Cryptocurrency licence in Kyrgyzstan

Kyrgyzstan is one of the few countries where activities related to cryptocurrency assets are regulated at the state level. Since mid-2022, the country has implemented the law “On Virtual Assets”, which outlines the rules for such activities and also recognizes the right of individuals and legal entities to own cryptocurrencies and use them in accordance with regulatory standards.

The Agency for the Development of Information Technologies and Communication is the official body regulating the cryptosphere in Kyrgyzstan. Several types of crypto licences are available in this jurisdiction:

crypto trading operator (crypto exchange);
currency exchange operator (crypto exchanger);
mining operator.

Additionally, in Kyrgyzstan the public issue and circulation of crypto-assets are regulated by law.

ADVANTAGES OF OBTAINING A CRYPTO LICENCE IN KYRGYZSTAN

Experts believe that a clear and transparent state policy regarding cryptocurrency assets will significantly contribute to attracting investors to Kyrgyzstan. Some key advantages of obtaining a crypto licence in this country include:

ensuring legal status and the ability to provide services related to digital assets in the country;
the opportunity to expand the client base and enhance the loyalty of existing clients due to the possession of an official permit to operate;
well-defined regulations governing cryptocurrency activities within the jurisdiction;
the state’s proactive position in attracting foreign investment into this sector of the economy.

ADVANTAGES OF OBTAINING A CRYPTO LICENCE IN KYRGYZSTAN

OUR SERVICES

COREDO offers a comprehensive package of services for companies seeking to obtain a cryptocurrency licence in Kyrgyzstan. We can assist with:

preparing the necessary documents for the registration and incorporation of a new company in Kyrgyzstan;
registering a company;
preparing and submitting documents required for obtaining a licence to provide services related to crypto assets;
preparing internal AML/CFT documentation in compliance with local legislation;
drafting essential legal documents for business operations, such as standard client contracts, questionnaires, etc.;
providing consultations on opening a bank account, and more.

The service package from COREDO costs approximately USD 25,000 + VAT. Please note that the final amount may vary based on the specific case.

THE MAIN REQUIREMENTS FOR OBTAINING A CRYPTO LICENCE IN KYRGYZSTAN

Companies planning to engage with crypto assets in Kyrgyzstan must adhere to several requirements, including:

establishment of a local office (arrangements with commercial real estate, like coworking centres are allowed);
maintenance of a local bank account (the authorized capital must be transferred to this account);
formation of the authorized capital exclusively from contributions by shareholders (the use of borrowed funds is not permitted);
submission of a detailed business plan;
operation of a platform hosted on servers located in Kyrgyzstan, meeting all regulatory requirements;
confirmation of the presence of a well-developed internal control system, technical, information, and technological protection measures;
assurance of information security (cybersecurity) and business continuity, as well as protection of the consumer’s rights and their assets.

Capital requirements, depending on the type of licence:

crypto trading operator (crypto exchange): at least 100 million Kyrgyz soms (approximately USD 1,150,000);
digital currency exchange operator (crypto exchanger): at least 40 million Kyrgyz soms (approximately USD 460,000).

The average processing time to obtain a cryptocurrency licence in Kyrgyzstan is one month from the date of submitting the application with all necessary documents. However, in certain situations, the licensing period may be extended due to requests for additional information and documents from the regulator.

THE PROCESS OF OBTAINING A CRYPTOCURRENCY LICENCE IN KYRGYZSTAN: STAGES

Obtaining a cryptocurrency licence in Kyrgyzstan is not overly difficult, however, this process demands detailed knowledge of local legislation and strict adherence to its provisions. To obtain approval from local regulatory authorities, the applicant must:

find a local office and sign a lease agreement;
open a local bank account;
collect and prepare all necessary documents, including information about the founders of the company, certificates of their good conduct, the charter of the company, the purpose of business activity, etc.;
complete and submit an application for a licence;
pay government fees following established requirements;
be prepared to cooperate with local government authorities and promptly provide any additional information requested.

Need professional assistance in obtaining a cryptocurrency licence in Kyrgyzstan? Reach out to COREDO specialists, who will be delighted to assist you with all your inquiries.

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