Kyrgyzstan orders liquidation of USDKG issuer and Coin Nomad Exchange

Kyrgyzstan is shutting down two pillars of its state-backed crypto push. On August 20, 2026, the country’s Cabinet of Ministers issued Order No. 639-t, which mandates the liquidation of OJSC EVA, the issuer of the gold-backed USDKG stablecoin, and OJSC Coin Nomad Exchange. Coin Nomad was the nation’s first state-owned digital-asset exchange. USDKG launched in November 2025. What the order actually does The cabinet order targets both entities at once, removing the issuer and a piece of the domestic trading infrastructure together. The move follows UK sanctions. On May 26, 2026, the UK sanctioned Virtual Asset Issuer, the stablecoin’s original issuer, over suspected economic ties with Russia. Kyrgyz officials, however, have not pinned the shutdown on London. They have presented the liquidation as part of a broader effort to improve how the state manages its assets. The sanctions are not directly cited as the reason for the company’s operational problems. Coin Nomad Exchange has moved into voluntary liquidation. That process followed a shareholder vote on September 3, 2026. Creditors have until around October 14, 2026, to file claims. Where that leaves USDKG holders As of the liquidat...