Kyrgyzstan’s virtual asset market has quickly emerged as one of the fastest-growing sectors in the national economy.

Within the first nine months of 2025, the country’s cryptocurrency turnover surpassed $7.9 billion, a level that industry experts believe has the potential to grow even further, The Caspian Post reports, citing The Times of Central Asia (TCA).

Under current Kyrgyz law, cryptocurrency transactions are fully legal, and government authorities are actively working to strengthen regulation and oversight. Official data show that the total volume of crypto transactions in the previous year exceeded $20.5 billion, resulting in $22.8 million in tax revenue.

Temir Kazybaev, Chairman of the Association of Virtual Asset Market Participants, told TCA that tax revenues from cryptocurrency turnover have already surpassed income collected from the Dordoi bazaar, the country’s largest commodity trading hub, as well as total revenues from voluntary patent fees.

“Just over $7.9 million in taxes were collected from the Dordoi bazaar over the year. Patent tax collection totaled $13.6 million. In other words, the entire market and all individuals operating under a patent in Kyrgyzstan paid roughly the same amount of tax as was collected from cryptocurrency turnover,” Kazybaev explained.

He also pointed out a notable change in public attitudes toward the crypto sector.

“A few years ago, most Kyrgyz citizens viewed the cryptocurrency market as a scam or pyramid scheme. That perception is now shifting. Both individuals and businesses increasingly recognize it as an opportunity. This change is largely influenced by President Sadyr Japarov’s personal engagement with the topic,” Kazybaev said.

Kazybaev highlighted developments in the professional infrastructure surrounding the sector.

“The growth of virtual assets is a crucial area. To my knowledge, the National Council on Virtual Assets has a dedicated secretariat, and our association is closely involved in its work. Educational initiatives are being actively conducted. We are training compliance officers, including those specializing in cryptocurrency, and have already trained two groups of accountants in crypto asset accounting,” he said.

As of early 2026, Kyrgyzstan has officially registered more than 200 cryptocurrency exchanges and 11 mining companies. The sector has received an additional boost with the introduction of the USDTKG digital asset, a token reportedly backed by Kyrgyz gold, which is gradually gaining recognition domestically.