These measures were taken in order to quickly respond to potential risks associated with the activities of virtual asset service providers, as well as to protect the rights of clients and other consumers. The reasons for the revocation of licenses were violations of:
- part 2 of article 12 of the Law of the Kyrgyz Republic "On Virtual Assets";
- paragraphs 36 and 37 of chapter 9 of the Regulation on the Activities of Virtual Asset Exchange Operators, which was approved by the resolution of the Cabinet of Ministers of the Kyrgyz Republic dated September 16, 2022, under number 514;
- paragraphs 1 and 4 of part 2 of article 31 of the same law.
By the order of the Financial Supervision dated December 29, 2025, under number 727-p, the licenses of the following virtual asset exchange operators were revoked:
LLC "ESEIKS" — series VA No. 0119, registration No. 104, issued on July 23, 2024 (according to the Ministry of Justice, the head and founder is Cherkasova Valeria Olegovna);
LLC "Red Exchange" — series VA No. 0115, registration No. 100, issued on July 12, 2024 (the head and founder is Rozhkov Alexander Sergeevich);
LLC "Bestex" — series VA No. 0129, registration No. 113, issued on August 29, 2024 (the head and founder is Dochkin Anton Vladimirovich);
LLC "T Store" — series VA No. 0020, registration No. 17, issued on March 25, 2023 (the head and founder is Petrova Tatyana);
LLC "Liberty Exchange Japan" — series VA No. 0041, registration No. 37, issued on August 2, 2023 (the head and founder is Akai Masaru; among the founders is also JSC "Titsuridzu").
According to part 2 of article 12 of the Law of the Kyrgyz Republic "On Virtual Assets", both legal entities and individuals are obliged to:
- comply with the requirements of the legislation of the Republic in the field of virtual asset circulation;
- timely provide the necessary information and reporting on transactions with virtual assets in accordance with the established rules of the authorized body.
According to paragraph 36 of the Regulation, virtual asset exchange operators are required to submit operational reports to the authorized body on a monthly basis.
Furthermore, according to paragraph 37 of the Regulation, operators must submit financial reports quarterly, prepared in accordance with IFRS.
The financial reports include the following documents:
a) statement of financial position at the end of the reporting period;
b) statement of profit and loss, as well as other components of comprehensive financial results;
c) statement of changes in equity;
d) statement of cash flows;
e) notes containing the main provisions of the accounting policy and explanatory information.
