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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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Licences

What it takes to operate in Kyrgyzstan: 4 licences, who issues each, what it covers and who holds one.

Virtual asset trading operator (crypto exchange) licence

NAVA · Law on Virtual Assets (2022, amended 2026); Cabinet Resolution No. 514 (2022), as amended in 2025 and 2026; Presidential Decree No. 112 (2026)

Running a trading platform that matches buyers and sellers of virtual assets.

What it takes
  • 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 include

11holders, 5 Oct 2026Register

Virtual asset exchange operator licence

NAVA · Law on Virtual Assets (2022, amended 2026); Cabinet Resolution No. 514 (2022), as amended by No. 625 (2025)

Exchanging virtual assets for money or other virtual assets as a counterparty, the typical crypto exchange office.

What it takes
  • 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
166holders, 5 Oct 2026Register

Virtual asset issue registration

NAVA · Law on Virtual Assets (2022), as amended by Law No. 3 (2026)

Registering an issue of virtual assets, including stablecoins and RWA tokens, in the Unified State Register.

What it takes
  • 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 include

No public count

Mining certificate

NAVA · Law on Virtual Assets (2022); Cabinet mining registration and certification procedure (Resolution No. 514)

Industrial crypto mining by legal entities and individual entrepreneurs.

What it takes
  • 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
6holders, 5 Oct 2026Register

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