How to Buy Cryptocurrency in Kyrgyzstan
Buying cryptocurrency in Kyrgyzstan
As the citizens of Kyrgyzstan become more and more interested in cryptocurrencies, and as technology rapidly gains global popularity, the National Bank of Kyrgyzstan believed that it is crucial to first diminish the risks associated with them. More recently in 2020, the Bank has issued draft legislation which would define the legal status of cryptocurrency and how it could be properly used in this Central Asian nation. With this legislation draft, the central bank is rallying with the Financial Action Task Force’s efforts to regulate cryptocurrencies and, hopefully, prevent high risks of money laundering and terrorism financing. Under this proposal, property rights of those who own cryptocurrency would be protected by courts. Any company or individual entrepreneur, unless registered as a cryptocurrency operator or miner, should not under any circumstance accept cryptocurrency as a method of payment for goods and services, nor in the form of investment and savings deposits.
As of 20/03/2021
Exchanges Info
These exchanges all accept customers from Kyrgyzstan. While they broadly offer the same services and you can buy cryptocurrency at all of them, there can be differences in transaction fees, security, verification requirements, deposit methods and features, as shown below
eToro
An Israeli fintech startup well known as a social trading broker, eToro has now over 10 million users worldwide. If you want to trade CFDs of most popular stocks, gold, shares or commodities as well as some crypto eToro is an interesting choice.
Fully regulated financial institution
- Free stock and ETF trading
- Ability to follow expert traders
Fees (spreads) are high
- Only USD as base currency
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Changelly
Changelly allows you to trade cryptocurrency without registration or verifying the identity through KYC. Being a non-custodial exchange, Changelly doesn’t require you to keep any deposits. The platform also works as a fiat-to-crypto gateway.
- Non-custodial exchange
- Great way to switch altcoins
- Doesn’t require extensive KYC
- 2FA security and high exchange limit
- A high transaction fee of 0.5%
- Unclear owners
- Sometimes their service is quite slow
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Kucoin
Founded in 2017, KuCoin has already managed to establish itself as “The People’s Exchange.” With 200+ cryptocurrencies and more than 400 markets, it has become one of the hubs for cryptocurrency trading.
- Vast selection of altcoins
- Ability to stake & earn crypto yields
- Robust security features
- No forced KYC checks
- No fiat currency deposits
- Trading volume is low
Coinmama
Coinmama was formed in Slovakia in 2013. As a user, you are not allowed to exchange cryptocurrencies with other users on this platform. Instead, you will be trading cryptocurrencies with Coinmama directly which makes your transactions more secure.
- Receive coins to your wallet instantly.
- High limits for buying bitcoin
- Faster customer service
- High levels of security
- No option for trading with other users
- Higher fees
- No mobile app
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Bittrex
Bittrex is a veteran US-based cryptocurrency exchange launched in 2013. Its has Worldwide availability, comprehensive mobile app, high liquidity and low fees.
- Strong security features
- Faster transaction & withdrawals
- Compliant with US laws
- Inexpensive bank card deposits
- No leveraged margin trading
- Intrusive verification process
- Unexplained closure of account