Kyrgyzstan announced at the SPIEF the launch of a state-owned cryptocurrency exchange — Coin Nomad Exchange

On the sidelines of the St. Petersburg International Economic Forum, during the Russia-Kyrgyzstan business dialogue, Bishkek presented Coin Nomad Exchange, a state-run national cryptocurrency exchange. The presentation was given by Marat Pirnazorov, Chairman of the Financial Market Regulation and Supervision Service.

The presentation focused on the country's transformation into a regional center for digital finance. Key initiatives were announced, including the launch of the national cryptocurrency exchange Coin Nomad Exchange, the issuance of the USDKG stablecoin backed by gold reserves, and the development of a national digital currency (CBDC).

The head of Finnadzor also said that the country is actively participating in shaping the regulatory environment as part of the Web3 strategy aimed at developing blockchain initiatives and asset tokenization.

According to Pirnazarov, 178 licenses have been issued to virtual asset service providers in the country to date, and the total turnover of virtual asset transactions has exceeded 587 billion KGS.

As a reminder, the first state-owned cryptocurrency exchange was registered in Kyrgyzstan on December 30, 2024. Its sole shareholder is the Ministry of Finance of the Republic. The authorized capital of Coin National Exchange amounted to 100 million KGS, which were allocated from the republican budget.