Ulaanbaatar
Over 200 Virtual Assets Registered in Mongolia
Economy
Ulaanbaatar, October 17, 2023 /MONTSAME/. In the industry of virtual asset service providers in Mongolia, as of the first half of 2023, a total of 12 legal entities are registered as virtual asset service providers in the Financial Regulatory Commission.
These 12 virtual asset providers have a total of 912,238 registered users, including duplicates.
Out of this figure, 50.2 percent, or 458,000 users have confirmed their registration, and 9.3 percent, or 85,000 users, actively engage in trading activities. Out of the 211 registered virtual assets, 41 are domestic, and 170 originate from foreign sources. The average daily trade volume across these registered virtual asset service providers is recorded at MNT 128.0 million. Notably, the domestic virtual asset trading volume, during the first half of 2023, amounted to 98.2 billion MNT, with a corresponding market valuation of 263.9 billion MNT.
According to the 2023 second quarter financial reports of legal entities operating in the field of virtual assets, the total assets amount to 50.6 billion MNT, the amount of income is 2.8 billion MNT, and the loss for the reporting period is 7.01 billion MNT.
The Financial Regulatory Commission, Mongol Bank, and other
government agencies jointly drafted the Law on Virtual Asset Service Providers,
and the State Great Khural approved the Law on Virtual Asset Service Providers
on December 17, 2021, and it has been actively enforced since February 25,
2022. Under the provisions of this law, the Financial Regulatory Commission has
formally sanctioned a set of eight regulations that pertain to ten distinct
aspects of engagement with virtual asset service providers.
