Banks will be able to service crypto wallets, and the budget will receive 0.5% from each such transaction

From 1 December 2025, Kyrgyzstan wants to launch an experiment that could mark a new stage in the development of digital financial instruments. A draft presidential decree on the introduction of a pilot project has been prepared, and for the first time, banks will be given the right to open and service wallets for the virtual assets of customers — individuals, companies and sole traders.

The idea is simple: to test how digital finance can work within the national banking system while keeping the process under full state control.

Selected commercial banks will open virtual asset wallets through which customers will be able to buy, sell, store or exchange digital money. However, this does not apply to all cryptocurrencies — anonymous and highly volatile tokens (below 100th place among the most capitalised virtual assets on Coinmarketcap), as well as tokens on international sanctions lists, will remain banned.

The focus is on stablecoins — digital assets backed by real currency and confirmed by an audit.

Virtual asset wallets are opened and customer service is provided in accordance with the bank's approved tariffs.

The pilot project is designed to solve several problems at once:

• bring the market out of the ‘grey zone’ and make transactions with virtual assets transparent;
• create a legal channel for business, especially for foreign trade settlements;
• test how digital money can be used in cross-border transactions;

to prepare the ground for the integration of stablecoins with the future digital som.Participating banks will be required to maintain a high level of cyber security, undergo audits and have reserve capital to cover risks. Each transaction will be verified — from KYC to blockchain analytics.

In addition to standard bank fees, a mandatory commission fee of 0.5% of the amount of transactions related to virtual assets will be charged to the state cryptocurrency reserve.

The experiment will last for a year, until December 2026. If it proves successful, the temporary licences of the participants will automatically become permanent, and the country will receive a full legal framework for working with virtual assets.