Growth in Turnover
The second phase of active development of the virtual asset market in Kyrgyzstan began in 2022. Since then, the number of operators has increased from six to 82, and the number of trading operators has risen from one to five, according to data from the Financial Market Regulation and Supervision Service.By 2025, the total turnover of virtual asset service providers reached 2 trillion 735 billion 62.5 million soms, indicating a threefold increase over the year.
A trading segment has also formed: in 2025, the turnover of cryptocurrency exchanges amounted to 157 billion 206.31 million soms, corresponding to 23,260 transactions.
For the cryptocurrency market in Kyrgyzstan, 2025 was a turning point: the turnover of providers increased to 2.7 trillion soms with 2.1 million transactions, and virtual asset service providers contributed 1.6 billion soms in taxes to the budget. This occurred even amid a 2.4% decrease in energy consumption and the shutdown of some farms due to the crisis. The issuance amounted to 6 billion units, costing over 3 billion soms amid increased state control. However, risks remain: U.S. sanctions against Grinex, Garantex, and A7A5 highlight the sector's vulnerability to international restrictions.
