Kyrgyz banks show active interest in cryptocurrencies

10th of September, 2023

Last spring, the head of the Kyrgyz Central Bank said that only the som (the country's national currency) could be used in the republic. This means that the official regulator does not recognize bitcoin as a legal tender.

However, the banking sector of Kyrgyzstan does not agree with this opinion. Representatives of financial organizations believe that the authorities should create a full-fledged regulatory framework for the functioning of the cryptocurrency industry.

In particular, this viewpoint was voiced by Anvar Abdraev, Chairman of the Union of Banks of Kyrgyzstan. He stated that local credit organizations are interested in getting the opportunity to conduct transactions involving digital assets. According to him, Kyrgyz banks are increasingly taking part in negotiations and events related to the integration of blockchain technologies.  

Straight talk: "The cryptocurrency market deserves special attention. We are in communication with our colleagues on this subject, share experience, hold round tables. The experience of foreign banks in working with digital assets is of great interest to us. The point is not only technological development. We are interested in the safety of our clients and the development of an appropriate legislative framework".

About registering a company in Kyrgyzstan

Such sentiments are a great reason for cryptocurrency companies to pay attention to this jurisdiction. In addition, Kyrgyzstan is a country that demonstrates stable economic growth and has one of the best conditions for foreign investment. Companies that register in Kyrgyzstan get the opportunity to become part of the World Trade Organization and enter the market of the Eurasian Economic Union:

  • a large number of business areas that are growing rapidly. Among them - energy, light industry, food industry, mining;
  • 10% corporate tax;
  • opportunity to open a private and corporate account in a Kyrgyz bank;
  • no residency requirements for beneficiaries.

To open a company in Kyrgyzstan quickly and without problems, you can use the services of Intelligent Solution Group. The company's specialists will conduct a detailed analysis of your business case, counterparties, geography. You will receive advice on taxes and legal nuances:

  • choosing a name for the company;
  • organizing the physical presence of the business;
  • collection and execution of documents for company registration;
  • submission of documents for company registration and representation of the client's interests in the tax office;
  • opening a corporate bank account.

We have a special offer: when you register a company in Kyrgyzstan with a corporate bank account, you will receive a free private account.