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. Pil...