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Central Asia

Kyrgyzstan

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.

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KGS 2.74TTurnover of licensed virtual asset providers in 2025
11Licensed crypto exchanges (trading operators)
KGS 300MMinimum charter capital for a crypto exchange

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).

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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.

Who regulates

  • NAVANational Agency for Virtual Assets and Blockchain Technologies under the President

    In charge of

    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.

    On 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.

    NAVA website
  • FSAFinancial Market Regulation and Supervision Service under the Ministry of Economy and Commerce

    In charge of

    Government regulator under the Ministry of Economy and Commerce that licenses and supervises Kyrgyzstan's non-bank financial market, including securities and insurance.

    On 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.

    FSA website
  • NBKRNational Bank of the Kyrgyz Republic

    In charge of

    Kyrgyzstan's central bank. It sets monetary policy, issues the som, licenses and supervises banks, and oversees payment systems.

    On 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.

    NBKR website

What to 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.

Quick answers

Who regulates crypto in Kyrgyzstan?

Three authorities shape crypto rules in Kyrgyzstan. NAVA (National Agency for Virtual Assets and Blockchain Technologies under the President): sets virtual asset policy, licenses exchanges and exchange offices, certifies miners and registers token issues. FSA (Financial Market Regulation and Supervision Service under the Ministry of Economy and Commerce): supervision and control body for virtual asset service providers; licensed them from 2022 until NAVA took over in 2026. NBKR (National Bank of the Kyrgyz Republic): central bank; developing the digital som CBDC under its 2025 to 2030 strategy.

Do crypto exchanges need a licence in Kyrgyzstan?

Yes, under a dedicated regime. NAVA licenses crypto exchanges and exchange offices under the 2022 law; 11 exchanges and 166 offices active. The main licences are Virtual asset trading operator (crypto exchange) licence from NAVA, held by 11 as of 5 Oct 2026; Virtual asset exchange operator licence from NAVA, held by 166 as of 5 Oct 2026; and Virtual asset issue registration from NAVA. Four Pillars rates exchange licensing in Kyrgyzstan as comprehensive (reviewed 5 Oct 2026).

Are stablecoins regulated in Kyrgyzstan?

Yes, though the regime is narrow or still phasing in. 2026 amendments define stablecoins; gold-backed USDKG registered by the FSA in October 2025. The most recent official text is NAVA publishes draft rules on virtual asset licensing, stablecoins and RWA tokens for public comment (National Agency for Virtual Assets and Blockchain Technologies (NAVA), 31 Jul 2026, consultation). Four Pillars rates its stablecoin regime in Kyrgyzstan as partial (reviewed 5 Oct 2026).

How is crypto taxed in Kyrgyzstan?

Tax Code sets a 10% mining tax on power costs; VASPs and miners paid KGS 2.04 billion by late 2025. Four Pillars rates tax clarity in Kyrgyzstan as partial (reviewed 5 Oct 2026).

Can real-world assets be tokenised in Kyrgyzstan?

Not fully yet: the regime is being built. RWA tokens added to the law in January 2026; NAVA keeps the unified register of virtual asset issues. Four Pillars rates tokenisation and real-world assets in Kyrgyzstan as developing (reviewed 5 Oct 2026).

What changed most recently in Kyrgyzstan's crypto rules?

15 Jul 2026: FSA revokes Grinex and Only Finance licences. It cited breaches of the Law on Virtual Assets. 28 May 2026: National Agency for Virtual Assets created. Presidential Decree No. 186 made NAVA the policy, regulation and licensing body; the FSA became the supervisor in July.

What should companies watch next in Kyrgyzstan?

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.

Timeline

  1. FSA revokes Grinex and Only Finance licences

    It cited breaches of the Law on Virtual Assets.

  2. National Agency for Virtual Assets created

    Presidential Decree No. 186 made NAVA the policy, regulation and licensing body; the FSA became the supervisor in July.

  3. Crypto exchange capital reset to KGS 300 million

    Presidential Decree No. 112 set the new minimum from 1 July 2026, replacing the KGS 10 billion rule.

  4. FSA reports KGS 2.74 trillion of 2025 turnover

    Providers processed 2,122,177 transactions in 2025, with crypto exchanges handling KGS 157 billion.

  5. Virtual assets law amended

    Law No. 3 added stablecoin, RWA token, state mining and state crypto reserve provisions.

  6. FSA registers the gold-backed USDKG stablecoin

    The first issue of 50,140,738 tokens came from a company owned by the Ministry of Finance.

  7. Resolution No. 625 tightens AML and sanctions controls

    It requires AML/KYT screening, bans anonymous wallets and high-risk assets, and mandates annual audits.

  8. US sanctions Grinex and A7A5 issuer Old Vector

    The UK sanctioned Grinex, Old Vector, Tengricoin and Capital Bank of Central Asia on 20 August 2025.

  9. Crypto exchange capital raised to KGS 10 billion

    Cabinet Resolution No. 117 amended the trading operator rules.

  10. Cabinet approves VASP rulebook

    Resolution No. 514 set rules for exchange operators, crypto exchanges, token issuance and mining.

  11. Law on Virtual Assets signed

    Law No. 12 created licensing for crypto service providers and took effect in July 2022.

Cite this page: Four Pillars Asia Digital Asset Policy Center, “Kyrgyzstan crypto regulation”, reviewed 5 Oct 2026, https://policy.4pillars.io/kyrgyzstan. Free to reuse with attribution; also as markdown and JSON.

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