Kyrgyzstan plans to digitize crypto licensing and test CBDC by 2027

Kyrgyzstan just laid out one of the more ambitious digital asset roadmaps in Central Asia, and it involves both a fully electronic licensing system for crypto businesses and a central bank digital currency entering real-world testing next year.

President Sadyr Japarov chaired the third session of the country’s National Council for the Development of Virtual Assets and Blockchain Technologies on September 5 in Cholpon-Ata. The meeting produced two concrete timelines: a digital platform for licensing virtual asset service providers set to begin pilot testing on January 1, 2027, and real-world trials of the digital som, Kyrgyzstan’s CBDC, also slated for 2027.

The licensing overhaul

Right now, Kyrgyzstan has over 200 licensed virtual-asset operators and exchange offices. The new digital platform would transition the entire licensing and regulatory oversight process for virtual asset service providers into an electronic format.

The National Agency for Virtual Assets and Blockchain Technologies has been given a tight deadline. It needs to determine the platform’s cost and secure funding within one month of the September 5 meeting, which puts the proposal due date at October 5, 2026.

Pilot testing for the platform is targeted for January 1, 2027.

The digital som

On the CBDC front, the National Bank of the Kyrgyz Republic is working on a basic platform for the digital som. Internal pilot testing of that platform is required to be completed by December 31, 2026, with real-world testing beginning in 2027.

Stablecoins and sanctions risks

The council meeting also touched on a more delicate topic: the KGST stablecoin and sanctions risk mitigation. The KGST, a stablecoin tied to the Kyrgyz financial ecosystem, is currently facing complications. Its issuer is reportedly facing liquidation.

Legal groundwork

Kyrgyzstan isn’t starting from scratch on the regulatory front. The country enacted its Law on Virtual Assets back in 2022, making it one of the earlier movers in Central Asia. That law has since been amended in both 2025 and 2026, suggesting an iterative approach to regulation rather than a one-and-done legislative effort.

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