Crypto Regulation in Mongolia

Legal

Tax Information

Capital Gains (Personal)
10% income tax (general)
Capital Gains (Corporate)
10-25% CIT
VAT on Crypto
No
Staking Tax
Likely taxable at 10%
Airdrop Tax
Unclear
Mining Tax
--

Licensing & Registration

License Required
Yes
Regulator
FRC (Financial Regulatory Commission of Mongolia)
Framework
Virtual Asset Service Provider regulation (2023)
License Types
--
Estimated Cost (USD)
$10,000 - $50,000
Timeline
3-6 months
Ease of Licensing
Moderate

AML / KYC

KYC Required
Yes
Travel Rule
No
FATF Member
--
FATF Status
--
Suspicious Activity Reporting
--

Mining

Mining Legal
Yes
Status
Legal
Electricity Cost ($/kWh)
$0.06
Renewable Energy
20%
Climate
Cold
Infrastructure
Good
Tax on Mining Income
10-25% CIT
Notes
Competitive electricity prices. Mining operations are economically viable.

DeFi, Stablecoins & NFTs

DeFi: unregulatedStablecoins: unregulatedNFTs: unregulatedCBDC: research

Soken Services

Legal Opinion
Available | $3,000 - $12,000 | 10 days
Banking
Difficulty: Hard | Crypto-friendly banks: none listed
Min. Deposit
$10,000
Fiat Rails
SWIFT
Card Payments
Visa, Mastercard
Company Registration
$8,000 | 30 days | Limited Liability Company
Licensing Support
Available | $25,000 - $100,000

Sources

Financial Regulatory Commission
medium

Frequently Asked Questions

Is crypto legal in Mongolia?
Cryptocurrency is currently classified as "Legal" in Mongolia.
What is the crypto tax rate in Mongolia?
In Mongolia, the personal capital gains tax on crypto is 10% income tax (general), and the corporate tax rate is 10-25% CIT.
Do I need a crypto license in Mongolia?
Yes, a crypto license is required in Mongolia. The regulator is Financial Regulatory Commission of Mongolia under Virtual Asset Service Provider regulation (2023). Estimated licensing cost: $10,000 - $50,000.
Is crypto mining legal in Mongolia?
Yes, crypto mining is legal in Mongolia. Electricity costs approximately $0.06/kWh. Mining income is taxed at: 10-25% CIT. Competitive electricity prices. Mining operations are economically viable.
What are the AML/KYC requirements for crypto in Mongolia?
Yes, crypto businesses in Mongolia must comply with KYC (Know Your Customer) requirements.