Mongolia
MongoliaAn early FATF-driven VASP law: 12 exchanges are registered with the FRC, and it is now pushing tugrik P2P trading onto them.
Key Regulatory Progress
Every law, rule and official guide on crypto in Mongolia: 4 apply today, and the rest show what's coming and how regulators read the rules. Each is explained in plain words and linked to the official original.
Last checked against the originals on 5 Oct 2026.
Core framework
The primary statutes that define crypto assets and who may deal in them.
- In forceApplies today
Law on Virtual Asset Service Provider (unofficial English translation)
Виртуал хөрөнгийн үйлчилгээ үзүүлэгчийн тухай хууль
Defines virtual assets, lists five regulated VASP activities and requires FRC registration, capital and AML compliance. Adopted 17 December 2021; the FRC's English translation.
Read the original - In forceApplies today
Law on Virtual Asset Service Providers (official Mongolian text)
Виртуал хөрөнгийн үйлчилгээ үзүүлэгчийн тухай
The authoritative consolidated text of the VASP law on Mongolia's official legal database, including a minor amendment of 25 January 2024 and the transitional provisions for existing operators.
Read the original
Exchanges & custody
Licensing, conduct and custody rules for trading platforms and service providers.
- In forceApplies today
Regulation on Virtual Asset Service Provider Operations (FRC Resolution No. 258)
Виртуал хөрөнгийн үйлчилгээ үзүүлэгчийн үйл ажиллагааны журам
Current rulebook (Mongolian), published by the FRC on 27 August 2026: MNT 400 million capital per service, a board of at least five with two independent members, ISO 27001 security, listing and market abuse policies, a 100x custody cap and Travel Rule data from MNT 3 million.
Read the original - In forceApplies today
Registered VASPs
The FRC's English register of 12 VASPs with registration dates and order numbers, from the first registrations on 21 September 2022 to Powered ADM in January 2023. The FRC has not published a newer list.
Read the original - GuidanceNot binding law
Frequently Asked Questions on Virtual Asset Service Providers
ВХҮҮ түгээмэл асуулт, хариулт
FRC answers (in Mongolian) on applying for registration, including that share capital must be cash and that capital raised through token offerings must have been taxed.
Read the original - SupersededReplaced
Regulation on Virtual Asset Service Provider Registration (FRC Resolution No. 174)
The first registration rules: MNT 400 million of cash share capital per service, fit-and-proper owners and officers, and the filing list (FRC English translation). Repealed by FRC Resolution No. 657 of 27 December 2024.
Read the original - SupersededReplaced
Regulation on Virtual Asset Service Providers Operations (FRC Resolution No. 175)
The first operating regulation, which capped custody at 100 times a VASP's own equity and introduced the MNT 3 million Travel Rule threshold. Repealed by FRC Resolution No. 657 of 27 December 2024; Resolution No. 258 of 2026 is the current text.
Read the original
AML & travel rule
Anti-money-laundering obligations and the FATF travel rule.
- GuidanceNot binding law
Virtual Asset Service Providers: guidance for reporting entities
Виртуал хөрөнгийн үйлчилгээ үзүүлэгч
The FIU's page for VASPs as reporting entities (checked 5 October 2026), with its suspicious transaction reporting manual, risk-based approach guide and red-flag indicators for virtual assets.
Read the original - GuidanceNot binding law
Jurisdictions under Increased Monitoring, 23 October 2020
Records Mongolia's removal from the grey list a year after it was added, the pressure that led to the 2021 VASP law.
Read the original
Investor protection
Market abuse, disclosure, advertising and retail safeguards.
- GuidanceNot binding law
Notice to virtual asset service providers and the public on P2P trading
Виртуал хөрөнгийн үйлчилгээ үзүүлэгчид болон иргэдийн анхааралд
States that 12 VASPs are registered and that, after FRC requests, Binance P2P will restrict person-to-person tugrik trades from 1 June 2026 to FRC-registered VASPs acting as Pro-Merchants.
Read the original - SupersededReplaced
Regulation on Off-site and On-site Supervision of VASP Operations (FRC Resolution No. 305)
Set how the FRC monitored VASPs' compliance through reports and inspections. Repealed by FRC Resolution No. 216 of 11 June 2026, entered in the state register of administrative acts on 20 July 2026.
Read the original - SupersededReplaced
Regulation on Restriction, Suspension, and Deregistration of VASP Operations (FRC Resolution No. 306)
Set the grounds and procedure for the FRC to restrict, suspend or deregister a VASP (FRC English translation). Repealed by FRC Resolution No. 657 of 27 December 2024; the power itself sits in Article 11 of the VASP law.
Read the original
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