Kyrgyz lawmakers passed amendments to the “On Virtual Assets” bill in three readings on Sept. 9, defining a state crypto reserve and state mining, the parliament said, citing Kenesh.kg.
The vote sets legal terms for stablecoins and tokenized real-world assets while outlining rules for state-run operations.
Officials framed the step as a structural update rather than a pilot.
The sponsor, Economy and Commerce Minister Bakyt Sydykov, presented the package and addressed scope, formation, and oversight.
He said the text covers issuance and circulation for stablecoins and RWAs, along with procedures for government participation.
The parliament published the update and highlighted the definitional clarity achieved by the readings.
The bill now awaits President Sadyr Japarov’s signature. Earlier this year, he signed a CBDC law, placing Kyrgyzstan among regional early movers on digital money frameworks.
The new amendments would sit alongside that law and enable a broader toolkit for asset issuance and custody.
State Crypto Reserve, Defined and Structured
The bill defines a state cryptocurrency reserve as “a set of virtual assets owned by the state and formed through their mining, issuance, tokenization and acquisition.”
It adds that “the procedure for the formation, storage, management and use of the cryptocurrency reserve is determined by the President of the Kyrgyz Republic.” The language assigns executive authority to set operational rules.
Minister Sydykov described the policy aim plainly. “A crypto reserve would allow the state to accumulate its own assets in cryptographic form through crypto mining, as well as tokenization of real-world assets and issuance of stablecoins backed by fiat currency,” he said at a committee meeting this week. The remarks align with the text’s formation paths.
The reserve would be a mix of assets, not a single coin exposure. The materials note that holdings would not rely only on Bitcoin, referenced at BTC $113,555 in the session notes, but could include other digital assets owned by the state.
The design signals diversification across issuance, tokenization, and market acquisition.
State Mining Kyrgyzstan, Energy Tariffs, and Plant Limits
On energy and mining costs, Sydykov said the government would not be exempt from existing rates.
“There is a separate tariff for mining in the country, and the state is no exception,” he told lawmakers. The comment addressed concerns about preferential pricing or resource strain.
He also ruled out siting a mining farm at key generation assets.
“There will be no farm at the thermal power plant, the main purpose of the thermal power plant and Kambar-Ata-1 is not mining,”
Sydykov said. Officials emphasized power reliability and core missions for major plants.
The tariff stance sets a baseline for state participation. It suggests any government mining will operate under the same cost structure as private entities. The approach aims to avoid distortions while preserving grid priorities.
Stablecoins and RWA Tokenization Kyrgyzstan, Rules and Scope
The package introduces a legal framework for stablecoin issuance and circulation.
It also sets terms for RWA tokenization, enabling assets to move on chain within regulated channels. The text places both within the broader virtual assets regime.
Backing for stablecoins would be fiat currency, according to Sydykov’s explanation. The law envisions issuance under supervision, with custody and redemption handled under state-approved rules. That structure targets clarity on reserves, audits, and claims.
For RWAs, the bill covers token creation and ownership records, aligning issuance with national law.
It signals that asset tokenization may occur through public or state-linked venues, with standards to be specified by subsequent acts.
Next Steps Kyrgyzstan, Presidential Decree and Implementation
The bill requires President Japarov’s signature before publication and effect.
After that, a presidential decree would set procedures for forming, storing, managing, and using the reserve. Those rules would detail governance, risk controls, and reporting.
Officials referenced Kenesh.kg as the source for the parliamentary record.
The site carried the update on the same day as the readings, with translation support noted in public summaries. The legislative record anchors the timeline and the text.
Regional context also matters. Neighboring Kazakhstan has discussed a national crypto reserve and broader digital asset initiatives.
Kyrgyzstan’s action places it within an active Central Asian policy cycle on tokenization, stablecoins, and digital cash tools.
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Tatevik Avetisyan is an editor at Kriptoworld who covers emerging crypto trends, blockchain innovation, and altcoin developments. She is passionate about breaking down complex stories for a global audience and making digital finance more accessible.
📅 Published: August 4, 2025 • 🔄 Last updated: August 4, 2025
