Kyrgyzstan’s state-run cryptocurrency exchange has made 1.5 million KGS, but not from cryptocurrency

Kyrgyzstan’s first state-owned cryptocurrency exchange, ‘Coin Nomad Exchange’, ended the first half of the year with a net profit of around 1.47 million KGS. However, the company’s core business remains loss-making, according to the issuer’s quarterly report.

During the reporting period, the exchange did not generate any gross profit. Operating expenses amounted to 1.57 million KGS, resulting in a loss from core operations of the same amount.

The company was able to move into the black thanks to income from non-operating activities, which totalled 3.03 million KGS. After covering the operating loss, net profit stood at 1.47 million KGS. Thus, the positive financial result was not generated by the crypto exchange’s core business.

At the start of 2026, the company still had an accumulated loss of 2.15 million KGS. By the end of June, this had fallen by more than two-thirds to 679,300 KGS.

Coin Nomad Exchange’s assets increased by 2.67 million KGS, or 1.4 per cent, during the reporting period, reaching 195.09 million KGS. At the same time, their composition changed significantly: current assets rose from 92.42 million KGS to 194.09 million KGS, whilst non-current assets fell from 100 million KGS to 1 million KGS.

The exchange’s current liabilities amounted to 95.77 million KGS, having increased by 1.2 million KGS since the start of the year. The company has no long-term liabilities. Equity stood at 99.32 million KGS, with authorised capital of 100 million KGS.

The financial statements also indicate that the exchange did not raise any borrowed funds, did not make any long-term or short-term financial investments, did not issue any new shares and did not pay any dividends.

The company has one shareholder and seven employees. The sole owner of the state-owned crypto exchange is the Ministry of Finance of Kyrgyzstan. To establish its authorised capital, 100 million KGS had previously been allocated from the national budget.

The company was registered on 30 December 2024 under the original name Coin National Exchange, and was later renamed ‘Coin Nomad Exchange’. It received its licence to operate as a virtual asset trading operator in January 2025, and in June of the same year the licence was reissued following the name change. According to the Financial Supervisory Authority’s register, the licence is valid indefinitely.

It should be added that, for the year ending 2025, the company reported a net loss of 4.4 million KGS.