16:04, 24 октября 2025, Bishkek - 24.kg news agency , Nurzada TYNAEVA
The volume of transactions involving virtual assets in Kyrgyzstan continues to grow. Farkhat Iminov, head of the Secretariat of the National Council for the Development of Virtual Assets and Blockchain Technologies, said.
He stated that around 200 licensed market participants currently operate in the country, and over the past three years, the number of cryptocurrency exchange operators has increased 28-fold.
In 2022, the total transaction volume stood at just over 5 billion soms, while in 2024 it surpassed 587 billion soms. In the first half of 2025 alone, the figure reached 860 billion soms.
Farkhat Iminov also pointed out several challenges, including the lack of a comprehensive regulatory and supervisory framework, a shortage of qualified personnel, and a low level of financial and digital literacy among the population.
«There is also a structural imbalance. About 96 percent of the market’s turnover in Kyrgyzstan comes from exchange operations, while projects focused on infrastructure development remain in their early stages. This means the market is still limited in depth and stability,» Iminov said.
He emphasized the need for the government to implement applied infrastructure projects.
«In this context, the creation of a stablecoin reserve, a state cryptocurrency reserve, and the tokenization of real assets are of key importance. These initiatives will help build a sustainable financial and digital architecture,» Farkhat Iminov explained.
He also mentioned the ongoing work on the issuance of KGST stablecoin, pegged 1:1 to the national currency of Kyrgyzstan. KGST is registered in the State Register of Digital Assets and operates on the BNB Chain network.
«KGST will be used in international settlements without the need for double conversion and will eventually be integrated into the digital som, enhancing its usability abroad. The combination of the digital som and stablecoin will expand opportunities for cross-border payments and remittances,» Farkhat Iminov added.