According to this document, all existing service providers in the field of virtual assets, including cryptocurrency exchanges, are required to adjust the minimum size of their authorized capital in accordance with the requirements set forth in the Cabinet's resolution dated September 16, 2022, No. 514, by March 1, 2026:
The minimum authorized capital for operators of virtual asset trading (cryptocurrency exchanges) must be 10 billion soms and must be formed exclusively in the national currency of the Kyrgyz Republic in non-cash form, solely from the funds of the founders.
At the same time, paragraph 2 of the resolution dated March 6, 2025, No. 117 has been repealed, as it contained other transitional conditions for market participants.
This resolution comes into effect on January 1, 2026.
The measures taken are part of the state strategy for the development and oversight of the virtual assets market.
Regulation in this area will be carried out by the Service for Regulation and Supervision of the Financial Market, which will receive the authority to register emissions of virtual assets, certify miners, maintain registers, and establish operational requirements for market participants.
It is expected that the new requirements will enhance the financial stability of crypto providers and the transparency of the sector, which, in turn, will help strengthen investor confidence in the virtual assets market in Kyrgyzstan.
Regulation
REGULATION
on the activities of the operator of virtual asset trading (cryptocurrency exchange) and the maintenance of the Register of operators of virtual asset trading (cryptocurrency exchanges)
(as amended by the resolutions of the Cabinet of Ministers of the Kyrgyz Republic dated March 6, 2025, No. 117, September 3, 2025, No. 556, September 30, 2025, No. 625)
1. General Provisions
1. This Regulation has been developed in accordance with Articles 25, 28, and 30 of the Law of the Kyrgyz Republic "On Virtual Assets." It establishes mandatory requirements for operators of virtual asset trading (cryptocurrency exchanges) in the Kyrgyz Republic.
The activities of operators of virtual asset trading are subject to licensing and registration in the Register of operators. The registration procedure is determined by this Regulation.
2. Definitions used in this Regulation
2. This Regulation uses the following terms:
Beneficial owner - an individual who ultimately owns the property rights or controls the operator of virtual asset trading, or acts on its behalf;
Client - an individual or legal entity served by the operator of virtual asset trading;
Risk scoring - an assessment of the risk level of a virtual asset based on the analysis of its behavior;
Clearing - operations related to determining mutual obligations under transactions with virtual assets;
Price manipulation - actions affecting the supply and demand of virtual assets with the aim of artificially changing prices;
Settlement bank - a commercial bank with the appropriate license;
Virtual asset trading - the process of buying and selling virtual assets on the operator's platform;
Authorized body - a state body overseeing the virtual assets market;
Electronic platform - a system where trading takes place and transactions with virtual assets are recorded;
Operator of virtual asset trading - a licensed service provider conducting transactions with virtual assets;
Centralized operator - a provider that stores virtual assets in its wallets;
Decentralized operator - a provider operating on the basis of blockchain technologies;
Listing - the process of including virtual assets in the cryptocurrency exchange list according to established criteria.
Other terms have the meanings specified in the Law of the Kyrgyz Republic "On Virtual Assets."
(as amended by the resolution of the Cabinet of Ministers of the Kyrgyz Republic dated September 30, 2025, No. 625)
3. Structure of the operator of virtual asset trading
3. A centralized operator must have functional divisions, including:
- listing division;
- trading;
- IT and security;
- clearing and client identification;
- internal control.
4. The operator may create other divisions.
4. Requirements for the operator of virtual asset trading
5. If the operator stores clients' assets in its accounts, it is obliged to maintain separate accounting of financial assets.
(as amended by the resolution of the Cabinet of Ministers of the Kyrgyz Republic dated September 30, 2025, No. 625)
6. The operator must monitor transactions with virtual assets to identify violations of legislation.
7. All facts of violations must be stored by the operator for at least 5 years.
8. Upon detecting signs of a crime, the operator must report this to the authorized body.
9. The operator must ensure transaction transparency, allowing participants to track the process.
10. The operator must have the technical infrastructure for processing and storing information about transactions.
11. The trading system must ensure the execution of all types of transactions according to trading rules.
Decentralized operators do not have centralized management and operate automatically. Registration on such platforms is not required.
(as amended by the resolution of the Cabinet of Ministers of the Kyrgyz Republic dated September 30, 2025, No. 625)
12. The operator must have software for uninterrupted operation.
13. The operator is obliged to develop rules for ensuring cybersecurity.
14. Operators under the control of the authorized body must comply with legislation on combating the financing of terrorism.
15. The centralized operator must store information about the sender and recipient of virtual asset transfers.
16. Operators must monitor risks related to money laundering.
17. When establishing relationships with a client, the operator must conduct their identification and verification.
All checks must be conducted using specialized software.
(as amended by the resolution of the Cabinet of Ministers of the Kyrgyz Republic dated September 30, 2025, No. 625)
18-1. Before transactions, the operator must ensure that the client has a sufficient level of knowledge.
19. The operator must develop internal procedures for preventing money laundering.
20. The operator is obliged to process personal data in accordance with legislation.
21. The operator is prohibited from conducting anonymous transactions with virtual assets.
22. The operator must make information about its service tariffs publicly available.
23. The operator must approve internal documents on internal control and client identification.
24. The minimum requirements for listing virtual assets in the Kyrgyz Republic include registration and the presence of a white paper.
25. Foreign virtual assets must be listed on platforms that meet certain criteria.
25-1. The operator may work with clients who are both residents and non-residents, provided this does not contradict legislation.
26. For accounting of funds, the operator opens accounts in a settlement bank.
27. The internal clearing system must service clients' accounts.
28. The movement of funds is carried out based on client orders.
29. The operator is obliged to store information about transactions for at least 5 years.
30. Founders and officials of the operator must meet certain requirements.
(as amended by the resolution of the Cabinet of Ministers of the Kyrgyz Republic dated September 30, 2025, No. 625)
31. Officials must be approved by the authorized body.
32. The operator may organize transactions with virtual assets.
33. The operator must comply with legislative requirements when conducting transactions.
34. It is prohibited to conduct transactions with unregistered assets on the territory of the Kyrgyz Republic.
35. Foreign assets may circulate on the territory of the Kyrgyz Republic after listing.
36. Asset issuers must comply with legislative requirements.
37. The operator must obtain the appropriate document from the issuer.
38. The placement of assets with complete anonymity is prohibited.
39-1. Operators are prohibited from using highly confidential wallets and tokens with unique characteristics.
40. The exchange of virtual assets is recognized as a service for exchanging between different types of assets.
41. Market participants may exchange assets in their interests.
42. The services for transferring virtual assets imply the movement of assets on behalf of the client.
43. Ancillary activities are not considered a transfer service.
44. The operator must have measures to prevent the improper use of information.
45. Officials are obliged to comply with confidentiality requirements regarding information.
46. Officials may not use information for personal interests.
47. The operator must place a risk warning on its website.
48. The authorized capital of the operator must be 10 billion soms.
(as amended by the resolution of the Cabinet of Ministers of the Kyrgyz Republic dated March 6, 2025, No. 117)
49. The capital must be fully paid.
50. The operator is obliged to notify about changes in capital.
51. For licensing, the operator must submit documents to the authorized body.
(as amended by the resolution of the Cabinet of Ministers of the Kyrgyz Republic dated September 30, 2025, No. 625)
52. The document review period for the license is 30 days.
53. The authorized body may conduct a preliminary check.
54. In case of deficiencies, documents may be requested again.
55. Grounds for refusal to issue a license are listed.
56. A legal entity may appeal the licensing decision.
57. Resubmission of documents is possible after 6 months.
58. Operators are responsible for the accuracy of the information.
59. The licensing decision is formalized by an act.
60. The license is provided within three days after the payment of the fee.
61. The license is issued to the authorized person.
62. Upon re-registration, the operator must notify about changes.
63. The reissuance of the license is carried out within 5 working days.
64. A duplicate of the license is issued in case of loss.
65. Information about the license is entered into the Register.
66. The license ceases to be valid under certain circumstances.
67. Upon liquidation, it is necessary to notify the authorized body.
68. Upon revocation of the license, the operator must complete payments.
69. The Register of operators of virtual asset trading is an open database.
70. The Register must contain basic information about the operators.
71. Registration of operators is carried out on the day the license is issued.
72. Operators must notify about changes.
73. Operators are excluded from the Register upon license annulment.
74. Exclusion is carried out on the day the decision is made.
75. The decision to exclude may be appealed.
76. Documents must be formalized and certified.
77. Copies of documents must be certified.
78. Documents of foreign founders must be legalized.
79. Consent for the processing of personal data is mandatory.
80. Documents are not returned after refusal.
17. Accounting and Reporting of the Operator of Virtual Asset Trading
90. The operator is obliged to submit reports to the authorized body quarterly.
90-1. The operator's activities are subject to annual audit.
91. The operator must provide operational information about violations.
Appendix 1
to the Regulation on the activities of the operator of virtual asset trading (cryptocurrency exchange) and the maintenance of the Register of operators of virtual asset trading (cryptocurrency exchanges)
Form
APPLICATION
I request the issuance of _________________________________________________________________
______________________________________________________________________________
______________________________________________________________________________
______________________________________________________________________________
(full name, legal address, actual address,
mobile/landline phone number)
a license for the provision of virtual asset services,
conducted by the operator of virtual asset trading (cryptocurrency exchange).
By filling out this application, I, as the applicant, confirm that I am familiar with
the regulatory legal acts of the Kyrgyz Republic in the field of virtual asset circulation
and attach all the information and documents required for the above-mentioned
activity, namely:
1. Information about shareholders/founders __________________________________
______________________________________________________________________________
______________________________________________________________________________
______________________________________________________________________________
2. Composition of the executive management body (full name of the director and chief accountant
of the legal entity):
______________________________________________________________________________
______________________________________________________________________________
Appendix to the application: _________ p.
Signature and seal of the applicant
"___" ___________________________ 20__ g.
Appendix 2
to the Regulation on the activities of the operator of virtual asset trading (cryptocurrency exchange) and the maintenance of the Register of operators of virtual asset trading (cryptocurrency exchanges)
Form
QUESTIONNAIRE
of the shareholder/founder, beneficial owner, and official of the operator of virtual asset trading (cryptocurrency exchange)
(to be filled out by an individual)
(As amended by the resolution of the Cabinet of Ministers of the Kyrgyz Republic dated September 30, 2025, No. 625)
1
Full name
2
If you changed your last name: (previous last name)
When:
For what reason:
3
Date of birth:
Place of birth:
4
Passport
Series:
Number:
Issued by:
Date of issue:
5
Citizenship: __________________________________________________________________
6
Actual place of residence: __________________________________________________
mobile phone: _____________________________________________________________________
7
Main place of work:
position held:
8. Indicate whether you or the company with which you were associated as a significant participant and/or any other official (member of the Board of Directors, member of the executive body, chief accountant/financial manager, etc.) has ever:
- been charged with committing a crime (financial/economic or criminal) within the last 3 years, including in cases of case termination or withdrawal of charges (yes/no) _____________________________________.
9. List financial companies that were forcibly declared bankrupt or are in the process of forced liquidation with which you were associated as an official (member of the Board of Directors, member of the executive body, chief accountant/financial manager, etc.) or significant participant in the last 3 years.
______________________________________________________________________________
______________________________________________________________________________
Provide a detailed justification of your role and area of responsibility over the last 3 years as an official or significant participant in the company you were associated with that was placed in conditions related to forced bankruptcy, liquidation
______________________________________________________________________________
10. Marital status
______________________________________________________________________________
List close relatives (parents, spouse, adult children):
Full name
Relationship
Date and place of birth
Position and place of work
Home address, phone number
Have close relatives been prosecuted: yes/no. If yes, then reasons
11. If there are overdue debts (loans) to financial and credit organizations or non-bank financial and credit organizations - list them:
______________________________________________________________________________
12. List companies in any country in which you were (in case of alienation of a share in the authorized capital, indicate the date of alienation) and/or are a founder, shareholder (owner) in the last 3 years:
Name of the legal entity, location
Type of activity of the legal entity
Number of shares owned
Share in capital, in soms
Share in the authorized capital of this legal entity, in %
13. Provide any other information you consider important for the consideration of the application for obtaining a license as a virtual asset service provider.
14. I, _________________________________________________________________________
surname, first name, patronymic
confirm that the information provided above in the questionnaire is accurate and complete and provided in accordance with my knowledge and information on the questions indicated in the questionnaire.
____________________________ signature "___" ________________________ g.
Note:
1) it is necessary to sign each page of the questionnaire;
2) corrections in the questionnaire must be certified with the words "corrected trust" and a personal signature.
Appendix 3
to the Regulation on the activities of the operator of virtual asset trading (cryptocurrency exchange) and the maintenance of the Register of operators of virtual asset trading (cryptocurrency exchanges)
Form
QUESTIONNAIRE
of the shareholder/founder, beneficial owner of the operator of virtual asset trading (cryptocurrency exchange)
(to be filled out by a legal entity)
(As amended by the resolution of the Cabinet of Ministers of the Kyrgyz Republic dated September 30, 2025, No. 625)
1. Name of the legal entity ______________________________________________
2. Legal address __________________________________________________________
3. Date of establishment _______________________________________________________________
4. TIN ________________________________________________________________________
5. Date of registration with the authorized body for the registration of legal entities __________
6. In which banks of the Kyrgyz Republic are the accounts of the legal entity opened:
7. Other types of activities carried out by the legal entity:
8. Indicate whether the legal entity is involved in legal disputes:
9. Other information that is significant in the opinion of the applicant:
Signature of the head of the legal entity
Seal
Appendix 4
to the Regulation on the activities of the operator of virtual asset trading (cryptocurrency exchange) and the maintenance of the Register of operators of virtual asset trading (cryptocurrency exchanges)
Form
CONSENT
of the subject of personal data for the collection and processing of their personal data
Settlement location, date ________________________________________________________
I, __________________________________________________________________________,
(surname, first name, patronymic)
residing at: _______________________________________________________
Document proving identity: _____________________________________________
series _____________________________ No. ________________________________________
issued ________________________________________________________________________
(for authorized persons)
acting on behalf of __________________________________________________________
freely, consciously, of my own will, give full and unconditional consent to the authorized body:
- for the processing of personal data;
- for the transfer of personal data to third parties.
I hereby confirm that I have been informed about the transfer of my personal data to other state bodies for verification of their accuracy.
Consent for the processing of personal data is indefinite.
"___" _________________________________ 20__ g.
Signature ___________________ Full name _________________________________
