Kyrgyzstan Emerges as Central Asia’s Crypto Switzerland

• OSL Hong Kong listed Kyrgyzstan’s gold-backed USDKG stablecoin for regulated trading access.
• Kyrgyzstan’s crypto turnover exceeded its GDP, reaching up to $32 billion in 2025.
• Above 200 licensed crypto operators work in Kyrgyzstan, making it the Switzerland of Crypto.

Kyrgyzstan is moving quickly to build a state-backed crypto economy, rapidly becoming the Switzerland of crypto.

The government has already launched two stablecoins, built a national gold vault, and brought former Binance CEO Changpeng Zhao into its policy circle.

One stablecoin, USDKG, is backed by physical gold bought by the Kyrgyz Ministry of Finance. The government reportedly allocated around $100 million to purchase gold reserves for the project. Recently, USDKG was also listed on Hong Kong-based digital asset platform OSL, expanding access to regulated crypto infrastructure across one of …

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