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    "CryptoBank" in Kyrgyzstan turns one: A market pioneer or just a loud name?
    Image source: иллюстративное
    Mariia Indina

    Published

    02/06/2025, 15:58

    "CryptoBank" in Kyrgyzstan turns one: A market pioneer or just a loud name?

    "CryptoBank" was registered in Kyrgyzstan almost a year ago, while the law regulating such institutions is still under discussion.

    The draft law on the establishment of crypto banks was submitted to the Jogorku Kenesh on December 23, 2024. The initiative comes from the Ministry of Economy and Commerce, which proposes amendments to certain legislative acts concerning virtual assets.

    According to the authors, the document was developed "to introduce crypto banks in Kyrgyzstan, which, as a business activity, will provide one or more types of banking services related to virtual assets under a license".

    The Ministry of Economy also notes that digital technologies and cryptocurrencies are rapidly evolving. Considering this, the Ministry believes that establishing a crypto bank is a pressing necessity for integrating crypto assets into the country’s traditional financial system.

    "The crypto bank will ensure safe, regulated and convenient interaction between citizens and businesses with cryptocurrencies," — according to the Ministry of Economy.

    According to the draft law, the National Bank will issue the appropriate license to crypto banks. Once licensed, the bank will be authorized to carry out all legal activities related to virtual assets.

    However, it is worth noting that in Kyrgyzstan, "CryptoBank" was registered back in February 2024. The initial registration took place on February 5, and re-registration was conducted on the 26th of the same month. It was established with 100% domestic capital.

    Nevertheless, at the moment, aside from its name, the company has little in common with a bank. It is registered as an LLC (OsOO), whereas banks are either open or closed joint-stock companies.

    Moreover, during registration, the company specified its primary activity as "financial market management" — a category typically used for stock exchanges, crypto exchanges, crypto exchangers and brokerage firms. In contrast, banks are registered under the "banking activities" category.

     Interestingly, this company is also not listed in the registry of crypto exchanges and crypto exchangers maintained by the Financial Supervision Authority.

    The director and sole founder of "CryptoBank" is Alexey Skovpen. He is also the founder of four other companies: LLC "ADM Global", LLC "EcoTech", LLC "Union Motors CIS" and LLC "GreenTech Customs". All of them were registered between late 2023 and January 2025.

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