The annual turnover of virtual assets in Kyrgyzstan reached 2.73 trillion KGS

In 2025, nearly 2.73 trillion KGS, or around $30 billion, passed through virtual asset service providers in Kyrgyzstan. More than 94 per cent of transactions involved the conversion of digital assets into fiat currency and vice versa, according to data from the Financial Market Regulation and Supervision Service under the Ministry of Economy and Commerce.

The country’s virtual asset market has expanded significantly in recent years. Over the past three years, the number of licensed exchange operators has increased more than 13-fold — from 6 to 82 companies. At the same time, the structure of transactions shows that digital assets are not only used for trading and investment, but are also gradually becoming part of the financial infrastructure.

Stablecoins have become one of the key areas of market development. According to Binance Research, around 30 per cent of users already hold more than half of their crypto portfolio in stablecoins, whereas in 2020 the figure was around 4 per cent. The total trading volume of local stablecoins, including KGST, has exceeded $5 billion since 2025.

In Kyrgyzstan, infrastructure is also being developed for the use of the local stablecoin KGST, which is pegged to the KGS at a ratio of 1:1. In particular, as part of the collaboration between Binance and MegaPay, users have been able to top up their accounts in KGS via MegaPay, with the funds subsequently converted into KGST and used to access digital assets on the Binance platform.

At the same time, market participants are developing educational projects and collaborating with government institutions. Binance has signed a memorandum of understanding with the National Investment Agency under the President of Kyrgyzstan, providing for the development of payment solutions and educational initiatives. One such project is the free course ‘Crypto from A to Z’, delivered in partnership with Geeks Academy and supported by the National Agency for Virtual Assets and Blockchain Technologies under the President of the Kyrgyz Republic.

Consequently, the development of the virtual assets market in Kyrgyzstan is gradually shifting from predominantly trading operations towards the integration of digital assets with traditional payment services and financial infrastructure.