Regulator: Office of the President; Ministry of Economy and Commerce / Financial Market Regulation and Supervision Service (FMRS); National Bank of the Kyrgyz Republic (NBKR)
The Law on Virtual Assets of 21 January 2022, as amended on 19 January 2026, is in force and regulates issuance and primary placement of virtual assets, including stablecoins. Stablecoins are defined as collateralized virtual assets pegged to fiat and/or underlying assets, and only collateralized virtual assets may be issued. Issuance, collateralization, reserve ratios, and circulation rules are assigned to the President, with emissions registered under Cabinet Resolution No. 514. State-linked USDKG and KGST tokens have already been registered and issued.
Applicable Laws:
Law of the Kyrgyz Republic of 21 January 2022 No. 12 “On Virtual Assets” - https://cis-legislation.com/document.fwx?rgn=137284
Resolution of the Cabinet of Ministers of the Kyrgyz Republic of 16 September 2022 No. 514 “On issues of relations management arising in the turnover of virtual assets” - https://cis-legislation.com/document.fwx?rgn=144057
Law of the Kyrgyz Republic of 19 January 2026 No. 3 “On Amendments to the Law of the Kyrgyz Republic ‘On Virtual Assets’” - https://ru.kabar.kg/news/sadyr-zhaparov-podpisal-zakon-ob-izmeneniyah-v-sfere-virtualnyh-aktivov/
Resolution of the Cabinet of Ministers of the Kyrgyz Republic of 30 September 2025 No. 625 “On amendments to some resolutions of the Cabinet of Ministers of the Kyrgyz Republic in the sphere of circulation of virtual assets” - https://open.kg/en/news/exclusive/48124-v-gosfinnadzore-rasskazali-o-razvitii-rynka-virtualnyh-aktivov-v-kyrgyzstane.html
Presidential Decree of the Kyrgyz Republic of 30 April 2025 No. 144 “On the National Council on Development of the Sphere of Virtual Assets and Blockchain Technologies under the President of the Kyrgyz Republic” - https://cis-legislation.com/document.fwx?rgn=166723
