The Cabinet of Ministers of Kyrgyzstan has introduced amendments to several regulations governing virtual assets, cryptocurrency exchanges, and mining.
Under the changes, the virtual assets market will be subject to stricter oversight. In particular, the Financial Market Regulation and Supervision Service has been granted the authority to conduct controlled purchases of crypto services using a special fund.
Crypto exchanges must now implement percentage-based scoring systems to assess transaction risks and test clients’ knowledge before executing deals. If a client fails the competence check, the exchange is prohibited from entering into transactions with them.
The amendments also strengthen AML/KYC requirements: operators must identify and verify clients, use approved software solutions, and store test results for at least five years. In addition, key exchange officials — including directors, accountants, and risk managers — must be approved by the authorized body.
Issuance of unbacked virtual assets is now banned in Kyrgyzstan. All crypto tokens must be backed by assets such as government securities, shares of licensed joint-stock companies, mineral resources, currency reserves, or gold.
For cryptocurrency mining, a new model has been introduced — a Unified State Collective System. All miners must register and sell mined assets exclusively through licensed platforms.
Crypto exchanges are also prohibited from using anonymous (private) wallets, NFT tokens, prepaid foreign cards, and from conducting operations linked to online gambling.
Exchanges must undergo annual external audits in line with international standards, while licensing requirements for operators and miners now include stricter rules on documentation, capital, and cybersecurity policies.
The resolution will come into force in 15 days after its official publication.
