Currently, there are about 200 licensed market participants operating in Kyrgyzstan, and over the past three years, the number of cryptocurrency exchange operators has increased 28 times.
In 2022, the volume of transactions with virtual assets amounted to just over 5 billion soms, and by 2024, it increased to over 587 billion soms. In the first half of 2025, this figure reached 860 billion soms.
Farhat Iminov also emphasized existing problems, such as the lack of a full-fledged regulatory and supervisory mechanism, a shortage of personnel, and a low level of financial digital literacy among the population.
“There is a structural imbalance: about 96% of the turnover in the Kyrgyz market consists of exchange operations, while infrastructure development projects are at an initial stage. This indicates the market's limitations in terms of depth and sustainability,” noted Farhat Iminov.
He stressed the need for the state to implement applied infrastructure projects. In this regard, important initiatives include the creation of a state cryptocurrency reserve, a stablecoin reserve, and the implementation of pilot projects for the tokenization of real assets to form a sustainable financial-digital architecture.
Iminov also spoke about the project for the issuance of the stablecoin KGST, which is pegged to the national currency of Kyrgyzstan at a ratio of 1:1. This stablecoin is registered in the state registry of digital assets and operates on the BNB Chain.
“KGST will be used for international settlements without the need for double conversion, and in the future, its integration with the digital som will enhance its applicability beyond the country. The link between the ‘digital som and stablecoin’ will expand opportunities for cross-border settlements and money transfers,” added Farhat Iminov.
