Mongolia

An early FATF-driven VASP law: 12 exchanges are registered with the FRC, and it is now pushing tugrik P2P trading onto them.

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Licences

What it takes to operate in Mongolia: one licence, who issues each, what it covers and who holds one.

FRC Virtual Asset Service Provider registration

FRC · Law on Virtual Asset Service Providers (2021); FRC Resolution No. 258 (2026) operating regulation

Exchange between virtual assets and fiat, exchange between virtual assets, transfers, safekeeping and administration, and organising public offerings or trading of virtual assets.

What it takes

Company incorporated in Mongolia and registered as a taxpayer
Paid-in capital of at least MNT 400 million per service, in cash and not borrowed
Board of at least five members, two of them independent, and fit-and-proper owners and officers
Four-year business plan, ISO 27001-aligned security and AML/CFT programme
Annual audit by an FRC-registered auditor and Travel Rule data on transfers of MNT 3 million or more

Holders include

12holders, 19 May 2026Register

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