💰 The Parliament of Kyrgyzstan approved the “On Virtual Assets” bill in record time, passing it in three readings and officially establishing the legal framework for the country’s cryptocurrency market. Local media report that the document opens new opportunities for implementing innovative financial technologies and creating a national crypto market.
The bill introduces clear definitions of the main types of virtual assets, including fiat-backed stablecoins and RWA (Real World Assets) tokens, allowing the legalization of various digital instrument models.
The country’s president has been granted the authority to set rules for issuing, circulating, and regulating cryptocurrencies, as well as launching pilot projects through regulatory “sandboxes.” This will allow testing innovative services and technologies without risk to the financial system.
Special attention in the document is given to creating a state cryptocurrency reserve and launching mining using government infrastructure and resources. All participants in the process must register and comply with strict equipment requirements to ensure the security and transparency of operations.
Market supervision will be divided between two authorized bodies: one will issue licenses to virtual asset service providers, and the other will monitor compliance, including measures against money laundering and terrorist financing.
Earlier, the country announced the launch of the gold-backed stablecoin USDKG in Q3 2025. The new coin will be pegged to the US dollar at a 1:1 ratio and backed by $500 million in gold reserves, making it the first major project supported by real assets in Kyrgyzstan’s market.
It is worth noting that in April 2025, Binance founder Changpeng Zhao became an advisor to the Kyrgyz government on cryptocurrency and blockchain issues. Among his proposals is the inclusion of Bitcoin and BNB in the national crypto reserve, which could be a strategic step toward strengthening the country’s financial independence and creating a new digital asset hub in Central Asia.
⚡ Thus, while Ukraine is still reviewing cryptocurrency legislation, Kyrgyzstan is taking confident steps toward creating a legal and regulated crypto ecosystem, where the state acts not only as a regulator but also as an active market participant.
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