Mongolia operates a live general virtual-asset service-provider registration regime under the Law on Virtual Asset Service Provider (parliamentary ref. 21-h-34, adopted 17 Dec 2021; widely reported in force from early 2022, commonly cited as 1 Mar 2022), supervised by the Financial Regulatory Commission. Registered VASPs may exchange, transfer, custody, and organise public issuance/trading of virtual assets; unregistered VA services are prohibited. Virtual assets exclude fiat representations, securities, and Bank of Mongolia-licensed electronic money. There is no dedicated stablecoin-issuer statute, reserve rulebook, or separate stablecoin licence. Token public offering/trading must run through a registered provider (Art. 6.2). Operating detail sits in FRC Resolution No. 657 of 27 Dec 2024 (e.g. MNT 400 million contributed capital per service). Crypto is not legal tender.
Applicable Laws:
Law on Virtual Asset Service Provider (21-h-34) - https://frc.mn/resource/frc/Document/2022/03/01/kl3q2fugnjqs9xqb/LAW%20ON%20VIRTUAL%20ASSET%20SERVICE%20PROVIDER.pdf
FRC Resolution No. 657 of 27 December 2024 (Regulation on the Operations of VASPs) - https://wikicrypto.news/regulation/mongolia/
