Deputies of the Parliament of Kyrgyzstan approved the bill «On Virtual Assets» in three readings at once, aimed at expanding the regulation of digital tokens, introducing state cryptocurrency mining tools and creating a licensing system.
The bill introduces new legal definitions, including stablecoins backed by fiat currency and real-world asset tokens (RWA Tokens).
It also provides for the creation of a state cryptocurrency reserve and the launch of government mining operations using state infrastructure and resources.
The document expands the president’s powers to set rules for the issuance, circulation, and regulation of virtual assets, and introduces regulatory sandboxes — special regimes for testing innovative services and technologies within limited territories.
Responsibilities of authorized bodies are clarified in the bill: one authority will regulate and issue licenses to virtual asset service providers, while another will oversee compliance, including measures to combat money laundering and terrorist financing.
The legislation also regulates miner registration, requirements for cryptocurrency mining equipment, and the licensing procedure for legal entities involved in virtual asset transactions.
