"https://policy.4pillars.io/kyrgyzstan/regulation","market":{"slug":"kyrgyzstan","iso_code":"KG","name":"Kyrgyzstan","url":"https://policy.4pillars.io/kyrgyzstan"}},{"id":"kg-84091802","title":"Law on Virtual Assets (FSA consolidated text)","local_title":null,"issuer":"Financial Market Regulation and Supervision Service (FSA)","date":"2025-11-10","date_precision":"day","status":"superseded","status_label":"Superseded","category":"framework","category_label":"Core framework","topic_slug":"asset-classification","summary":"The former regulator's consolidated text of the law as it stood before the January 2026 amendments, replaced by the 19 January 2026 edition in the Ministry of Justice database.","source_url":"https://fsa.gov.kg/2025/11/10/%d0%b7%d0%b0%d0%ba%d0%be%d0%bd-%d0%ba%d1%80-%d0%be-%d0%b2%d0%b8%d1%80%d1%82%d1%83%d0%b0%d0%bb%d1%8c%d0%bd%d1%8b%d1%85-%d0%b0%d0%ba%d1%82%d0%b8%d0%b2%d0%b0%d1%85/","url":"https://policy.4pillars.io/kyrgyzstan/regulation","market":{"slug":"kyrgyzstan","iso_code":"KG","name":"Kyrgyzstan","url":"https://policy.4pillars.io/kyrgyzstan"}},{"id":"kg-67dc9a6a","title":"Regulation on virtual asset trading operators (crypto exchanges) and their register","local_title":"Положение о деятельности оператора торгов виртуальных активов (криптобиржи) и ведении Реестра операторов торгов","issuer":"Cabinet of Ministers (Resolution No. 514), via the Ministry of Justice legal database","date":"2026-07-30","date_precision":"day","status":"in-force","status_label":"In force","category":"exchanges","category_label":"Exchanges & custody","topic_slug":"exchanges-brokerage","summary":"Rules for crypto exchanges, as amended by Resolutions No. 625 (2025) and No. 516 (2026): fit-and-proper owners, AML and travel rule duties and service to residents and non-residents. Resolution No. 516 removed the KGS 10 billion capital clause; the minimum is now set by presidential decree.","source_url":"https://cbd.minjust.gov.kg/230005957/edition/56789/ru","url":"https://policy.4pillars.io/kyrgyzstan/regulation","market":{"slug":"kyrgyzstan","iso_code":"KG","name":"Kyrgyzstan","url":"https://policy.4pillars.io/kyrgyzstan"}},{"id":"kg-50528c9e","title":"Regulation on virtual asset exchange operators and their register","local_title":"Положение о деятельности оператора обмена виртуальных активов и ведении Реестра операторов обмена виртуальных активов","issuer":"Cabinet of Ministers (Resolution No. 514), published by the FSA","date":"2025-09-30","date_precision":"day","status":"in-force","status_label":"In force","category":"exchanges","category_label":"Exchanges & custody","topic_slug":"exchanges-brokerage","summary":"Rules for crypto exchange offices: capital of 400,000 calculation units (KGS 40 million), no borrowed capital or offshore owners, and a ban on residents using unlicensed operators.","source_url":"https://fsa.gov.kg/2025/11/11/%d0%bf%d0%be%d0%bb%d0%be%d0%b6%d0%b5%d0%bd%d0%b8%d0%b5-%d0%be-%d0%b4%d0%b5%d1%8f%d1%82%d0%b5%d0%bb%d1%8c%d0%bd%d0%be%d1%81%d1%82%d0%b8-%d0%be%d0%bf%d0%b5%d1%80%d0%b0%d1%82%d0%be%d1%80%d0%b0-%d0%be/","url":"https://policy.4pillars.io/kyrgyzstan/regulation","market":{"slug":"kyrgyzstan","iso_code":"KG","name":"Kyrgyzstan","url":"https://policy.4pillars.io/kyrgyzstan"}},{"id":"kg-4f972990","title":"Regulation on issuance and circulation of virtual assets and the Unified State Register of virtual asset issues","local_title":"Положение об эмиссии (выпуске), обращении виртуальных активов и о порядке ведения Единого государственного реестра эмиссий","issuer":"Cabinet of Ministers (Resolution No. 514), published by the FSA","date":"2025-11-11","date_precision":"day","status":"in-force","status_label":"In force","category":"stablecoins","category_label":"Stablecoins & payments","topic_slug":"stablecoins-payments","summary":"Sets how issuers register token issues, including the USDKG stablecoin, and how issued virtual assets may circulate.","source_url":"https://fsa.gov.kg/2025/11/11/%d0%bf%d0%be%d0%bb%d0%be%d0%b6%d0%b5%d0%bd%d0%b8%d0%b5-%d0%be%d0%b1-%d1%8d%d0%bc%d0%b8%d1%81%d1%81%d0%b8%d0%b8-%d0%b2%d1%8b%d0%bf%d1%83%d1%81%d0%ba%d0%b5-%d0%be%d0%b1%d1%80%d0%b0%d1%89%d0%b5%d0%bd/","url":"https://policy.4pillars.io/kyrgyzstan/regulation","market":{"slug":"kyrgyzstan","iso_code":"KG","name":"Kyrgyzstan","url":"https://policy.4pillars.io/kyrgyzstan"}},{"id":"kg-10bd990e","title":"Procedure for registration and certification of mining activity","local_title":"Порядок регистрации и выдачи сертификата для деятельности по осуществлению майнинга","issuer":"Cabinet of Ministers, published by the FSA","date":"2025-11-10","date_precision":"day","status":"in-force","status_label":"In force","category":"framework","category_label":"Core framework","topic_slug":"asset-classification","summary":"How miners register and obtain a mining certificate, as amended in 2025; issued by the FSA until 2026 and now by NAVA, which has published a draft replacement.","source_url":"https://fsa.gov.kg/2025/11/10/%d0%bf%d0%be%d1%80%d1%8f%d0%b4%d0%be%d0%ba-%d1%80%d0%b5%d0%b3%d0%b8%d1%81%d1%82%d1%80%d0%b0%d1%86%d0%b8%d0%b8-%d0%b8-%d0%b2%d1%8b%d0%b4%d0%b0%d1%87%d0%b8-%d1%81%d0%b5%d1%80%d1%82%d0%b8%d1%84%d0%b8-2/","url":"https://policy.4pillars.io/kyrgyzstan/regulation","market":{"slug":"kyrgyzstan","iso_code":"KG","name":"Kyrgyzstan","url":"https://policy.4pillars.io/kyrgyzstan"}},{"id":"kg-c1978e72","title":"Stricter requirements for virtual asset service providers (Cabinet Resolution No. 625)","local_title":"Ужесточены требования к поставщикам услуг виртуальных активов","issuer":"Financial Market Regulation and Supervision Service (FSA)","date":"2025-09-30","date_precision":"day","status":"in-force","status_label":"In force","category":"aml","category_label":"AML & travel rule","topic_slug":"aml-travel-rule","summary":"Explains Resolution No. 625: mandatory AML/KYT screening through approved providers, bans on anonymous wallets, NFTs and high-risk assets, sanctions checks on key staff and annual audits.","source_url":"https://fsa.gov.kg/2025/10/02/%d1%83%d0%b6%d0%b5%d1%81%d1%82%d0%be%d1%87%d0%b5%d0%bd%d1%8b-%d1%82%d1%80%d0%b5%d0%b1%d0%be%d0%b2%d0%b0%d0%bd%d0%b8%d1%8f-%d0%ba-%d0%bf%d0%be%d1%81%d1%82%d0%b0%d0%b2%d1%89%d0%b8%d0%ba%d0%b0%d0%bc/","url":"https://policy.4pillars.io/kyrgyzstan/regulation","market":{"slug":"kyrgyzstan","iso_code":"KG","name":"Kyrgyzstan","url":"https://policy.4pillars.io/kyrgyzstan"}},{"id":"kg-29374959","title":"Register of virtual asset trading operators (crypto exchanges)","local_title":"Реестр операторов торгов виртуальных активов","issuer":"National Agency for Virtual Assets and Blockchain Technologies (NAVA)","date":"2026-10-05","date_precision":"day","status":"in-force","status_label":"In force","category":"exchanges","category_label":"Exchanges & custody","topic_slug":"exchanges-brokerage","summary":"Official list of licensed crypto exchanges with registration numbers and status, taken over from the FSA in 2026: 11 active, with Only Finance and TengriCoin shown as revoked (checked 5 October 2026).","source_url":"https://nava.gov.kg/registries/trading-operators","url":"https://policy.4pillars.io/kyrgyzstan/regulation","market":{"slug":"kyrgyzstan","iso_code":"KG","name":"Kyrgyzstan","url":"https://policy.4pillars.io/kyrgyzstan"}},{"id":"kg-01ab64f5","title":"Register of virtual asset exchange operators","local_title":"Реестр операторов обмена виртуальных активов","issuer":"National Agency for Virtual Assets and Blockchain Technologies (NAVA)","date":"2026-10-05","date_precision":"day","status":"in-force","status_label":"In force","category":"exchanges","category_label":"Exchanges & custody","topic_slug":"exchanges-brokerage","summary":"Official list of licensed crypto exchange offices: 202 firms, of which 166 active, 3 suspended and 33 revoked (checked 5 October 2026). NAVA's counter shows 168 because one active firm is listed three times.","source_url":"https://nava.gov.kg/registries/exchange-operators","url":"https://policy.4pillars.io/kyrgyzstan/regulation","market":{"slug":"kyrgyzstan","iso_code":"KG","name":"Kyrgyzstan","url":"https://policy.4pillars.io/kyrgyzstan"}},{"id":"kg-edddb5b1","title":"Report on virtual asset service providers, 2022 to 2025","local_title":"Поставщики (провайдеры) услуг виртуальных активов","issuer":"Financial Market Regulation and Supervision Service (FSA)","date":"2026-02-10","date_precision":"day","status":"guidance","status_label":"Guidance","category":"consumer","category_label":"Investor protection","topic_slug":"investor-protection","summary":"Market data: licences added each year since 2022, KGS 2.74 trillion of provider turnover and 2,122,177 transactions in 2025, and KGS 157 billion on crypto exchanges.","source_url":"https://fsa.gov.kg/2026/02/10/%d0%be%d1%82%d1%87%d0%b5%d1%82-%d0%bf%d0%be-%d0%b2%d0%b8%d1%80%d1%82%d1%83%d0%b0%d0%bb%d1%8c%d0%bd%d1%8b%d0%bc-%d0%b0%d0%ba%d1%82%d0%b8%d0%b2%d0%b0%d0%bc-%d0%ba%d1%8b%d1%80%d0%b3%d1%8b%d0%b7%d1%81/","url":"https://policy.4pillars.io/kyrgyzstan/regulation","market":{"slug":"kyrgyzstan","iso_code":"KG","name":"Kyrgyzstan","url":"https://policy.4pillars.io/kyrgyzstan"}},{"id":"kg-631d98ed","title":"Development and regulation of the virtual asset market in the Kyrgyz Republic","local_title":null,"issuer":"Financial Market Regulation and Supervision Service (FSA)","date":"2025-11-20","date_precision":"day","status":"guidance","status_label":"Guidance","category":"stablecoins","category_label":"Stablecoins & payments","topic_slug":"stablecoins-payments","summary":"Records registration of the gold-backed USDKG issue on 31 October 2025, 185 exchange office licences, 13 exchange licences, 10 mining certificates and KGS 2.04 billion of taxes paid.","source_url":"https://fsa.gov.kg/2025/11/20/%d1%80%d0%b0%d0%b7%d0%b2%d0%b8%d1%82%d0%b8%d0%b5-%d0%b8-%d1%80%d0%b5%d0%b3%d1%83%d0%bb%d0%b8%d1%80%d0%be%d0%b2%d0%b0%d0%bd%d0%b8%d0%b5-%d1%80%d1%8b%d0%bd%d0%ba%d0%b0-%d0%b2%d0%b8%d1%80%d1%82%d1%83-2/","url":"https://policy.4pillars.io/kyrgyzstan/regulation","market":{"slug":"kyrgyzstan","iso_code":"KG","name":"Kyrgyzstan","url":"https://policy.4pillars.io/kyrgyzstan"}},{"id":"kg-f3e8eace","title":"FSA revokes licences of a virtual asset exchange operator and a crypto exchange","local_title":null,"issuer":"Financial Market Regulation and Supervision Service (FSA)","date":"2026-07-15","date_precision":"day","status":"guidance","status_label":"Guidance","category":"consumer","category_label":"Investor protection","topic_slug":"investor-protection","summary":"Revokes the licences of Grinex LLC and Only Finance CJSC for breaches of the Law on Virtual Assets.","source_url":"https://fsa.gov.kg/2026/07/15/%d1%84%d0%b8%d0%bd%d0%bd%d0%b0%d0%b4%d0%b7%d0%be%d1%80%d0%be%d0%bc-%d0%be%d1%82%d0%be%d0%b7%d0%b2%d0%b0%d0%bd%d1%8b-%d1%80%d0%b0%d0%bd%d0%b5%d0%b5-%d0%b2%d1%8b%d0%b4%d0%b0%d0%bd%d0%bd%d1%8b/","url":"https://policy.4pillars.io/kyrgyzstan/regulation","market":{"slug":"kyrgyzstan","iso_code":"KG","name":"Kyrgyzstan","url":"https://policy.4pillars.io/kyrgyzstan"}},{"id":"kg-ad638bfc","title":"Tax Code of the Kyrgyz Republic","local_title":"Налоговый кодекс Кыргызской Республики","issuer":"Jogorku Kenesh (Parliament), via the Ministry of Justice legal database","date":"2022-01-18","date_precision":"day","status":"in-force","status_label":"In force","category":"tax","category_label":"Tax","topic_slug":"tax","summary":"Sets the mining tax at 10% of electricity charges, in place of profit tax, VAT and sales tax, and covers the taxation of virtual asset sales and service providers. Current edition of 6 August 2026.","source_url":"https://cbd.minjust.gov.kg/112340/edition/57656/ru","url":"https://policy.4pillars.io/kyrgyzstan/regulation","market":{"slug":"kyrgyzstan","iso_code":"KG","name":"Kyrgyzstan","url":"https://policy.4pillars.io/kyrgyzstan"}},{"id":"kg-ae563356","title":"Treasury sanctions cryptocurrency exchange and network enabling sanctions evasion and cyber criminals","local_title":null,"issuer":"US Department of the Treasury, Office of Foreign Assets Control (OFAC)","date":"2025-08-14","date_precision":"day","status":"in-force","status_label":"In force","category":"aml","category_label":"AML & travel rule","topic_slug":"aml-travel-rule","summary":"Designated Grinex as the successor to Garantex and Old Vector, the Kyrgyz issuer of the rouble-backed A7A5 token, along with other firms in Russia and Kyrgyzstan.","source_url":"https://home.treasury.gov/news/press-releases/sb0225","url":"https://policy.4pillars.io/kyrgyzstan/regulation","market":{"slug":"kyrgyzstan","iso_code":"KG","name":"Kyrgyzstan","url":"https://policy.4pillars.io/kyrgyzstan"}},{"id":"kg-a2677fb5","title":"UK targets sanctions circumvention and crypto networks exploited by Russia","local_title":null,"issuer":"UK Government (Foreign, Commonwealth and Development Office)","date":"2025-08-20","date_precision":"day","status":"in-force","status_label":"In force","category":"aml","category_label":"AML & travel rule","topic_slug":"aml-travel-rule","summary":"Sanctioned Capital Bank of Central Asia, Grinex, Tengricoin, Old Vector and others linked to the A7A5 token.","source_url":"https://www.gov.uk/government/news/uk-targets-sanctions-circumvention-and-crypto-networks-exploited-by-russia","url":"https://policy.4pillars.io/kyrgyzstan/regulation","market":{"slug":"kyrgyzstan","iso_code":"KG","name":"Kyrgyzstan","url":"https://policy.4pillars.io/kyrgyzstan"}},{"id":"kg-5db7527b","title":"Strategic Directions of the National Bank of the Kyrgyz Republic for 2025 to 2030","local_title":"Стратегические направления Национального банка Кыргызской Республики на 2025-2030 годы","issuer":"National Bank of the Kyrgyz Republic (NBKR)","date":"2025-01-01","date_precision":"year","status":"guidance","status_label":"Guidance","category":"cbdc","category_label":"CBDC & tokenised money","topic_slug":"cbdc","summary":"Sets the digital som path from proof of concept and prototype to a pilot with real payments and then production.","source_url":"https://www.nbkr.kg/index1.jsp?item=3326&lang=RUS","url":"https://policy.4pillars.io/kyrgyzstan/regulation","market":{"slug":"kyrgyzstan","iso_code":"KG","name":"Kyrgyzstan","url":"https://policy.4pillars.io/kyrgyzstan"}}]}}