Regulator: Ministry of Economy and Commerce of the Kyrgyz Republic; National Bank of the Kyrgyz Republic (NBKR)
Kyrgyzstan has a live, dedicated framework for virtual assets under the 2022 Law “On Virtual Assets,” which regulates issuance, storage, circulation, and VASP licensing while clarifying that virtual assets are not legal tender. Amendments adopted in late 2025 and signed in January 2026 add explicit definitions for “stablecoin” and “tokens backed by a real asset (RWA tokens),” empower the President to run regulatory sandboxes, and centralize control over issuance and circulation procedures. Subsequent implementing measures ban issuance of unsecured virtual assets, require “reliable collateral” such as cash, government securities, shares, mineral rights, or gold, and restrict domestic issuance to coins backed by such assets.
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
