Launch of digital som discussed as president chairs virtual-assets council

Kyrgyzstan is preparing the ground for a possible digital som pilot while tightening the framework around virtual assets and blockchain technologies. President Sadyr Japarov chaired the third meeting of the National Council for the Development of Virtual Assets and Blockchain Technologies in Cholpon-Ata.

Participants reviewed the development of the virtual-asset market, blockchain infrastructure and the digital economy. They also discussed international cooperation and ways to improve regulation. A new digital platform for licensing and state oversight in the virtual-asset sector was presented at the meeting.

The agenda included the possible pilot launch of the digital som and prospects for the KGST stablecoin, which is linked to the national currency. Officials also focused on security, taxation and risks connected with international sanctions and restrictions.

Following the meeting, Japarov instructed the National Agency for Virtual Assets and Blockchain Technologies to prepare a package of subordinate regulations and work on amendments to virtual-asset legislation within three months. He assigned the National Bank to develop the basic digital-som platform and conduct pilot testing by the end of 2026.

Testing under real-world conditions is planned to begin in 2027, followed by a phased rollout. The Ministry of Science and Higher Education was also tasked with training specialists for the virtual-assets and blockchain sector.