Published
08/28/2025, 14:55In 2024, Kyrgyzstan’s financial market made a sharp turn towards digital assets. According to official data, the turnover of crypto exchangers and cryptocurrency exchanges reached 587.3 billion KGS, nearly 2.5 times higher than the total turnover of the traditional securities market, including both exchange-traded and over-the-counter transactions, which amounted to 226.8 billion KGS.
For comparison, just two years ago the virtual assets sector had virtually no impact on the economy — its turnover in 2022 barely reached 5.2 billion KGS. Today, it has grown more than a hundredfold, turning Kyrgyzstan into a regional example of cryptocurrency integration into the financial system.
Compared to these figures, the record growth of the securities market — from 52 billion KGS in 2023 to 226.8 billion KGS in 2024 — appears relatively modest.
The bulk of the turnover is generated by crypto exchangers. By the end of 2024, their number had reached 129, twice as many as a year earlier (64). The number of cryptocurrency exchanges also increased, from 3 to 8, although their share in the total turnover remains small — only 3.6%, or 21.1 billion KGS. Nevertheless, this is almost twice the 2023 figure (11.6 billion KGS).
As of today, 13 cryptocurrency exchanges are registered in the Financial Supervision Authority’s registry, including the state-owned platform Coin Nomad Exchange, established by the Ministry of Finance. The full list of licensed exchanges is as follows:
The growth of the virtual assets sector generates income not only for professional market participants but also for the state. In 2024, total tax revenues from the crypto industry amounted to 227 million KGS, of which 125 million KGS (+71% compared to 2023) came from virtual asset service providers, while 102 million KGS was contributed by miners. A total of 11 companies specializing in cryptocurrency mining are registered in the official registry.
The cryptocurrency market is growing not only in Kyrgyzstan but worldwide. This trend has been observed for three years already. Moreover, the cryptocurrency and real sectors are gradually integrating. Moving from cryptocurrency to the real sector and back is no longer a novelty. On stock markets, including the U.S. market, there are corresponding securities,” — noted Almaz Shabdanov, Chairman of the Board of EVDE.
According to him, even on the conservative Moscow Exchange, long-term Bitcoin futures contracts have appeared, opening up new opportunities for investment and for integrating cryptocurrencies into the real economy.
"To develop this direction in Kyrgyzstan, targeted efforts, strategic and tactical planning are needed so that investments through the cryptocurrency market truly generate tangible growth,” — adds Almaz Shabdanov.
