Growth of Cryptocurrency Turnover
According to Farhat Iminov, head of the National Council for the Development of Virtual Assets, the volume of cryptocurrency transactions in Kyrgyzstan increased from 5 billion soms in 2022 to 860 billion soms in the first half of 2025, which is approximately $9.85 billion.Currently, there are about 200 licensed participants in the country, and over the past three years, the number of cryptocurrency exchange operators has increased 28 times. This indicates a high interest among citizens in virtual assets. Kyrgyzstan ranks 19th in the Global Cryptocurrency Adoption Index by Chainalysis, ahead of Portugal and following South Korea in a population-adjusted metric.
At a recent meeting of the National Council attended by President Sadyr Japarov, responsible officials were tasked with creating a cryptocurrency reserve for Kyrgyzstan. This reserve will likely include the BNB token, as clarified by Changpeng Zhao. Farhat Iminov reported that the establishment of the cryptocurrency reserve is expected soon, although there is currently no official information from the authorities. Amendments to the Law "On Virtual Assets" have already been made, concerning the creation of a Cryptocurrency Reserve Fund under the President. However, cryptocurrencies stored in this fund are not planned to be used in monetary policy due to risks and volatility.
Additionally, Changpeng Zhao announced the readiness to implement a central bank digital currency (CBDC). In the future, the authorities plan to integrate KGST into the digital som to expand its use abroad. The President has instructed to expedite the testing of the platform for creating a digital som.
However, there are risks, as warned by the Deputy Chairman of the Cabinet and head of the State National Security Committee, Kamchybek Tashiev. He noted that when developing the regulatory framework and laws for the use of cryptocurrencies, it is necessary to consider national interests and security. He also expressed the need to prohibit the sale and circulation of virtual assets without a license, as well as to establish criminal liability for a number of offenses.
Our task is to build a system that creates a balance between the security of innovative systems and the economic interests of the state.At the same time, Changpeng Zhao stated that Binance plans to train law enforcement personnel, develop educational programs through Binance Academy in collaboration with ten leading universities, continue localizing the Binance app into Kyrgyz, and organize a major meetup in Bishkek.
Furthermore, Binance supported the EthSign project, which will implement digital signatures on the blockchain in Kyrgyzstan. According to Zhao, the company aims to bring "strategic value."
Currently, the authorities and their consultants are focused on developing infrastructure, and the launch of the stablecoin, the creation of the cryptocurrency reserve, and the implementation of the digital som could become important steps toward creating a more transparent and sustainable financial system in which digital currencies will work for the real economy.
